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Annual Report & Accounts 2009 - Notes
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52 19. DIVIDENDS After the balance sheet date, but up to the date on which these financial statements were approved, the following dividends were proposed by the directors: Year ended Year ended Year ended 31 Dec 31 Dec 31 Dec 2009 2008 2007 d000's c000's c000's Total amount gnil c6,227,152 c6,227,152 Amount per qualifying share gnil c0.20 c0.20 ----- ----- ----- 20. 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. Subsequently, 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 20.1 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. 20.2 Options outstanding The options which have been granted, and are still capable of being exercised as shown below: Number Number Share price of options Lapsed of options Exercise at date at 1 Jan during at 31 Dec Date of grant price of grant 2009 the year 2009 21 Dec 2004 £4.20 £4.20 310,000 - 310,000 28 Sep 2005 £4.20 £4.20 53,807 (53,807) - 16 May 2006 £4.20 £3.875 140,000 - 140,000 1 Mar 2007 £1.00 £1.105 800,000 - 800,000 15 May 2007 £1.29 £1.26 243,052 (88,462) 154,590 21 Aug 2007 £1.285 £1.285 110,000 (110,000) - 21 Sept 2007 £1.345 £1.345 126,500 (126,500) - 27 Nov 2007 £1.3816 £1.21 390,000 (390,000) - 26 Feb 2008 £1.3816 £1.39 150,000 - 150,000 12 Dec 2008 £1.26 £1.00 400,000 - 400,000 2,723,359 (768,769) 1,954,590 Vested at 31 Dec 2009 1,254,006 Unvested at 31 Dec 2009 700,584 1,954,590 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, 6.28% had been granted and was outstanding.