Page 64 - Hardide-Annual-Report-2021
P. 64

  64 Notes to the Group Financial Statements
Outstanding at 30 September 2020 Exercisable at 30 September 2020 Granted during year
Exercised during year
Lapsed during year
Outstanding at 30 September 2021 Exercisable at 30 September 2021
The current directors’ interests in share options are as follows:
Robert Goddard (Chairman) Philip Kirkham (Chief Executive) Yuri Zhuk (Technical Director) Simon Hallam (Finance Director)
During the year, the following options were awarded to directors.
Robert Goddard (Chairman) Philip Kirkham (Chief Executive) Yuri Zhuk (Technical Director) Simon Hallam (Finance Director)
None of the directors exercised options during the year.
3,030,364 1,057,000 1,820,108 - 3,650 4,846,822 940,850
387,500 1,983,200 689,516 600,000
150,000 741,600 338,508 300,000
Weighted average exercise price
50.9p 40.2p 31.0p - 30.0p 43.6p 37.7p
Weighted average exercise price
41.4p 42.9p 46.3p 30.0p
Exercise price
31.0p 31.0p 31.0p 31.0p
                  The fair values of employee options granted are measured at date of grant by the use of a Black-Scholes pricing model, the assumptions used in the model vary depending on the date of grant and vesting period. Inputs include share price at date of grant, exercise price, historical volatility, the expected life of the option, and the risk-free interest rate. Expected volatility is calculated from the recent historical volatility of the share price. No other features are incorporated into the measurement of fair value.
Valuation of all options granted during this year used a volatility of 76%, a risk-free interest rate of 0.56%, and an expected life of 8.5 years.
All options have a maximum term of 10 years from date of grant and are settled with equity upon exercise. No options expired during the year. Vesting criteria are a mix of time-based and performance-based. The performance criteria are the market capitalisation or price per share of the Company, or Group profitability, or new business. At 30 September 2021 the weighted average remaining contractual life of all outstanding options was 7 years and 3 months (2020: 8 years and 3 months).
The total charge to the income statement for share options during the year was £202,000 (2020: £86,000).

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