Notes to the Group Financial Statements (continued)
for the year ended 31st December 2012
12. Directors and employees (continued)
2008 Scheme
2012 2011
Weighted Weighted
average average
exercise exercise
price price
£ number £ Number
Outstanding at 1st January – – 1.155 764,977
Granted during the year – – 1.155 40,922
Exercised during the year – – 1.155 (805,899)
outstanding at 31st December – – – –
The weighted average remaining contractual life was nil years (2011: nil years). There were nil options exercisable at the end of the year (2011: nil).
The weighted average share price of the options exercised during the year was £nil per share.
The aggregate gains made by Directors on exercise of options in the year was nil (2011: £27,000).
2011 Scheme
2012 2011
Weighted Weighted
average average
exercise exercise
price price
£ number £ Number
Outstanding at 1st January 2.57 680,554 – –
Granted during the year – – 2.57 680,554
Lapsed during the year due to employees withdrawal 2.57 (153,525) – –
outstanding at 31st December 2.57 527,029 2.57 680,554
The weighted average fair value of options granted during the year was £nil (2011: £1.13) and the weighted average remaining contractual life was
1.25 years (2011: 2.25 years). There were nil options exercisable at the end of the year (2011: nil).
2012 Scheme
2012 2011
Weighted Weighted
average average
exercise exercise
price price
£ number £ Number
Outstanding at 1st January – – – –
Granted during the year 2.62 360,728 – –
outstanding at 31st December 2.62 360,728 – –
The weighted average fair value of options granted during the year was £1.25 (2011: £nil) and the weighted average remaining contractual life was
2.25 years (2011: nil years). There were nil options exercisable at the end of the year (2011: nil).
Equity-settled
2012
LtiP cSoP SAyE
Black Black Black
Option pricing model used Scholes Scholes Scholes
Weighted average share price at grant date (£) 2.71 2.71 2.71
Exercise price (£) 2.75 2.75 2.62
Expected life of options (years) 3 years 3 years 3 years
Expected volatility 80% 80% 80%
Expected dividend growth rate 3.90% 3.89% 3.89%
Risk free interest rate 3.50% 3.50% 3.50%
80 ANNUAL REPORT AND ACCOUNTS 2012