96
Finsbury Food Group Annual Report and Accounts 2020
Notes to the Consolidated Financial Statements/Continued
25. Share Capital
2020 000’s
In issue at beginning of the financial year Shares issued
In issue at end of the financial year – fully paid
Allotted, called up and fully paid Ordinary shares of 1p each
130,383 -
130,383 £000 1,304
2019 000’s
130,383 -
130,383 £000 1,304
The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the Company. Shares are held in an Employee Benefit Trust (EBT), which is intended to be used to satisfy awards made to employees (3,247,383 shares were held at the year end). All shares are the same class with equal rights. During the year the EBT purchased 984,894 ordinary shares of 1p each in the capital of the Company (“Ordinary Shares”) at a price of £0.9835 per Ordinary Share.
At the 2019 Annual General Meeting held on 20 November 2019 the Directors were authorised to allot shares up to an aggregate nominal amount of £869,222, the authority shall expire 15 months from the date of Annual General Meeting or, if earlier, at the conclusion of the Annual General Meeting of the Company on 19 November 2020.
Share Based Payments The Group operates both approved and unapproved share option schemes.
The fair value is calculated at the grant date and ultimately expensed in the Consolidated Statement of Comprehensive Income over the vesting period, based on the best available estimate of the number of share options expected to vest, with a corresponding credit to reserves. Upon exercise of the share options the proceeds received net of attributable transaction costs are credited to share capital and where appropriate share premium.
There were a number of options granted during the course of the financial year to 27 June 2020 with further details given below. Date of grant
28 October 2019 28 October 2019
Charge relating to options granted in the current year (Credit) relating to options granted in prior years Charge included in Administrative expenses
options granted
3,833,219 1,063,325
Number of
options expected to vest
Number of
Exercise price
3,833,219 1,063,325
nil nil
Fair value £000
2,207 560
27 June 2019 £000
488 124 612
(467) 145
There were a number of options granted during the course of the financial year to 29 June 2019 with further details given below: Date of grant
21 January 2019 21 January 2019
Charge relating to options granted in the current year Charge relating to options granted in prior years Charge included in Administrative expenses
options granted
596,757 585,409
Number of
options expected to vest
Number of
Exercise price
596,757 585,409
nil nil
Fair value £000
211 241
29 June 2019 £000
34 39 73
623 696
expensed in year to
Amount
Period of expense
2.4 years 4.4 years
expensed in year to
Amount
Period of expense
3.0 years 3.0 years
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