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Annual Report & Accounts 2005 - Notes to the Financial Statements
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Weighted average number of ordinary shares (diluted) Year ended 31 December 1 month period ended 31 December In shares 2005 2004 Weighted average number of ordinary shares at end of the year/period 31,135,762 15,580,381 Effect of share options on issue ^ ^ Weighted average number of ordinary shares (diluted) at end of the year/period 31,135,762 15,580,381 Diluted earnings per share Year ended 31 December 1 month period ended 31 December In euro 2005 2004 Diluted earnings per share 0.411 0.024 12 Employee benefits Share-based payments At 2 December 2004, the Group established a share option programme that entitles key management personnel and senior employees to purchase shares in the Group. At 28 September 2005, a grant was made to eligible individuals under the programme as detailed below. In accordance with the programme options are exercisable at the market price of the shares at the starting date of employment or the date of grant. Share-based payments Grant date/employees entitled Number of instruments Contractual life of options Option grants to eligible individuals at 28 September 2005 530,356 Ten years Vesting Options will vest and become exercisable as to one quarter on the first anniversary of date of grant, and the balance becoming excercisable in 36 equal monthly instalments over the following three years. The number and weighted average exercise prices of share options is as follows: Weighted average exercise price Number of options Weighted average exercise price Number of options 2005 2005 2004 2004 GBP GBP Outstanding at the beginning of the year 4.20 310,000 nil Granted during the year 4.81 530,365 4.20 310,000 Outstanding at the end of the year 4.58 840,365 4.20 310,000 Exercisable at the end of the year 77,500 nil The options outstanding at 31 December 2005 have a weighted average contractual life of 9.5 years. No options were exercised or vested during the year ended 31 December 2005.