Directors' Interest in Share Options
| Granted | Forfeited | Exercise price | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Director | At February 2, 2008 | Pre share consol -idation | Post share consol -idation | Total following share consol -idation | Pre share consol -idation | Post share consol -idation | At January 31, 2009 | Post share consol -idation | Date from which exercisable(1) | Expiry date(1) | |
| Walker Boyd(2) | (2) | 611,842 | - | - | 30,592 | - | - | 30,592 | £11.40 | 5.5.03 | 5.5.10 |
| (2) | 179,401 | - | - | 8,970 | - | - | 8,970 | £15.05 | 2.5.04 | 2.5.11 | |
| (2) | 225,000 | - | - | 11,250 | - | - | 11,250 | £24.00 | 11.4.05 | 11.4.12 | |
| (3) | 397,435 | - | - | 19,871 | - | - | 19,871 | £19.50 | 14.7.06 | 14.7.13 | |
| (3) | 444,943 | - | - | 22,247 | - | - | 22,247 | £22.25 | 5.4.07 | 5.4.14 | |
| (4) | 10,985 | - | - | - | (10,985) | - | - | £17.25 | N/a | N/a | |
| (3) | 466,252 | - | - | 23,312 | - | - | 23,312 | £22.52 | 12.4.08 | 12.4.15 | |
| (3) | 412,794 | - | - | 20,639 | - | - | 20,639 | £22.38 | 11.4.09 | 11.4.16 | |
| (3) | 409,901 | - | - | 20,495 | - | - | 20,495 | £24.88 | 24.4.10 | 24.4.17 | |
| (4) | 12,765 | - | - | 638 | - | (638) | - | £15.04 | N/a | N/a | |
| (3) | - | 808,153 | - | 40,407 | - | - | 40,407 | £13.00 | 14.4.11 | 14.4.18 | |
| (4) | - | - | 1,241 | 1,241 | - | - | 1,241 | £7.73 | 1.1.12 | 30.6.12 | |
| Total | 3,171,318 | 808,153 | 1,241 | 199,662 | (10,985) | (638) | 199,024 | £18.43(5) | |||
| Terry Burman(2) | (3) | 3,807,426 | - | - | 190,370 | - | - | 190,370 | $31.78 | 14.7.06 | 14.7.13 |
| (3) | 3,129,267 | - | - | 156,463 | - | - | 156,463 | $41.00 | 5.4.07 | 5.4.14 | |
| (3) | 3,193,395 | - | - | 159,669 | - | - | 159,669 | $42.40 | 12.4.08 | 12.4.15 | |
| (4) | 5,170 | - | - | 259 | - | (259) | - | $37.20 | 1.11.08 | 31.1.09 | |
| (3) | 2,936,060 | - | - | 146,802 | - | - | 146,802 | $39.10 | 11.4.09 | 11.4.16 | |
| (3) | 2,530,119 | - | - | 126,505 | - | - | 126,505 | $49.80 | 24.4.10 | 24.4.17 | |
| (3) | - | 5,233,064 | - | 261,652 | - | - | 261,652 | $24.80 | 14.4.11 | 14.4.18 | |
| (4) | - | - | 731 | 731 | - | - | 731 | $13.13 | 1.11.11 | 31.1.12 | |
| Total | 15,601,437 | 5,233,064 | 731 | 1,042,451 | - | (259) | 1,042,192 | $36.24(5) | |||
All options were granted to directors while they were directors. The conditions set by the Compensation Committee for the exercise of options granted under the 1993 Scheme were that for vesting to take place, a post inflation minimum growth in earnings per share of 10% over any consecutive three year period had to be achieved. Under the 2003 Plans, for vesting to take place, a post inflation minimum growth in earnings per share of 10% from a fixed base year applied over a three year period, or, only for the grants made in fiscal 2006, 12.55% over a four year period, or 15.92% over a five year period has to be achieved. The performance conditions were chosen as the Compensation Committee believed them to be in line with market practice. These conditions have been met in respect of the options granted between October 1997 and April 2004; the performance criteria having been satisfied in each case over the first three year period following the grant of the options apart from the options granted in April and July 2003. The performance criteria for the options granted in April and July 2003 were satisfied in the fourth year of the grant. The performance criteria for the options granted in April 2005 and April 2006 have not been satisfied on the first test and in the case of the options granted in April 2005 the criteria was also not satisfied on the retest. The Black Scholes option-pricing model fair value is given in Item 18 “Financial Statements” Note 22 on page 151 for options granted in the last three years.
(1) The dates from which options are exercisable and the expiry dates are the dates that normally apply. Other dates apply in certain circumstances, such as an option holder ceasing to be employed. Options that have not already vested will only vest and become exercisable on the dates detailed subject to satisfaction of the specified performance criteria.
(2), (3) and (4) The options marked (2) were granted under the 1993 Scheme, those marked (3) were granted under the 2003 Plans and those marked (4) were granted under the terms of the Sharesave Scheme or, in the case of Terry Burman, the Employee Share Savings Plan.
(5) Weighted averages of the exercise prices per share for the options held at the year end.
The directors made no gains through the exercise of options during the year (fiscal 2008: $1,096,865).