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Annual Report & Accounts 2007
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Weighted average number of ordinary shares (diluted) Year ended 31 December Year ended 31 December In shares 2007 2006 Weighted average number of ordinary shares at end of the year 31,135,762 31,135,762 Effect of share options on issue ^ ^ Weighted average number of ordinary shares (diluted) at end of the year 31,135,762 31,135,762 Diluted earnings per share Year ended 31 December Year ended 31 December In euro 2007 2006 Diluted earnings per share 0.534 (0.926) Diluted earnings per share before exceptional items 0.534 0.408 11 Employee bene˘ts 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. During 2007 grants were made available 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 Number of instruments Contractual life of options Option grants to eligible individuals at 1 March 2007 800,000 Ten years Option grants to eligible individuals at 15 May 2007 321,834 Ten years Option grants to eligible individuals at 21 August 2007 110,000 Ten years Option grants to eligible individuals at 21 September 2007 126,500 Ten years Option grants to eligible individuals at 24 October 2007 390,000 Ten years Modi˘cation of options granted 23 January 2006 473,846 Ten years Vesting Options will vest and become exercisable as to one quarter on the ˘rst anniversary of the date of grant, and the balance becoming exercisable in 36 equal monthly instalments over the following three years. The number of weighted average exercise prices of share options is as follows: Weighted average exercise price Number of options Weighted average exercise price Number of options 2007 2007 2006 2006 GBP GBP Outstanding at the beginning of the year 4.06 1,063,898 4.58 840,365 Granted during the year 1.27 2,222,180 3.55 515,000 Forfeited during the year 3.36 (228,689) 4.66 (291,476) Outstanding at the end of the year 2.03 3,009,883 4.06 1,063,889 Exercisable at the end of the year 592,339 229,652 The options outstanding at 31 December 2006 have a weighted average contractual life of 8.75 years. 24