Directors' Interest in Share Options
| Number of shares under option | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Director | At 3 February 2007 | Granted | Forfeited | Exercised | At 2 February 2008 | Exercise price | Date from which exercisable(1) | Expiry date(1) | |
| Robert Anderson(2) | (3) | 232,558 | - | - | - | 232,558 | 75.25p | 2.5.04 | 2.5.11 |
| (3) | 160,416 | - | - | - | 160,416 | 120.00p | 11.4.05 | 11.4.12 | |
| (3) | 322,188 | - | - | - | 322,188 | 82.25p | 25.4.06 | 25.4.13 | |
| (4) | 251,685 | - | - | - | 251,685 | 111.25p | 5.4.07 | 5.4.14 | |
| (5) | 35,452 | - | - | - | 35,452 | £1 in total | 15.4.04 | 4.5.11 | |
| (6) | 10,985 | - | - | - | 10,985 | 86.25p | 1.1.08 | 30.6.08 | |
| (4) | 261,989 | - | - | - | 261,989 | 112.60p | 12.4.08 | 12.4.15 | |
| (5) | 23,140 | - | - | - | 23,140 | £1 in total | 15.4.05 | 26.4.12 | |
| (4) | 221,586 | - | - | - | 221,586 | 111.92p | 11.4.09 | 11.4.16 | |
| (4) | 212,184 | - | - | 212,184 | 124.42p | 24.4.10 | 24.4.17 | ||
| (6) | 12,765 | - | - | 12,765 | 75.20p | 1.11.11 | 30.6.11 | ||
| Total | 1,519,999 | 224,949 | - | - | 1,744,948 | 98.66p(7) | |||
| Walker Boyd(2) | (3) | 611,842 | - | - | - | 611,842 | 57.00p | 5.5.03 | 5.5.10 |
| (3) | 179.401 | - | - | - | 179,401 | 75.25p | 2.5.04 | 2.5.11 | |
| (3) | 225,000 | - | - | - | 225,000 | 120.00p | 11.4.05 | 11.4.12 | |
| (4) | 397,435 | - | - | - | 397,435 | 97.50p | 14.7.06 | 14.7.13 | |
| (4) | 444,943 | - | - | - | 444,943 | 111.25p | 5.4.07 | 5.4.14 | |
| (6) | 10,985 | - | - | - | 10,985 | 86.25p | 1.1.08 | 30.6.08 | |
| (4) | 466,252 | - | - | - | 466,252 | 112.60p | 12.4.08 | 12.4.15 | |
| (5) | 68,182 | - | - | (68,182)(8) | - | £1 in total | - | - | |
| (4) | 412,794 | - | - | - | 412,794 | 111.92 | 11.4.09 | 11.4.16 | |
| (5) | 61,407 | - | - | (61,407)(8) | - | £1 in total | - | - | |
| (5) | - | 20,715 | - | (20,715)(8) | - | £1 in total | - | - | |
| (5) | - | 409,901 | - | - | 409,901 | 124.42p | 24.4.10 | 24.4.17 | |
| (6) | - | 12,765 | - | - | 12,765 | 75.2p | 1.1.11 | 30.6.11 | |
| Total | 2,878,241 | 443,381 | - | (150,304) | 3,171,318 | 97.03p(7) | |||
| Terry Burman(2) | (4) | 3,807,426 | - | - | - | 3,807,426 | $1.59 | 14.7.06 | 14.7.13 |
| (4) | 3,129,267 | - | - | - | 3,129,267 | $2.05 | 5.4.07 | 5.4.14 | |
| (4) | 3,193,395 | - | - | - | 3,193,395 | $2.12 | 12.4.08 | 12.4.15 | |
| (6) | 5,170 | - | - | - | 5,170 | $1.86 | 1.11.08 | 31.1.09 | |
| (4) | 2,936,060 | - | - | - | 2,936,060 | $1.96 | 11.4.09 | 11.4.16 | |
| (4) | - | 2,530,119 | - | - | 2,530,119 | $2.49 | 24.4.10 | 24.4.17 | |
| (5) | - | 62,354 | - | (62,354)(9) | - | $1 in total | - | - | |
| Total | 13,071,318 | 2,592,473 | - | (62,354) | 15,601,437 | $2.20(7) | |||
| Mark Light(2) | (3) | 290,191 | - | - | - | 290,191 | $1.72 | 11.4.05 | 11.4.12 |
| (3) | 472,476 | - | - | (472,476)(10) | - | $1.31 | - | - | |
| (4) | 329,267 | - | - | - | 329,267 | $2.05 | 5.4.07 | 5.4.14 | |
| (4) | 339,032 | - | - | - | 339,032 | $2.12 | 12.4.08 | 12.4.15 | |
| (6) | 5,170 | - | - | - | 5,170 | $1.86 | 1.11.08 | 31.1.09 | |
| (4) | 572,889 | - | - | - | 572,889 | $1.96 | 11.4.09 | 11.4.16 | |
| (4) | - | 514,055 | - | - | 514,055 | $2.49 | 24.4.10 | 24.4.17 | |
| (5) | - | 77,737 | - | (77,737)(9) | - | $1 in total | - | - | |
| Total | 2,009,025 | 591,792 | - | (550,213) | 2,050,604 | $2.15(7) | |||
All options were granted to directors while they were directors apart from Messrs. Anderson and Light who were appointed as directors on 6 April 2005 and 12 January 2006 respectively. The performance conditions for grants made under the 2003 Plans are set out on page 71. The conditions set by the Remuneration Committee for the exercise of options granted under the 1993 Scheme were that for vesting to take place, a post inflation minimum growth in earnings per share of 10% over any consecutive three year period had to be achieved. Under the 2003 Plans, for vesting to take place, a post inflation minimum growth in earnings per share of 10% from a fixed base year applied over a three year period, or, only for the grants made in 2005, 12.55% over a four year period, or 15.92% over a five year period has to be achieved. The performance conditions were chosen as the Remuneration Committee believed them to be in line with market practice. These conditions have been met in respect of the options granted between October 1997 and April 2004; the performance criteria having been satisfied in each case over the first three year period following the grant of the options apart from the options granted in April and July 2003. The performance criteria for the options granted in April and July 2003 were satisfied in the fourth year of the grant. The performance criteria for the options granted in April 2005 have not been satisfied. The Black-Scholes option-pricing model fair value is given in note 27 on page 115 for options granted in the last three years.
(1) The dates from which options are exercisable and the expiry dates are the dates that normally apply. Other dates apply in certain circumstances, such as an option
holder ceasing to be employed. Options that have not already vested will only vest and become exercisable on the dates detailed subject to satisfaction of the specified
performance criteria.
(2) See page 71 regarding awards made in 2008/09.
(3), (4), (5) and (6) The options marked (3) were granted under the 1993 Scheme, those marked (4) were granted under the 2003 Plans, those marked (5) were
awarded under the Long Term Incentive Plan 2000 and those marked (6) were granted under the terms of the Sharesave Scheme or, in the case of Terry Burman and
Mark Light, the Employee Stock Savings Plan.
(7) Weighted averages of the exercise prices per share for the options held at the year end.
(8) Exercised on 16 January 2008, when the market price was 60.75p.
(9) Exercised on 19 April 2007, when the market price was 124.25p.
(10) Excercised on 2 May 2007 when the market price was 125.24p.
The aggregate amount of gains made by directors on the exercise of options during the year amounted to $1,096,865 (2006/07: $4,326,705).