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34Ambrian Capital plcAnnual Report & Accounts 2009Notes forming part of the consolidated financial statements (continued)for the year ended 31 December 200921 Share options (continued)Exercise pricein pence2009Number ofoptions2009Exercise pricein pence2008Number ofoptions2008Outstanding at 1 January 10.0 12,016,407 10.0 3,993,580Exercised during the year 10.0 (1,400,570) 10.0 (205,552)Forfeited during the year 10.0 (1,589,779) 10.0 (2,336,628)Granted during the year 10.0 1,554,000 10.0 10,565,007Outstanding at 31 December 10.0 10,585,058 10.0 12,016,407Exercisable at 31 December 10.0 3,908,471 10.0 1,178,020The share-based payment charge relating to the share options granted to the EBT amounted to £902,435 (2008: £1,127,194). The charge relatingto 2008 has been treated as a prior year adjustment and is included in administrative costs.The estimated fair values of options which fall under IFRS 2, and the inputs used in the Binomial model to calculate those fair values, areas follows:Date of grantEstimatedfair valuepenceShare pricepenceExercise pricepenceExpectedvolatility(%)Expected Life(years)Vesting period(years)Risk free rate(%)Expecteddividends(%)29.05.06 35 51 10 35.42 3 1 4.62 5.0029.05.06 35 51 10 35.42 3 2 4.62 5.0029.05.06 35 51 10 35.42 3 3 4.62 5.0031.05.06 36 51 10 35.42 3 1 4.67 5.0031.05.06 36 51 10 35.42 3 2 4.67 5.0031.05.06 36 51 10 35.42 3 3 4.67 5.0013.11.06 38 53 10 28.78 3 1 4.89 5.0013.11.06 38 53 10 28.78 3 2 4.89 5.0013.11.06 38 53 10 28.78 3 3 4.89 5.0031.01.07 36 51 10 27.47 3 1 5.29 5.0031.01.07 36 51 10 27.47 3 2 5.29 5.0031.01.07 36 51 10 27.47 3 3 5.29 5.0023.05.07 59 78 10 28.28 3 1 5.54 5.0023.05.07 59 78 10 28.28 3 2 5.54 5.0023.05.07 59 78 10 28.28 3 3 5.54 5.0018.01.08 34 50 10 29.67 3 1 4.22 5.0018.01.08 34 50 10 29.67 3 2 4.22 5.0018.01.08 34 50 10 29.67 3 3 4.22 5.0003.04.08 23 37 10 30.05 3 1 3.95 5.0003.04.08 23 37 10 30.05 3 2 3.95 5.0003.04.08 23 37 10 30.05 3 3 3.95 5.0003.04.08 24 37 10 30.05 3 1 3.95 5.0003.04.08 24 37 10 30.05 3 2 3.95 5.0003.04.08 24 37 10 30.05 3 3 3.95 5.0007.04.08 22 38 10 30.08 4 2 4.15 5.0007.04.08 22 38 10 30.08 4 2 4.15 5.0007.04.08 22 38 10 30.08 4 3 4.15 5.0007.04.08 22 38 10 30.08 4 3 4.15 5.0007.04.08 22 38 10 30.08 4 4 4.15 5.0007.04.08 22 38 10 30.08 4 4 4.15 5.0023.07.08 14 25 10 31.42 2 0 5.05 5.0023.07.08 14 25 10 31.42 2 1 5.05 5.0023.07.08 14 25 10 31.42 2 2 5.05 5.0010.11.08 7 17 10 31.89 2 0 3.14 5.0010.11.08 7 17 10 31.89 2 1 3.14 5.0010.11.08 7 17 10 31.89 2 2 3.14 5.0010.11.08 6 17 10 31.89 3 1 3.14 5.0010.11.08 6 17 10 31.89 3 2 3.14 5.0010.11.08 6 17 10 31.89 3 3 3.14 5.00
Ambrian Capital plcAnnual Report & Accounts 2009OverviewBusiness reviewGovernanceFinancial statements 35Shareholder information21 Share options (continued)Date of grantEstimatedfair valuepenceShare pricepenceExercise pricepenceExpectedvolatility(%)Expected Life(years)Vesting period(years)Risk free rate(%)Expecteddividends(%)29.03.09 4 14 10 33.23 3 1 1.99 5.0029.03.09 4 14 10 33.23 3 2 1.99 5.0029.03.09 4 14 10 33.23 3 3 1.99 5.0006.04.09 1 15 25 32.75 3 0 2.15 5.6606.04.09 1 15 25 32.75 3 1 2.15 5.6606.04.09 1 15 25 32.75 3 2 2.15 5.6629.05.09 15 26 10 34.93 2 0 2.01 5.0029.05.09 15 26 10 34.93 2 1 2.01 5.0029.05.09 15 26 10 34.93 2 2 2.01 5.0002.06.09 5 28 30 33.97 3 0 2.08 5.6602.06.09 5 28 30 33.97 3 1 2.08 5.6602.06.09 4 28 30 33.97 3 2 2.08 5.6601.07.09 13 25 10 34.83 3 1 2.43 5.0001.07.09 13 25 10 34.83 3 2 2.43 5.0001.07.09 13 25 10 34.83 3 3 2.43 5.00Expected volatility was determined by calculating the standard deviation of daily continuously compounded returns of the Company’s shareprice calculated back from the date of grant. The expected life used in the model has been adjusted, based on management’s best estimate,for the effects of non-transferability, exercise restrictions, and behavioural considerations.22 Lease commitmentsAt 31 December 2009 the total of future minimum commitments is due as follows:Land andbuildings2009£Land andbuildings2008£Not later than one year 255,543 634,326Later than one year and not later than five years – 543,348255,543 1,177,674Lease commitments relate to office premises.23 Capital commitmentsThere were no capital commitments as at 31 December 2009 or at 31 December 2008.24 Contingent liabilitiesThere were no contingent liabilities as at 31 December 2009 or at 31 December 2008.25 Transactions with related partiesDetails of transactions with the Group’s key management personnel, who comprise the directors, are given in note 6. Intra-Group transactionsand balances are eliminated on consolidation. There are no other related party transactions.
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Page 45 and 46: Company balance sheetat 31 December
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