At the commencement of the period, the company had 385,406 EMI options outstanding. A further 166,769 options were granted during the year. These options, with a duration up to 48 months, feature vesting periods that either begin immediately or are subject to a 12-month cliff. All such options will be equity-settled, converting into B Ordinary Shares, and are exercisable solely upon an exit event.
Additionally, the company had 50,000 unrestricted options outstanding at the period's onset, with a maximum duration of 48 months and immediate vesting. These are also equity-settled into B Ordinary Shares and are exercisable only at an exit event.
A summary of the movement in share options during the period is shown below.
Outstanding at the beginning of the period: 385,406
Granted during the period: 220,718
Forfeited during the period: Nil.
Exercised during the period: Nil.
Expired during the period: Nil.
Outstanding at the end of the period: 608.124
A charge of £46,628 has been recognised in the profit and loss to reflect the fair value of options vested in the year.