The company operated an equity based share option scheme to certain employees which provides additional remuneration for those employees who are key to the company. The options were granted both under an approved EMI option plan and an unapproved share option scheme, with the exercise price ranging from £0.1055 to £2.078 per share. The options were to expire ten years after the date of the grant. Employees were not entitled to dividends until the shares are exercised. All options granted had performance conditions relating to the relevant employee remaining in the employment of the company at exercise.
During the year ended 31 December 2023, the company was restructered and all share options were cancelled.
A reconciliation of share option movements during the year ended 31 December 2023 is shown below:
Number of options
Outstanding as at 1 January 2023: 938,398
Granted during the year: nil
Forfeited during the year: nil
Exercised during the year: nil
Cancelled during the year: 938,398
Outstanding as at 31 December 2023: nil
Equity settled schemes - charges arising: £Nil (2022: £Nil)