The company operates an equity based share option scheme to certain employees and contractors which provides additional pay for those individuals who are key to the company. The options are granted under an approved EMI option plan, with the exercise price of £0.1759 and £0.1292. The options expire ten years after the date of the grant. Option holders are not entitled to dividends until the shares are exercised. All options granted have performance conditions relating to the relevant employee remaining in the employment of the company at exercise.
A reconciliation of share option movements during the year ended 29 February 2024 is shown below:
Number of options - Weighted average exercise price
Outstanding as at 1 March 2023: 454,261 - £68,794
Granted during the year: 83,925 - £14,762
Forfeited during the year: nil - £Nil
Exercised during the year: nil - £Nil
Outstanding as at 29 February 2024: £538,186 - £83,556
Equity settled schemes - charges arising: £68,063 (2023: £18,702)