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Notes to the Financial Statements
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40 22. SHARE OPTION SCHEMES 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 2008 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. Based on the advice of external valuation experts, the valuation of the share options is conducted on two bases: Options granted prior to 1 January 2007 Black Scholes Options granted after 1 January 2007 Binominal 22.1 Vesting On the first anniversary of the grant date, 25% of the option grant vests. Thereafter the balance of the option grant vests over three years, at 1/36th per month. 22.2 Options outstanding The options which have been granted, and are still capable of being exercised as shown in the table below Date of grant Exercise Share price at price date of grant Number of options 21 Dec 2004 £4.20 £4.20 310,000 28 Sep 2005 £4.20 £5.48 53,807 16 May 2006 £4.20 £3.875 140,000 1 Mar 2007 £1.00 £1.105 800,000 15 May 2007 £1.29 £1.26 243,052 21 Aug 2007 £1.285 £1.285 110,000 21 Sep 2007 £1.345 £1.345 126,500 24 Nov 2007 £1.3816 £1.21 390,000 26 Feb 2008 £1.3816 £1.39 150,000 12 Dec 2008 £1.26 £1.00 400,000 2,723,359 The existing share option scheme allows the company to grant up to 10% of the issued Ordinary Share Capital in share options. At the balance sheet date, 7.1% had been granted and was outstanding.