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Annual Report & Accounts 2012 - NOTES
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H ANNUAL REPORT 2012 o l d i n g G~VC s 19. SHARE OPTION SCHEMES (continued) Note b: These options were granted under the new scheme, it is expected that the initial awards will vest over a three year period as follows; one third of the ordinary shares subject to each award will vest 12 months after the date of grant of the awards and the balance of the ordinary shares will vest in eight equal quarterly instalments over the following 24 months. Once vested, awards will normally be exercisable up to ten years from the date of grant at the end of which period they will lapse. Note c: These options were granted under the new scheme; it is expected that the initial awards will vest over a three year period as follows; one third of the ordinary shares subject to each award will vest 12 months after the date of grant of the awards and the balance of the ordinary shares will vest in eight equal quarterly instalments over the following 24 months. Once vested, awards will normally be exercisable up to ten years from the date of grant at the end of which period they will lapse. The awards are subject to a performance condition which will require the Company's average share price over a period of 30 dealing days to reach 300p per ordinary share before the initial awards are capable of being exercised. Following the disposal of Betaland, 200,000 of these options with an exercise price of 1p lapsed. Note d: These options were granted under the new scheme, it is expected that the initial awards will vest over a three year period as follows; one third of the ordinary shares subject to each award will vest 12 months after the date of grant of the awards and the balance of the ordinary shares will vest in eight equal quarterly installments over the following 24 months. Once vested, awards will normally be exercisable up to ten years from the date of grant at the end of which period they will lapse. The awards are subject to a performance condition which will require the Company's average share price over a period of 30 dealing days to reach 200p per ordinary share before the initial awards are capable of being exercised. Note e: These options were granted under the new scheme, these options can be exercised after a period of 3 years from the date of grant subject to achieving performance targets set by the Company. Following the disposal of Betaland all of these options lapsed. Note f: These options were granted under the new scheme, it is expected that the initial awards will vest over a three year period as follows; one third of the ordinary shares subject to each award will vest 12 months after the date of grant of the awards and the balance of the ordinary shares will vest in eight equal quarterly instalments over the following 24 months. Once vested, awards will normally be exercisable up to ten years from the date of grant at the end of which period they will lapse. The charge to the consolidated income statement in respect of these options (excluding lapsed options) in 2012 was €568,000 (2011: €440,000) and a credit to the income statement of €489,000 (2011: €nil) in respect of the lapsed options. 19.1 Weighted Average Exercise Price of Options The number and weighted average exercise prices of share options is as follows: Weighted Weighted average Number of average Number of exercise price options exercise price options 2012 2012 2011 2011 Outstanding at the beginning of the year 161p 3,271,257 156p 3,604,590 Granted during the year 155p 1,600,000 - - Exercised during the year 129p (123,077) 108p (333,333) Lapsed during the year 120p (1,050,000) Outstanding at the end of the year 171p 3,698,180 161p 3,271,257 Exercisable at the end of the year 1,785,679 1,427,499 The options outstanding at 31 December 2012 have a weighted average contractual life of 5.7 years (2011: 7.2 years). 48 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued for the year ended 31 December 2012