Dir ectors' Share Opti ons
At 31 December 2010, the Directors had options to subscribe for Ordinary Shares under the Company's share option scheme
as follows:
Options Held at
1 January 2010
Options Granted
in the Year
Options Lapsed/
Cancelled in the Year
Options Held at
31 December 2010
Strike
Price Grant Date
Directors:
R.D. Armstrong Nil Nil Nil Nil Nil Nil
K.E. Bigsby 63,553 Nil 63,553 Nil Nil 15 Jan 2009
50,000 Nil 50,000 Nil 42.5p 16 Jan 2009
Nil 75,000 75,000 Nil 10.5p 4 Feb 2010
A.J. Reade Nil 550,000 Nil 550,000 10.5p 4 Feb 2010
Nil 995,125 Nil 995,125 25.0p 10 Oct 2010
J.R. Hills Nil 200,000 Nil 200,000 25.0p 10 Oct 2010
B.M. Riley Nil 200,000 Nil 200,000 25.0p 10 Oct 2010
P. Regan Nil 150,000 Nil 150,000 25.0p 10 Oct 2010
113,553 2,170,125 188,553 2,095,125
The aggregate fair value of the options included in the above
table was US $483,179 (2009: US $51,414). All options in the
above table expire ten years from their grant date.
In addition, the shares held by Dr. Armstrong and Mr. Bigsby
were granted as founder shares, the shares are restricted and
subject to re-purchase at the Group's option at par for a
period of 4 years subject to 25% of the shares becoming fully
vested on the first anniversary of the grant date and for the
following three anniversaries thereafter.
Date Granted Number of Shares
Directors:
R.D. Armstrong 12 December 2006 602,561
K.E. Bigsby 20 April 2007 172,161
The market price of the shares at 31 December 2010 was
£0.315 (2009-£0.095) and the range during the year was
£0.07 to £0.315.
Appr oval
The report was approved by the Board of Directors on 20 June
2011 and signed on its behalf by:
James Hi lls
Chairman, Remuneration Committee
20 June 2011
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