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2015
9,830,300
9,830,300
There were
no
redemptions
or share
issues
during the
year ended
30 June
2015.
10.
SHARE
PREMIUM AND
SHARE
OPTIONS
Share PremiumAccount Share option Account
£ £
1 July 2013 492,103 349,906
Expired 24,675 -
redemption
of B shares
not taken up
At 30 June 516,778 349,906
2014
Expired 34,782 -
redemption
of B shares
not taken up
At 30 June 551,560 349,906
2015
On 22
September
2009 the
Company
granted
250,000
share
options at a
weighted
average
exercise
price of 62p
per share.
In 2011 the
terms of the
options were
changed, to
give a
weighted
average
exercise
price of 17p
per share.
In 2012 this
was changed
to 20p per
share.
On 5
December
2011 the
Company
granted
1,500,000
share
options at a
weighted
average
exercise
price of 20p
per share.
The fair
value of
those
options
granted,
after
adjusting
for the
changes in
the exercise
price, was
£184,590
using the
Black
Scholes
valuation
model. The
adjustment
to the
option price
was omitted,
and has been
corrected
for in the
comparative
period by a
reserve
transfer as
a prior year
adjustment
of £56,479.
As at 30
June 2015,
options were
outstanding
over
1,650,000
(2014:
1,650,000)
ordinary 20p
shares, with
a weighted
average
exercise
price of 20p
(2014: 20p).
The options
vested in
the year
ended 31
December
2012 and are
exercisable
at the
option of
the option
holder,
expiring 31
December
2016. During
the year nil
(2014:
100,000)
options were
exercised
and £nil
(2014:
£11,808) of
the option
reserve was
released to
share
premium. In
April 2014,
funds held
in Escrow in
the amount
of £24,675
were
transferred
back to the
Company
following
the expired
redemption
of B shares
which were
not taken
up. A
further
amount of
£34,782 was
transferred
back to the
company in
April 2015
Prior year
adjustment:
The
financial
statements
have been
restated to
incorporate
the impact
of a
misclassific
ation
pertaining
to the share
option
account
prior to 1
July 2013.
The change
has resulted
in retained
earnings at
30 June 2015
decreasing
by £56,479
with a
correspondin
g increase
to the share
option
account. 11.
FINANCIAL
RISK
The
Company's
investment
activities
expose it to
a variety of
financial
risks:
market risk
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