Annual report and accounts 2023 - Flipbook - Page 197
Strategic Report
Corporate Governance
Accounts
The movements in the number of share options outstanding and their related weighted average exercise prices determined using the Black-Scholes valuation model are
as follows:
2023
Options
2022
Average
exercise price
in pence per
share
Options
Average
exercise price
in pence per
share
At start of the year
Granted in the year
Forfeited
Exercised
679,758
160,830
(165,721)
(2,317)
486p
506p
529p
428p
896,005
377,647
(495,553)
(98,341)
535p
459p
559p
460p
At end of the year
672,550
530p
679,758
486p
The weighted average fair value of the share awards made during the period was determined using the Black-Scholes valuation model. The significant inputs to the model
were as follows:
Date of grant
Number of share awards granted
Share price at date of grant
Contractual life in years
Dividend yield
Expected outcome of meeting performance criteria (at grant date)
Fair value determined at grant date
SAYE
3 May 2022
160,830
562p
3
2%
70%
145p
None of the options listed above were exercisable at the respective year end dates. The outstanding options at the year end had exercise prices of £7.45, £4.28, £4.59 and
£5.06 (2022: £6.20, £7.45, £4.28 and £4.59).
The weighted average share price on the dates that options were exercised in the year to 30 January 2022 was £4.69.
The weighted average remaining contractual life of the outstanding share options at the year end is two years (2022: two years).
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