Annual Report and Accounts 2013
Petra Diamonds Limited 127
Overview
Performance Review
Strategic Review
Sustainability
Corporate Governance
Group Accounts
27. Share-based payments
continued
Employee and Director share options
continued
The terms and conditions of the options in issue, whereby all options are equity settled by delivery of shares, are as follows:
Employees and Directors entitled
Grant date
Number
Vesting period
Remaining life
of options
(years)
Options granted
to Directors
16 June 2005
2,000,000
1/3 per annum from grant date
2
31 May 2006
1,000,000
1/3 per annum from grant date
3
12 March 2009
2,500,000
1/3 per annum from grant date
6
30 September 2009
1,150,000
1/3 per annum from grant date
7
17 March 2010
1,150,000
1/3 per annum from grant date
7
Options granted to
Senior Management
28 January 2005
12,500
25% from grant date for two years,
then 50% in third year
2
27 November 2005
48,098
1/3 per annum from grant date
2
31 May 2006
97,544
1/3 per annum from grant date
3
31 July 2006
210,608
1/3 per annum from grant date
5
12 March 2009
2,539,668
1/3 per annum from grant date
6
30 September 2009
1,568,006
1/3 per annum from grant date
7
17 March 2010
2,395,003
1/3 per annum from grant date
7
25 November 2010
483,333
1/3 per annum from grant date
8
2013
2012
Weighted
average
exercise price
(pence)
Number
Weighted
average
exercise price
(pence)
Number
Outstanding at beginning of the year
49.5
17,079,428
47.8
19,583,923
Cancelled during the year
58.2
(78,050)
46.4
(188,333)
Lapsed during the year
Exercised during the year
42.1
(1,846,618)
39.6
(2,316,162)
Granted during the year
Outstanding at the end of the year
52.9
15,154,760
49.1
17,079,428
Exercisable at the end of the year
52.5
14,993,167
49.5
14,506,959
The weighted average market price of the shares in respect of options exercised during the year was 108.9 pence (30 June 2012:
170.4 pence). The options outstanding at 30 June 2013 have an exercise price in the range of 27.5 pence to 96.0 pence (30 June 2012:
27.5 pence to 96.0 pence) and a weighted average remaining contractual life of five years (30 June 2012: six years).
Employees received cash payments of US$43,278 (30 June 2012: US$nil) during the year in respect of options cancelled. The payments
equate to the fair value at the date of cancellation and the Group recognised a charge to equity in accordance with IFRS 2 together
with the acceleration of the remaining unamortised fair value in respect of the options of US$36,926 (30 June 2012: US$nil) in the
Consolidated Income Statement.
Warrants
During the year 2,100,000 (30 June 2012: 3,464,259) warrants were exercised with an option price of 90 pence (30 June 2012:
80 pence to 100 pence).
The terms and conditions of the grants are as follows, whereby all warrants are settled by delivery of shares:
2013
2012
Weighted
average
exercise price
(pence)
Number
Weighted
average
exercise price
(pence)
Number
Outstanding at beginning of the year
95.0
6,300,000
93.9
9,764,259
Exercised during the year
90.0
(2,100,000)
92.1
(3,464,259)
Granted during the year
Outstanding at the end of the year
97.5
4,200,000
95.0
6,300,000
Exercisable at the end of the year
97.5
4,200,000
95.0
6,300,000
The warrants outstanding at 30 June 2013 have an exercise price in the range of 95 pence to 100 pence (30 June 2012: 90 pence
to 100 pence) and a weighted average remaining contractual life of one year (30 June 2012: two years).
1...,119,120,121,122,123,124,125,126,127,128 130,131,132,133,134,135,136,137,138,139,...142