Strategic Report
Corporate Governance
Financial Statements Notes to the Consolidated Financial Statements/Continued
Finsbury Food Group Annual Report and Accounts 2020
97
25. Share Capital/Continued Details of share options outstanding at 27 June 2020 and movements during the year by exercise price is shown below:
Exercise price
nil nil nil nil nil nil nil nil nil
exercise date
Sep 2018 Jul 2019 Jul 2020 Jul 2022 Sep 2020 Jul 2023 Sep 2021 Sep 2022 Jul 2024
First
exercise date
Dec 2025 Jun 2025 Dec 2025 Oct 2027 Oct 2027 Jan 2029 Jan 2029 Oct 2029 Oct 2029
Last
At 29 June 2019
77,743
1,811,706 1,131,978 753,469 825,724 585,409 596,757 - -
5,782,786
At 30 June 2018
Number of options 6,382,904 Granted
- - - - - - -
3,833,219 1,063,325 4,896,544
Forfeited
- - - -
(39,965) -
(29,695) - -
(69,660) A summary of share options outstanding and movements for the year to 29 June 2019 is shown below: Granted 1,182,166 Forfeited (52,036)
Cancelled/ lapsed
(1,450,713) Exercised (279,535)
At 29 June 2019
5,782,786
There were 1,182,282 options exercisable at the period end date (2019: 77,743). There were 1,839,145 options exercised during the year (2019: 279,535). There were 1,539,228 options that lapsed during the year where performance conditions have not been met in full. The average share price at dates of exercise was 98 pence per share (2019: 68 pence per share).
The options outstanding at the year end have weighted average exercise price of Nil (2019: nil) and a weighted average remaining contractual life of 2.2 years (2019: 1.4 years).
The Company uses a Monte Carlo model for the valuation of the award subject to relative performance to the TSR of AIM listed companies. An external consultant assists with the valuation of the awards.
The key inputs into the Monte Carlo model are as follows: 2020
Expected life of option Volatility of share price Dividend yield
Risk free discount rate Share price at grant date Exercise price
26. Dividends
The Coronavirus crisis has had a profound impact on the economy and heightened uncertainty around future economic recovery; the Board took the decision as announced on 29 March 2020, to withdraw its proposed interim dividend. While the Board remains committed to the payment of dividends, it believes it is prudent to conserve the Group’s cash at this time of heightened instability. The Board will assess the Group’s cash position and the outlook for the business at time of the full year results, and will adjust its approach to the final dividend accordingly.
During the year a dividend of £844,000 (2019: £890,000) was paid to the holders of the non-controlling interest in Lightbody Stretz Ltd.
27. Commitments At the financial year ended 27 June 2020, the Group had capital expenditure commitments of £108,000 (2019: £105,000).
Since the 27 June 2020 the Group is in the final stages to provide a guarantee to the Memory Lane defined benefit pension scheme for the Scheme’s s.179 deficit at 31 December 2018 which is circa £13,780,000. The guarantee is capped at the lower of £13,780,000 and the s.179 deficit calculated at the latest triennial valuation. The guarantee will persist until the Scheme is fully funded on a s.179 basis. Any additional contributions made by the sponsoring employer will reduce the guarantee cap. The employer will look to review the terms of the guarantee as part of the Scheme’s 2021 valuation, but there is no legal obligation to change it. This is disclosed as at the date these Financial Statements are signed, it is deemed that it is reasonably certain this guarantee will be provided.
3.0 years 29% 4.3% 0.5% 82.0p nil
2019
3.0 years 23% 4.0% 0.8% 82.5p nil
Cancelled/ lapsed
- - -
(753,469) (785,759) - - - -
(1,539,228) Exercised (27,439)
(1,811,706) - - - - - - -
(1,839,145)
At 27 June 2020
50,304 -
1,131,978 - -
585,409 567,062
3,833,219 1,063,325 7,231,297
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