REG - dotDigital Group plc - Final Results <Origin Href="QuoteRef">DOTD.L</Origin> - Part 3
18/10/2016 07:05
- Part 3: For the preceding part double click ID:nRSR7605Mb
£'000 shares Pence
Basic EPS
Profit for the year attributable to the owners of the parent 5,368 293,095,257 1.83
Options and warrants - 977,555 -
Diluted EPS
Profit for the year attributable to the owners of the parent 5,368 294,072,812 1.83
There was no difference in the weighted average number of shares used in the calculation of basic and diluted earnings per share as the effect of notionally dilutive shares were anti-dilutive. DOTDIGITAL GROUP PLC NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continuedFOR THE YEAR ENDED 30 JUNE 2016
10. EARNINGS PER SHARE continued........
30.6.15
Weighted
average Per share
From continuing operations Earnings number of Amount
£'000 shares Pence
Basic EPS
Profit for the year attributable to the owners of the parent 4,656 284,804,914 1.63
Options and Warrants - 5,001,766 -
Diluted EPS
Profit for the year attributable to the owners of the parent 4,656 289,806,680 1.61
Weighted average number of shares
30.6.16 30.6.15
Shares Shares
Basic EPS 293,095,257 284,804,914
Diluted EPS 294,072,812 289,806,680
11. GOODWILL
Group
30.6.16 30.6.15
COST £'000 £'000
At 1 July
At 30 June 4,121 4,121
AMORTISATION
At 1 July 3,512 3,512
Impairment - -
At 30 June 3,512 3,512
NET BOOK VALUE 609 609
Goodwill arising on business combinations is not amortised but is reviewed for impairment on an annual basis, or more
frequently if there are indications that goodwill may be impaired. Goodwill acquired in a business combination is
allocated, at acquisition, to cash generating units (CGUs) that are expected to benefit from that business combination.
The carrying amount of goodwill relates wholly to the Group's single trading activity and business segment. This has been
tested for impairment during the current financial year by comparison with the recoverable amounts of the CGU.
DOTDIGITAL GROUP PLC
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2016
11. GOODWILL continued........
Recoverable amounts for CGUs are based on the higher of value in use and fair value less costs to sell. The recoverable
amounts of the CGU have been determined from value in use calculations. These calculations use pre-tax cash flow
projections based on financial budgets approved by management covering a five-year period. The key assumptions for the
value in use calculations are those regarding discount rates, growth rates, and expected changes in margins. Management
estimates discount rates using pre-tax rates that reflect the current market assessment of the time value of money and the
risks specific to the CGUs. Changes in income and expenditure are based on past experience and expectations of the future
changes in the market. The pre-tax discount rate used to calculate the value in use is 10% (2015 - 10%). The valuations
indicate sufficient headroom such that a reasonably possible change in key assumptions would not result in impairment of
goodwill.
DOTDIGITAL GROUP PLC
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2016
12. INTANGIBLE ASSETS
Group
Computer Internally generated development Domain
software costs names Totals
£'000 £'000 £'000 £'000
COST
At 1 July 2015 274 6,625 16 6,915
Additions 88 1,482 - 1,570
At 30 June 2016 362 8,107 16 8,485
AMORTISATION
At 1 July 2015 228 3,227 16 3,471
Amortisation for the year 36 1,294 - 1,330
At 30 June 2016 264 4,521 16 4,801
NET BOOK VALUEAt 30 June 2016 98 3,586 - 3,684
Computer Internally generated development Domain
software costs names Totals
£'000 £'000 £'000 £'000
COST
At 1 July 2014 274 5,013 16 5,303
Additions - 1,612 - 1,612
At 30 June 2015 274 6,625 16 6,915
AMORTISATION
At 1 July 2014 195 2,102 15 2,312
Amortisation for the year 33 1,125 1 1,159
At 30 June 2015 228 3,227 16 3,471
NET BOOK VALUEAt 30 June 2015 46 3,398 - 3,444
Development cost additions represents resources the Group have invested in the development of new innovative and ground
breaking technology products for marketing professionals. This platform allows them to create, send and automate marketing
campaigns. Following development of the products the Group intends to licence the use of the platform.
DOTDIGITAL GROUP PLC
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2016
13. PROPERTY, PLANT AND EQUIPMENT
Group
Short Fixtures & Computer
leasehold fittings equipment Totals
£'000 £'000 £'000 £'000
COST
At 1 July 2015 395 401 1,354 2,150
Additions 49 47 406 502
At 30 June 2016 444 448 1,760 2,652
DEPRECIATION
At 1 July 2015 95 203 755 1,053
Depreciation for the year 52 90 315 457
At 30 June 2016 147 293 1,070 1,510
NET BOOK VALUE
At 30 June 2016 297 155 690 1,142
Short Fixtures & Computer
leasehold fittings equipment Totals
£'000 £'000 £'000 £'000
COST
At 1 July 2014 288 308 888 1,484
Additions 107 93 467 667
Disposals - - (1) (1)
At 30 June 2015 395 401 1,354 2,150
DEPRECIATION
At 1 July 2014 47 112 498 657
Depreciation for the year 48 91 258 397
Eliminated on disposal - - (1) (1)
At 30 June 2015 95 203 755 1,053
NET BOOK VALUE
At 30 June 2015 300 198 599 1,097
DOTDIGITAL GROUP PLC
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2016
14. INVESTMENTS
Company
Shares in Shares in
Group Group
undertakings undertakings
30.6.16 30.6.15
COST £'000 £'000
At 1 July and 30 June 8,705 8,705
AMORTISATION
At 1 July and 30 June 3,519 3,519
NET BOOK VALUE
At 30 June 5,186 5,186
The Group's or the Company's investments at the balance sheet date in the share capital of companies include the
following:
Subsidiaries Nature of business Class of share Proportion of
voting power
held %:
dotmailer Limited Web and email-based Ordinary 100
marketing Ordinary A 100
dotsurvey Limited Dormant Ordinary 100
dotsearch Europe Limited Branch company Ordinary 100
dotcommerce Limited Dormant Ordinary 100
doteditor Limited Dormant Ordinary 100
dotSEO Limited Dormant Ordinary 100
dotagency Limited Dormant Ordinary 100
dotmailer Inc Web and email- based Ordinary 100
marketing
dotmailer Pty Limited Web and email- based Ordinary 100
marketing
All of the above subsidiaries have been included within the consolidated results
All the above companies with the exception of dotmailer Inc and dotmailer Pty Limited were incorporated in England and
Wales. dotmailer Inc was incorporated in Delaware (US) and dotmailer Pty Limited was incorporated in New South Wales
(Australia).
DOTDIGITAL GROUP PLC
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2016
15. TRADE AND OTHER RECEIVABLES
Group Company
30.6.16 30.6.15 30.6.16 30.6.15
£'000 £'000 £'000 £'000
Current:
Trade receivables 5,559 4,589 - -
Less: Provision for impairment of trade receivables (824) (343) - -
Trade receivables - net 4,735 4,246 - -
Other receivables 137 39 - -
Amounts owed by Group undertakings - - 7,080 3,108
VAT - - 9 7
Prepayments and accrued income 1,334 1,043 13 9
6,206 5,328 7,102 3,124
Further details on the above can be found in note 21.
Included within prepayments is an amount of £271,680 (2015: £121,998) in relation to deferred commission which is
considered to be long-term.
16. CASH AND CASH EQUIVALENTS
Group Company
30.6.16 30.6.15 30.6.16 30.6.15
£'000 £'000 £'000 £'000
Bank accounts 17,313 11,932 639 166
17,313 11,932 639 166
Further details on the above can be found in note 21.
DOTDIGITAL GROUP PLC
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2016
17. CALLED UP SHARE CAPITAL
Allotted, issued, fully paid Nominal 30.6.16 30.6.15
number value £'000 £'000
294,784,789 (2015: 287,002,065) £0.005 1,473 1,435
1,473 1,435
During the reporting period the Company undertook the following transactions involving the issuing and reclassifying of
issued share capital:
On 17 July 2015 a number of employees exercised their share options increasing the issued share capital by 1,510,000 shares
at a premium price of between 5p and 7.5p.
On 7 August 2015 a number of employees exercised their share options increasing the issued share capital by 1,200,000
shares at a premium price of between 5p and 7.5p.
On 6 November 2015 a number of employees exercised their share options increasing the issued share capital by 1,887,397
shares at a premium price of between 5p and 18.15p.
On 20 November 2015 a number of employees exercised their share options increasing the issued share capital by 1,027,397
shares at a premium price of 18.15p.
On 9 December 2015 a number of employees exercised their share options increasing the issued share capital by 1,557,930
shares at a premium price of between 5p and 7.5p.
On 6 June 2016 a number of employees exercised their share options increasing the issued share capital by 600,000 shares at
a premium price of between 5p and 18.15p.
18. RESERVES
Group
Retained Share Reverse acquisition
earnings premium reserve
£'000 £'000 £'000
As at 1 July 2015 16,297 5,382 (4,695)
Issue of share capital - 756 -
Dividends (1,054) - -
Profit for the year 5,368 - -
Other comprehensive income: Currency translation - - -
Share-based payment - - -
Balance as at 30 June 2016 20,611 6,138 (4,695)
DOTDIGITAL GROUP PLC
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2016
18. RESERVES - continued
Retranslation Other
Reserve reserves Totals
£'000 £'000 £'000
As at 1 July 2015 (3) (25) 16,956
Issue of share capital - - 756
Dividends - - (1,054)
Profit for the year - - 5,368
Other comprehensive income: Currency translation 11 - 11
Share-based payment - 199 199
Balance as at 30 June 2016 8 174 22,236
Group
Retained Share Reverse acquisition
earnings premium reserve
£'000 £'000 £'000
As at 1 July 2014 12,211 5,147 (4,695)
Issue of share capital - 235 -
Share repurchase - - -
Dividends (570) - -
Profit for the year 4,656 - -
Other comprehensive income: Currency translation - - -
Share-based payment - - -
Balance as at 30 June 2015 16,297 5,382 (4,695)
Retranslation Other
reserve reserves Totals
£'000 £'000 £'000
As at 1 July 2014 (6) 82 12,739
Issue of share capital - - 235
Share repurchase - (213) (213)
Dividends - - (570)
Profit for the year - - 4,656
Currency translation 3 - 3
Share-based payment - 106 106
Balance as at 30 June 2015 (3) (25) 16,956
DOTDIGITAL GROUP PLC
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2016
18. RESERVES - continued
Company Share
Retained Share based
earnings premium payments Totals
£'000 £'000 £'000 £'000
At 1 July 2015 1,534 5,382 (25) 6,891
Issue of share capital - 756 - 756
Dividends (1,054) - - (1,054)
Profit for the year 4,600 - - 4,600
Share-based payment - - 199 199
At 30 June 2016 5,080 6,138 174 11,392
Company
Retained Share Other
earnings premium Reserves Totals
£'000 £'000 £'000 £'000
At 1 July 2014 2,423 5,147 82 7,652
Issue of share capital - 235 - 235
Share repurchase - - (213) (213)
Dividends (570) - - (570)
Loss for the year (319) - - (319)
Share-based payment - - 106 106
At 30 June 2015 1,534 5,382 (25) 6,891
19. TRADE AND OTHER PAYABLES
Group Company
30.6.16 30.6.15 30.6.16 30.6.15
£'000 £'000 £'000 £'000
Current:
Trade payables 1,351 853 11 16
Amounts owed to Group undertakings - - 4 4
Social security and other taxes 571 498 - -
Other payables 222 349 1 91
VAT 710 574 - -
Accruals and deferred income 1,297 1,163 46 39
4,151 3,437 62 150
Further details on liquidity and interest rate risk can be found in note 21.
DOTDIGITAL GROUP PLC
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2015
20. LEASING AGREEMENTS
Minimum lease payments under non-cancellable operating leases fall due as follows:
30.06.16
Land &
Buildings Others Totals
£'000 £'000 £'000
Within one year 374 46 420
Between two to five years 1,118 39 1,157
1,492 85 1,577
30.06.15
Land &
Buildings Others Totals
£'000 £'000 £'000
Within one year 232 19 251
Between two to five years 1,490 12 1,502
1,722 31 1,753
Operating leases represent rents payable by the Group for its office properties. Leases are negotiated for an average term
of five years and rentals are fixed on an average of two years with the option to extend for a further five years at the
prevailing market rate at the time.
21. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT
The Group's activities expose it to a number of financial risks that include credit risk, liquidity risk, currency risk and
interest rate risk. These risks and the Group's policies for managing them have been applied consistently during the year
and are set out below.
The Group holds no financial or other non-financial instruments other than those utilised in the working operations of the
Group and that listed in this note. It's the Group's policy not to trade in derivative contracts.
Principal financial instruments
The principal financial instruments used by the Group, from which financial instrument rate risk arises, are as follows:
-Trade receivables
-Cash and cash equivalents
-Trade and other payables
DOTDIGITAL GROUP PLC
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2016
21. FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT - continued
Financial instruments by category
The following table sets out the financial instruments as at the reporting date:
Group Company
30.6.16 30.6.15 30.6.16 30.6.15
£'000 £'000 £'000 £'000
Financial assets
Trade and other receivables 6,206 5,328 22 16
Bank balances 17,313 11,932 639 166
23,519 17,260 661 182
Financial liabilities
Trade payables 1,351 853 11 16
Accrued liabilities and other payables 2,800 2,584 47 130
4,151 3,437 58 146
The fair value of the financial assets and financial liabilities is equal to their carrying values. All financial assets
are categorised as loans and receivables and all financial liabilities are categorised as financial liabilities at
amortised costs.
General objectives, policies and processes
The Board has overall responsibility for the determination of the Group's risk management objectives and policies and
whilst retaining ultimate responsibility for them, it has delegated the authority for designing and operating processes
that ensure the effective implementation of the objectives and policies to the Group's risk committee. The Board receives
monthly reports from the Risk Committee through which it reviews the effectiveness of the processes put in place and the
appropriateness of the objectives and policies it sets.
The overall objective of the Board is to set policies that seek to reduce risk as far as possible without unduly affecting
the Company's competitiveness and flexibility. Further details regarding these policies are set out below:
Interest rate risk
The Group's interest rate risk arises from interest-bearing assets and liabilities. The Group has in place a policy of
maximising finance income by ensuring that cash balances earn a market rate of interest offsetting where possible cash
balances, and by forecasting and financing its working capital requirements. As at the reporting date the Group was not
exposed to any movement in interest rates as it has no external borrowings and therefore is not exposed to interest rate
risk. No sensitivity analysis has been prepared.
The Group's working capital requirements are managed through regular monitoring of the overall cash position and regularly
updated cash flow forecasts to ensure there are sufficient funds available for its operations.
Liquidity risk
The Groups working capital requirements are managed through regular monitoring of the overall position and regularly
updated cash flow forecasts to ensure there are funds available for its operations. Management forecasts indicate no new
borrowing facilities will be required in the upcoming financial period.
Trade and other payables of £2,283,000 (2015: £2,365,000) are expected to mature in less than a year.
DOTDIGITAL GROUP PLC
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2016
21. FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT - continued
Credit risk
Credit risk arises principally from the Group's trade receivables, as there are no trade receivables within the Company,
which comprise amounts due from customers. Prior to accepting new customers a credit check is obtained. As at 30 June 2016
there were no significant debts past their due period which had not been provided for. The maturity of the Group's trade
receivables is as follows:
30.6.16 30.6.15
£'000 £'000
0-30 days 2,795 2,311
30-60 days 1,243 813
More than 60 days 1,521 1,465
5,559 4,589
The maturity of the Group's provision for impairment is as follows:
30.6.16 30.6.15
£'000 £'000
0-30 days 6 2
30-60 days 87 2
More than 60 days 731 339
824 343
The movement in the provision for the impairment is as follows:
30.06.16 30.6.15
£'000 £'000
As at 1 July 343 336
Provision for impairment 789 103
Receivable written off in the year (259) (47)
Unused amount reversed (49) (49)
As at 30 June 824 343
The Group minimises its credit risk by profiling all new customers and monitoring existing customers of the Group for
changes in their initial profile. The level of trade receivables older than the average collection period consisted of a
value of £1,541,197 (2015: £1,486,597) of which £730,350 (2015: £339,962) was provided for. The Group felt that the
remainder would be collected post year end as they were with long-standing relationships, the risk of default is considered
to be low and write-offs due to bad debts are extremely low. The Group has no significant concentration of credit risk,
with the exposure spread over a large number of customers.
The credit risk on liquid funds is low as the counterparts are banks with high credit ratings assigned by international
credit rating bodies. The majority of the Company's cash holdings are held at NatWest Bank which has a BBB+ credit rating.
The carrying value of both financial assets and liabilities approximates to fair value.
Capital policy
The Group's objectives when managing capital are to safeguard its ability to continue as a going concern in order to
DOTDIGITAL GROUP PLC
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2016
21. FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT - continued
provide optimal returns for shareholders and to maintain an efficient capital structure to reduce the cost of capital.
In doing so the Group's strategy is to maintain a capital structure commensurate with a strong credit rating and to retain
appropriate levels of liquidity headroom to ensure financial stability and flexibility. To achieve this, the Group monitors
key credit metrics, risk and fixed charge cover to maintain this position. In addition the Group ensures a combination of
appropriate short term and long-term liquidity headroom.
During the year the Group had a short term loan balance of £nil (2015: £nil) and amounts payable over one year are nil
(2015: £nil). The Group had a strong cash reserve to utilise for any short term capital requirements that were needed by
the Group.
The Group has continued to look for a further long-term investments or acquisitions and therefore, to maintain or re-align
the capital structure, the Group may adjust when dividends are paid to shareholders, return capital to shareholders, issue
new shares or borrow from lenders.
22. DEFERRED TAX
30.6.16 30.6.15
£'000 £'000
As at 1 July 383 58
Current year provision 333 325
716 383
The deferred tax liability above comprises the following temporary differences:
30.6.16 30.6.15
£'000 £'000
Capital allowances in excess of depreciation 91 103
R&D relief in excess of amortisation 708 679
Share option relief (83) (399)
716 383
Deferred tax provision relates to taxes to be levied by the same authority on the same entity expected to be settled at the
same time. As such deferred tax assets and liabilities have been offset.
23. CAPITAL COMMITMENTS
The Company and Group have no capital commitments as at the year end.
DOTDIGITAL GROUP PLC
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2016
24. RELATED PARTY DISCLOSURES
Transactions between the Company and its subsidiaries, which are related parties, have been eliminated on consolidation and
are not disclosed in this note.
Group
The following transactions were carried out with related parties
30.6.16 30.6.15
£'000 £'000
Sale of services
Redstone Connect Plc Entity under common directorship Email marketing services - 4
Cadence Performance Entity under common directorship Email marketing services 2 3
2 7
Sales of services are based on the price lists in force and at terms that would be available to third parties
30.6.16 30.6.15
£'000 £'000
Purchase of services
Barratts of Old Ltd Entity under common directorship Consultancy services* - 8
- 8
*Consultancy services to assist with the international expansion and development of channel sales strategy.
Directors
30.6.16 30.6.15
£'000 £'000
Aggregate emoluments 858 1,002
Ex-gratia payment 137 -
Company contributions to money purchase pension scheme 46 60
Share-based payments 114 20
1,155 1,082
DOTDIGITAL GROUP PLC
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2016
24. RELATED PARTY DISCLOSURES continued…..
Information in relation to the highest paid Director is as follows:
30.6.16 30.6.15
£'000 £'000
Salaries 183 234
Ex-gratia payment 137 -
Other benefits 3 11
Pension costs - 15
Share-based payments 114 20
437 280
The highest paid Director did not exercise any share options in the year (2015: 660,000).
Company
The following transactions were carried out with related parties
30.06.16 30.06.15
£'000 £'000
Year end balances arising from sales/purchase of services
dotmailer Limited Subsidiary Payables (5,338) (3,280)
(5,338) (3,280)
The receivables and payables are unrestricted in nature and bear no interest. No provisions are held against receivables
from related parties.
Loans to related parties
30.6.16 30.6.15
£'000 £'000
dotmailer Limited Subsidiary
As at 1 July 6,388 5,681
Loans advanced 6,069 751
Loans repaid (40) (44)
12,417 6,388
DOTDIGITAL GROUP PLC
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2016
25. ULTIMATE CONTROLLING PARTY
There is no ultimate controlling party of the Group. dotdigital Group PLC acts as the parent Company to dotmailer Limited,
, dotsearch Europe Limited, dotmailer Inc, dotmailer Pty Limited, dotagency Limited (Dormant), dotsurvey Limited (Dormant),
dotSEO Limited (Dormant), dotcommerce Limited (Dormant) and doteditor Limited (Dormant).
26. SHARE-BASED PAYMENT TRANSACTIONS
The measurement requirements of IFRS 2 have been implemented in respect of share options that were granted after 7 November
2002. The expense recognised for share-based payment made during the year is £199,600 (2015: £106,000).
Vesting conditions of the options dictate that employees must remain in the employment of the Group for the whole period to
qualify.
Movement in issued share options during the year
The table illustrates the number and weighted average exercise price (WAEP) of, and movements in, share options during the
period. The options outstanding at 30 June 2016 had a WAEP of 26.69p (2015: 14.43p) and a weighted average contracted life
of 3.2 years (2015: 2.1 years) and their exercise prices ranged from 0p to 44.50p. All share options are settled in form of
equity issued.
30.06.16 30.6.15
No of options WAEP No of options WAEP
Outstanding at the beginning of the period 10,938,790 14.83p 13,923,790 8.82p
Granted during the year 1,439,029 29.02p 2,275,000 29.53p
Forfeited/cancelled during the period 491,066 21.46p 1,040,000 16.56p
Exchanged for shares 7,782,724 10.22p 4,220,000 6.06p
Outstanding at the end of the period 4,104,029 26.69p 10,938,790 14.43p
Exercisable at the end of the period 1,063,409 8.00p 8,462,724 10.44p
DOTDIGITAL GROUP PLC
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2016
26. SHARE-BASED PAYMENT TRANSACTIONS - continued The weighted average share price at the date of the exercise for share options exercised during the period
was 40.32p (2015: 30.52p). 20 June 2016 26 April 2016 25 November 2015 10 April2015 28 November 2014 18 October 2013 Number of options granted 423,409* 206,460 809,160
750,000 1,525,000 3,554,794 Share price at grant date 44.25p 45.00p 40.50p 31.50p 29.00p 17.82p Exercise price Nil 44.50p 40.25p 31.50p 28.50p 18.25p Option life in
years 5 years 5 years 5 years 5 years 5 years 5 years Risk free rate 1.33% 1.33% 1.33% 1.33% 1.35% 1.40% Expected volatility 30% 30% 30% 30% 30% 30% Expected dividend
yield 1.7% 1% 1% 0% 0.% 0.4% Fair value of 29.26p 7.23p 6.46p 5.64p 5.33p 3.31p options/warrants Expected volatility was determined by calculating the
historical volatility of the Group's share price from the date it listed to the grant date of the share option. The expected life used in the model is based on
management's best estimate, for the effects of non-transferability, exercise restrictions and behavioural considerations. *The share options issued on the 20 June 2016
were to Simone Barratt as part of her remuneration package during her time as CEO of the Group and were based on her achieving certain performance criteria. These share
options were granted as an unapproved share option scheme at a £nil exercise price and were released immediately upon her being a good leaver as per the share option
scheme agreed at the AGM on 15 December 2015.
27. GROUP RECONCILIATION OF PROFIT BEFORE CORPORATION TAX TO CASH GENERATED FROM OPERATIONS
25 November 2015
10 April2015
28 November 2014
18 October 2013
Number of options granted
423,409*
206,460
809,160
750,000
1,525,000
3,554,794
Share price at grant date
44.25p
45.00p
40.50p
31.50p
29.00p
17.82p
Exercise price
Nil
44.50p
40.25p
31.50p
28.50p
18.25p
Option life in years
5 years
5 years
5 years
5 years
5 years
5 years
Risk free rate
1.33%
1.33%
1.33%
1.33%
1.35%
1.40%
Expected volatility
30%
30%
30%
30%
30%
30%
Expected dividend yield
1.7%
1%
1%
0%
0.%
0.4%
Fair value of
29.26p
7.23p
6.46p
5.64p
5.33p
3.31p
options/warrants
Expected volatility was determined by calculating the historical volatility of the Group's share price from the date it
listed to the grant date of the share option. The expected life used in the model is based on management's best estimate,
for the effects of non-transferability, exercise restrictions and behavioural considerations. *The share options issued on
the 20 June 2016 were to Simone Barratt as part of her remuneration package during her time as CEO of the Group and were
based on her achieving certain performance criteria. These share options were granted as an unapproved share option scheme
at a £nil exercise price and
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AnnouncementREG - dotDigital Group plc - Holding(s) in Company
AnnouncementREG - dotDigital Group plc - Interim Results
AnnouncementREG - dotDigital Group plc - Notice of Results and Presentations
Announcement