Enterprise Management Incentive Scheme share options
Company employees have been granted share options under an Enterprise Management Incentive Scheme at an average exercise price of £0.37 which entitles the holder to options on shares in the Company at a future date. The options granted were approved with HMRC. The company also has granted share options under an unapproved share scheme at a price of £0.34 per share.
The directors assess the fair value of the shares granted to be the same as the grant price on the basis that there is too much uncertainty and volatility over the future share price.
The following table shows the movement during the year:
Share option EMI Unapproved Total
167,352 39,825 207,177
Opening value at 1 August 2023 (48,035) - (48,035)
Lapsed during the period - - -
Granted during the period - - -
Issued during the period - - -
Exercised during the period - - -
Balance at 31 July 2024 119,317 39,825 159,142
Of which is vested 67,127 18,324 85,451
Unvested 52,190 21,501 73,692
Balance at 31 July 2024 119,317 39,825 159,142
The average remaining vesting period of the EMI scheme is 19 months and the unapproved scheme is 20 months.