TIDMDRUM 
 
The information communicated within this announcement is deemed to constitute 
inside information as stipulated under the Market Abuse Regulations (EU) No. 
596/2014. Upon the publication of this announcement, this inside information is 
now considered to be in the public domain. 
 
21 May 2021 
 
                                   Drumz plc 
                        (the "Company" or the "Group") 
 
               Final results for the year ended 31 December 2020 
 
Drumz plc (AIM: DRUM) the investing company focused on building value in 
technology, is pleased to announce its final results for the year ended 31 
December 2020. 
 
Highlights 
 
  * In the year the Company changed its investing policy to focus on the 
    technology sector. 
  * First technology investment made in Acuity Risk Management Limited 
    ("Acuity"), an award winning cybersecurity software company. 
  * Despite COVID, Acuity announces new business wins and significant growth in 
    forward contracted revenues. 
 
Angus Forrest, Chief Executive commented on the results: 
 
"We have made progress in the past six months and are increasingly confident 
that the promise shown by Acuity and its improved SaaS business model which is 
beginning to show with growth in new business should accelerate from 
here.  Drumz has reviewed many new investment opportunities, and we are 
determined to focus on the opportunities which offer Drumz and its shareholders 
the best returns. We look forward to the future with optimism." 
 
Annual General Meeting 
 
In view of the current prevailing guidance from the British Government in 
relation to the COVID-19 pandemic and specifically the restrictions on large 
gatherings, the 2021 AGM which will be held on 18 June will be convened with 
the minimum quorum of shareholders (which will comprise the Company's 
directors) in order to conduct the business of the meeting. 
 
This year, we are requesting that any relevant questions on the Annual Accounts 
or other business to be transacted at the meeting are submitted by shareholders 
in advance. Shareholders can do so by sending questions in writing to the 
Registered Office or by emailing info@drumzplc.com no later than 14 June (at 
least 4 days before the AGM). Prior to the meeting, answers to questions will 
be provided on the Investor Section of the Company's website at 
www.drumzplc.com. 
 
For further information please 
contact: 
 
Drumz Plc                              www.drumzplc.com 
 
Angus Forrest                          +44 (0) 20 3582 0566 
 
WH Ireland (NOMAD & Broker)            www.whirelandcb.com 
 
Mike Coe / Chris Savidge               020 7220 1666 
 
Peterhouse Capital Limited (Joint 
broker) 
 
Lucy Williams / Duncan Vasey           020 7469 0936 
 
Chairman's Statement 
 
I am pleased to present the results of Drumz plc ("Drumz" or "Company" or 
"Group") for the year ended 31 December 2020. 
 
On 30 June 2020 shareholders approved changes to the Company's strategic 
direction from a company, which had principally invested in real estate to one 
focused on the technology sector.  Simultaneously there were a number of Board 
changes with Angus Forrest, John Wakefield and I being appointed and Stephen 
Wicks and John Depasquale stepping down. I would like to thank Stephen and John 
for their stewardship and collective contributions to the Company over the past 
few years. 
 
Results and performance 
 
The Group's results for the year ended 31 December 2020 showed revenues of £ 
12,000 (2019: £2,000) and an operating loss of £149,000 (2019: profit £43,000). 
 
At 30 June the principal asset of the Group was its legacy holding in KCR 
Residential REIT plc ('KCR'), which owns property in the private rented 
residential sector, in particular blocks of studio, one and two bedroom 
apartments which are rented to private tenants in the UK. 
 
The share price performance of KCR has been disappointing over the year and the 
value of the KCR holding has declined from £1,181,000 to £573,000, equating to 
an unrealised loss of £608,000. I am also disappointed to report that the KCR 
share price has fallen further since the year end. 
 
During the period under review Drumz made its first investment in Acuity Risk 
Management Limited ("Acuity"), an award winning business, specialising in risk 
management for cybersecurity. Acuity's proprietary software platform STREAMT 
provides its blue chip customer base on a SaaS basis, with a comprehensive view 
of risk and compliance on an enterprise wide basis. Drumz has invested £500,000 
in cash for an initial 20 per cent. shareholding in Acuity and has an option to 
acquire an additional 5 per cent. shareholding for a further £125,000.  Further 
details on the progress achieved by Acuity is in the CEO report and Investment 
report. 
 
Therefore, the overall results of the Group for the year ended 31 December 2020 
show a loss before taxation of £757,000 (2019: loss of £72,000), of which £ 
608,000 (2019: £134,000) was due to the fall in value of the Group's investment 
in KCR. The shareholders' funds have increased to £1,518,000 (2019: £ 
1,204,000), principally as a result of the two separate fund raisings 
undertaken by the Company in July and October 2020. 
 
New investment Policy 
 
The Company's new investment policy is to invest principally, but not 
exclusively in the technology sector in Europe.  The Directors consider that 
there are opportunities to invest in and acquire established technology 
businesses which own their own intellectual property and improve them through a 
combination of the management skills and expertise available from Drumz and 
further investment capital as required. 
 
Whilst it is not possible to be entirely prescriptive, it is likely that the 
opportunities would generally have some or all of the following 
characteristics, namely: 
 
  * Established business 
  * Software is proven and a key tool for users 
  * SaaS ("Software as a Service") business model 
  * Significant B2B market opportunity 
 
Macroeconomic impacts 
 
During the current period there have been two major macroeconomic factors which 
have impacted the economy, namely: 
 
  * Brexit - as regulations change with Britain's withdrawal from the EU, the 
    software industry, particularly those selling on a SaaS basis, appear at 
    present to be relatively unaffected by this new environment and 
 
  * COVID-19 - this global pandemic has had a major impact on the world economy 
    and the ways in which people work. On the positive side, the software 
    industry lends itself well to employees working effectively from remote 
    locations, but the broader impact of the pandemic on global demand remains 
    uncertain.  At Acuity, there was a decline in new business sales in the 
    second quarter of its financial year, after the first lockdown announced by 
    the UK Government, but since then new business has picked up strongly. 
 
Outlook 
 
The first phase of the planned change programme at Acuity, with a complete 
overhaul of its commercial infrastructure and strengthening of the sales and 
marketing operations has now been completed.  The Board believe that the 
benefits of the actions already taken will be seen over the coming months.  We 
are now considering several new investment opportunities.  I would like to 
welcome all new shareholders and thank all shareholders for their continuing 
support.  I should also like to thank my colleagues and our advisors for their 
respective contributions and look forward to further progress in the current 
financial year. 
 
Simon Bennett 
Chairman 
21 May 2021 
 
Chief Executive's Report 
 
 
Since the 2020 AGM, when shareholders approved changes to the business to focus 
on the technology sector was one of change as your Company transitioned and 
made its first technology investment.  In that time changes have been made to 
the Board of directors, a pipeline of technology investment opportunities has 
been generated and a new corporate name has been adopted. 
 
Our strategy 
 
Drumz's strategy is to invest, predominantly but not exclusively in the 
technology sector, to achieve capital growth in the medium term, three to five 
years.   We invest in operating companies whose activities include the sale of 
software or the use of software. The Board seeks to make investments where the 
associated risks are acceptable given the expertise available to the Company. 
 
Our business model 
 
Our business model is to identify established software companies with 
potential, that we can acquire or invest in and which would benefit from our 
expertise in order to exploit their market opportunity and thereby transform 
value. The skills and experience we inject, mainly relate to commercial, sales 
and marketing activities.  Our objective is to transform the value of our 
investments by increasing growth rates and scale.  Having achieved these goals 
the Company will determine whether the investee companies should be retained or 
whether it would be better to realise value by way of a trade sale or Initial 
Public Offering ("IPO"). 
 
By acquiring established businesses whose software is valuable to its 
customers, Drumz is investing in businesses with a validated product / service 
so should be able to accelerate growth and value faster than for earlier stage 
companies, whilst being better able to identify and manage the associated 
risks. 
 
Our business model is designed to allow all parties to benefit. It is achieved 
by investing in opportunities where the Board sees growth and if necessary, can 
provide expertise and assistance to management to accelerate growth and drive 
scale, two of the principal drivers of value for potential buyers. 
 
In a typical scenario: 
 
Year 1:    Initial review with key changes identified, and actions taken to set 
the foundations (business model, pricing, marketing, sales channels, partners); 
 
Year 2:    Build on the initial changes with any necessary refinements and 
implementation of business drivers; and 
 
Year 3:    Continue to accelerate growth (by this stage the business will be 
bigger and is likely to be growing at a far faster rate than previously) 
 
Investments and Portfolio update 
 
Acuity Risk Management 
 
This 15 year old company has developed a software platform which is used for 
risk management mainly for cybersecurity, but which also has the flexibility to 
be adapted for management of other risks including supplier management or 
health and safety.  Acuity has won awards for its principal product STREAMT 
which has a 5-star rating in Gartner's 2021 Peer Insights review of recent 
software buyers and has won a five star rating for five consecutive years from 
leading security trade journal, SC MEDIA.  The product is in use by Acuity's 
customers in the UK, Europe and the United States. 
 
There has been considerable progress at Acuity in the time Drumz has been 
involved and some of the resulting contract wins have been announced on the 
Stock Exchange's Reach News Service. All sales are now made on a SaaS basis 
with improved commercial terms and new pricing structures, which has 
substantially improved the company's recurring revenues and average order 
values. A new digital marketing agency is generating increased and better 
quality sales leads which are fed into the sales team, which has been grown 
over the past year to increase sales capacity.  These measures are beginning to 
show benefits through faster rates of growth in both the numbers and value of 
orders and we look forward to continuing to work with Acuity to build on these 
foundations. 
 
The biggest impact of COVID-19 on Acuity was felt in the quarter July to 
September 2020, when the Company found it difficult to get new customers to 
commit to new orders.  However, since then, demand has recovered and continued 
to build in subsequent quarters. The increasing likelihood and impact of cyber 
attacks and consequently the relative importance of cyber security give the 
Board confidence to believe that the demand for Acuity's services will continue 
to grow. 
 
KCR Residential REIT 
 
KCR is a legacy investment which owns a portfolio, mostly properties, which 
comprise residential and retirement flats.  Whilst Savills reported the UK 
housing market performed strongly in 2020 and Nationwide reported growth in 
transaction numbers (13%) and annual price growth of 7.3 per cent, it is 
disappointing that the share price has declined over the second six months of 
2020 and subsequently, such that it is now at a level which represents a 
discount of 50% to net asset value. 
 
Summary and Outlook 
 
In 2020 we achieved the requisite changes at Drumz and began the process of 
making the transformation necessary to drive value enhancement at Acuity, which 
is now attracting considerable interest.  This demonstrates that our strategy 
is working and we continue to review a number of other possible investment 
opportunities. 
 
Angus Forrest 
Chief Executive 
21 May 2021 
 
 
Group statement of comprehensive income 
for the year ended 31 December 2020 
 
                                                   Notes          2020            2019 
                                                                 £'000           £'000 
 
Continuing operations 
 
Revenue                                                             12               2 
 
Cost of sales                                                       -                - 
 
Gross profit                                                       12                2 
 
Reversal of accrued remuneration for former                          -             117 
director 
 
Administrative expenses                                          (161)            (76) 
 
Operating profit/(loss)                              2           (149)              43 
 
Loss on investments                                  4           (608)           (134) 
 
Recovery of bad debt written off in previous                         _              19 
periods 
 
Loss before taxation                                             (757)            (72) 
 
Taxation                                             -               -               - 
 
Loss for the year attributable to shareholders of                (757)            (72) 
the parent company 
 
Total comprehensive income for the year                          (757)            (72) 
attributable to shareholders of the parent 
company 
 
Earnings per share 
 
Basic and diluted earnings per share from total                (0.36)p         (0.06)p 
and continuing operations 
 
 
 
Group statement of financial position 
as at 31 December 2020 
 
                                                                  2020            2019 
                                                  Notes          £'000           £'000 
 
ASSETS 
 
Non-current assets 
 
Investments at fair value through profit or loss    4            1,073           1,181 
 
                                                                 1,073           1,181 
 
Current assets 
 
Trade and other receivables                                         14               5 
 
Cash and cash equivalents                                          491              96 
 
                                                                   505             101 
 
Total assets                                                     1,578           1,282 
 
LIABILITIES 
 
Current liabilities 
 
Trade and other payables                                            60              78 
 
Total liabilities                                                   60              78 
 
Net assets                                                       1,518           1,204 
 
EQUITY 
 
Share capital                                       5            2,613           2,392 
 
Share premium                                                    8,039           7,189 
 
Convertible loan                                                    88              88 
 
Merger reserve                                                   1,012           1,012 
 
Retained earnings                                             (10,234)         (9,477) 
 
Total equity                                                     1,518           1,204 
 
 
 
Group statement of changes in equity 
for the year ended 31 December 2020 
 
                            Share      Share  Convertible   Merger   Retained    Total 
                            capital  premium        loan   reserve  earnings    equity 
                              £'000    £'000        £'000    £'000      £'000    £'000 
 
Balance at 1 January 2019     2,392    7,189           88    1,012    (9,405)    1,276 
 
Total comprehensive income        -        -            -        -       (72)     (72) 
 
Balance at 31 December        2,392    7,189           88    1,012    (9,477)    1,204 
2019 
 
Balance at 1 January 2020     2,392    7,189           88    1,012    (9,477)    1,204 
 
Transactions with owners 
in their capacity as 
owners: 
 
Issue of shares (net of         221      850            -        -          -    1,071 
costs) 
 
                                221      850            -        -          -    1,071 
 
Total comprehensive income        -        -            -        -      (757)    (757) 
 
Balance at 31 December        2,613    8,039           88    1,012   (10,234)    1,518 
2020 
 
 
 
Group statement of cash flows 
for the year ended 31 December 2020 
 
                                                                    2020       2019 
                                                                   £'000      £'000 
 
Cash flows from operating activities 
 
Loss before taxation                                               (757)       (72) 
 
Adjustments for: 
 
                  Fair value adjustment for listed                   608        134 
investments 
 
    Interest income                                                    -          - 
 
                  (Increase) / decrease in trade and other           (2)          3 
receivables 
 
                  (Decrease) / increase  in trade and other         (25)      (146) 
payables 
 
Net cash used in operating activities                              (176)       (81) 
 
Cash flows from investing activities 
 
Purchase of investments                                            (500)          - 
 
Cash flows from financing activities 
 
Cash raised through issue of shares (net of transaction            1,071          - 
costs) 
 
Net decrease in cash and cash equivalents                          (395)       (81) 
 
Cash and cash equivalents at beginning of financial year              96        177 
 
Cash and cash equivalents at end of financial year                   491         96 
 
 
 
Notes to the financial Statements 
 
General information 
 
Drumz plc is a company incorporated and domiciled in the United Kingdom. The 
Company is a public limited company, which is listed on AIM of the London Stock 
Exchange, incorporated and domiciled in England and Wales. The address of the 
registered office is Burnham Yard, London End, Beaconsfield, HP9 2JH. 
 
The principal accounting policies adopted in the preparation of the Group and 
Company financial statements are set out below. 
 
Basis of accounting 
 
Basis of preparation 
 
The Group and Company financial statements have been prepared under the 
historical cost convention, except as modified for financial assets at fair 
value through profit or loss. 
 
The Group and Company financial statements have been prepared in accordance 
with the accounting policies set out below and international accounting 
standards in conformity with the Companies Act 2006. 
 
The accounting policies have been applied consistently throughout the Group and 
the Company for the purposes of the preparation of these financial statements 
and the same accounting policies, presentations and methods of computation are 
followed in this set of financial statements as were applied in the previous 
set of audited financial statements. 
 
Going concern 
 
The financial statements have been prepared on the going concern basis. 
 
The Directors have a reasonable expectation that the Company and Group has 
adequate resources to continue operating for the foreseeable future.  For this 
reason, they continue to adopt the going concern basis in preparing the 
Company's and Group's financial statements.  This has been assessed using 
detailed cash flow analysis so that the Board can conclude that the Company and 
Group has sufficient capital resources for at least 12 months without any 
additional working capital financing requirement. 
 
1. Income and segmental analysis 
 
The Group generates income by charging investee companies fees and for profits 
or losses on investments.  These operating segments are monitored by the 
Executive Directors and strategic decisions are made on the basis of segment 
operating results. The segmental analysis of operations is as follows: 
 
Segmental analysis by activity 
 
                                                        2020       2019 
                                                       £'000      £'000 
 
Segment result 
 
Operating income                                          12          - 
 
Investment activities: 
 
Reversal of accrued remuneration for former                -        117 
director 
 
Administrative expenses                                (161)       (76) 
 
                                                       (149)       (41) 
 
Rental activities: 
 
Net rental income                                          -          2 
 
                                                           -          2 
 
Operating loss/profit                                  (149)         43 
 
Loss in value of quoted investment                     (608)      (134) 
 
Recovery of bad debt written off in previous               -         19 
periods 
 
Loss before tax                                        (757)       (72) 
 
 
 
                                                       2020      2019 
                                                      £'000     £'000 
 
Segment assets 
 
Investment activities: 
 
Non-current assets - investment                       1,073     1,181 
 
Other                                                   505       101 
 
Total assets                                          1,578     1,282 
 
 
 
                                                       2020      2019 
                                                      £'000     £'000 
 
Segment liabilities 
 
Investment activities: 
 
Current liabilities                                      60        78 
 
Total liabilities                                        60        78 
 
Total assets less total liabilities                   1,518     1,204 
 
The activity of investments arose wholly in the United Kingdom. 
 
2. Operating profit / loss 
 
Operating profit / loss is stated after charging: 
 
                                                       2020      2019 
                                                      £'000     £'000 
 
Auditor's remuneration for: 
 
Audit services 
 
- audit of the Group's and Company's annual              12         7 
accounts 
 
- audit of subsidiaries pursuant to legislation           3         3 
 
Share based payment  (options)                            1         - 
 
3. Earnings per ordinary share 
 
The earnings per ordinary share is based on the weighted average number of 
ordinary shares in issue during the year of 210,083,568 ordinary shares of 0.1p 
(2019: 123,912,957 ordinary shares of 0.1p) and the following figures: 
 
                                                       2020      2019 
 
Loss attributable to equity shareholders (£'000)      (757)      (72) 
 
Loss per ordinary share                             (0.36)p   (0.06)p 
 
Diluted earnings per share is taken as equal to basic earnings per share as the 
Group's average share price during the period is lower than the exercise price 
of the share options and therefore the effect of including share options is 
anti-dilutive. 
 
4. Investments 
 
                                                          Investment 
                                                               £'000 
 
Cost 
 
At 1 January 2020                                              1,705 
 
Additions                                                        500 
 
At 31 December 2020                                            2,205 
 
Fair value movements 
 
At 1 January 2020                                              (524) 
 
Fair value adjustment                                          (608) 
 
At 31 December 2020                                          (1,132) 
 
Fair value 
 
At 31 December 2020                                            1,073 
 
At 31 December 2019                                            1,181 
 
Drumz plc acquired shares in KCR Residential REIT plc at a price of £0.70 per 
share in 2018. The investment was classed as fair value through profit and loss 
in accordance with IFRS 9. The investment was valued downwards at the year-end 
in accordance with IFRS 13. The closing value at 31 December 2020 was £573,000. 
 
Drumz plc acquired shares in Acuity Risk Management Limited in September 
2020.  The value of this investment is shown at cost, £500,000.  As part of the 
investment, the agreement also contained an option to invest a further £125,000 
for 5%.  The directors consider the value of this option to be immaterial. 
 
Fair value hierarchy 
 
In accordance with IFRS 7, financial instruments are measured by level of the 
following fair value measurement hierarchy: 
 
  * Level 1: quoted prices in an active market for identical assets or 
    liabilities. The fair value of financial instruments traded in active 
    markets is based on quoted market prices at the balance sheet date. A 
    market is regarded as active if quoted prices are readily and regularly 
    available and those prices represent actual and regularly occurring market 
    transactions on an arm's-length basis. The quoted market price used for 
    financial assets held by the Group is the closing price on the last day of 
    the financial year of the Group. These instruments are included in level 1 
    and comprise FTSE and AIM-listed investments classified as held at fair 
    value through profit or loss. 
  * Level 2: the fair value of financial instruments that are not traded in an 
    active market is determined by using valuation techniques. These valuation 
    techniques maximise the use of observable market data where it is available 
    and rely as little as possible on entity-specific estimates. If all 
    significant inputs required to fair value an instrument are observable, the 
    instrument is included in level 2. 
  * Level 3: the fair value of financial instruments that are not traded in an 
    active market (for example, investments in unquoted companies) 
    is determined by using valuation techniques such as earnings multiples. If 
    one or more of the significant inputs is not based on observable market 
    data, the instrument is included in level 3. 
 
There have been no transfers between these classifications in the period (2019: 
none). The change in fair value for the current and previous years is 
recognised through profit or loss. 
 
All assets held at fair value through profit or loss were designated as such 
upon initial recognition. 
 
Movements in investments held at fair value through profit or loss are 
summarised as follows: 
 
                                          Level 3     Level 1       Total 
                                           Equity      Equity investments 
                                      investments investments       £'000 
                                            £'000       £'000 
 
Cost 
 
At 1 January 2020                               -       1,705       1,705 
 
Additions                                     500                       - 
 
At 31 December 2020                           500       1,705       2,205 
 
Fair value losses 
 
At 1 January 2020                               -       (524)       (524) 
 
Fair value adjustment                           -       (608)       (608) 
 
At 31 December 2020                             -     (1,132)     (1,132) 
 
Fair value 
 
At 31 December 2020                           500         573       1,073 
 
At 31 December 2019                             -       1,181       1,181 
 
Investment in the subsidiaries of the parent company are carried at £nil (2019: 
£nil).  See note 12 for details of subsidiary undertakings. 
 
5. Share capital 
 
                                                       2020      2019 
                                                      £'000     £'000 
 
Allotted, called up and fully paid 
 
344,821,957 (2019: 123,912,957) ordinary shares         345       124 
of 0.1p each 
 
2,268,113,165 (2019: 2,268,113,165) deferred          2,268     2,268 
shares of 0.1p each 
 
                                                      2,613     2,392 
 
 
 
                                         2020      2020        2019      2019 
                                       Number     £'000      Number     £'000 
 
Ordinary shares 
 
At 1 January 2020                 123,912,957       124 123,912,957       124 
 
Additions                         220,909,091       221           -         - 
 
At 31 December 2020               344,822,048       345 123,912,957       124 
 
On 1 July the Company issued 130,000,000 new Ordinary shares of 0.1p at 0.5p 
per share to raise approximately £650,000 before expenses; and on 1 October it 
issued a further 90,909,091 new Ordinary shares at 0.55p to raise a further £ 
500,000 before expenses. 
 
Deferred shares 
 
The deferred shares have: 
 
  * no right to any dividend; 
  * the right to receive notice of any general meeting and to attend such 
    meeting but no right to vote thereat; and 
  * the right on a winding up or other return of capital (after payment of the 
    debts and liabilities of the Company and an amount equal to the amounts 
    paid up, or credited as paid up, including any premium on the ordinary 
    shares of the Company, together with any unpaid arrears of dividend 
    declared on such shares) to an amount equal to the amounts paid up or 
    credited as paid up on such deferred shares. 
 
Share option scheme 
 
The Group operates an unapproved share option scheme. Awards under each scheme 
are made periodically to employees. The share options in this scheme vest three 
years after the date of grant and have an exercise period of seven years. The 
options may only be exercised by option holders while they are still employees 
of the Group. If death in service occurs the options can be exercised (to the 
extent that they have vested) by the option holder's personal representatives 
within 12 months from the date of death. If an option holder ceases to be 
employed and the Directors deem the option holder to be a 'Good Leaver' the 
options can be exercised (to the extent that they have vested) within six 
months from the date of cessation of employment. 
 
A reconciliation of option movements over the year ended 31 December 2020 is 
shown below: 
 
                                                       Number Exercise 
                                                                  price 
 
Outstanding at 31 December 2019                     6,100,000 
 
Lapsed during the year                            (6,100,000)     2.00p 
 
Granted on 15 July 2020                            11,000,000     0.65p 
 
Granted on 25 November 2020                         4,000,000     0.55p 
 
Outstanding at 31 December 2020                    15,000,000 
 
At 31 December 2020 outstanding options granted over ordinary shares were as 
follows: 
 
Share option scheme    Exercise price         Number     Dates exercisable 
 
Company unapproved              0.65p     11,000,000       15 July 2020 to 
                                                              14 July 2030 
 
Company unapproved              0.55p      4,000,000        25 Nov 2020 to 
                                                               24 Nov 2030 
 
The weighted average exercise price for the Group's options are as follows: 
 
Options issued during the year:                        0.62p 
 
Options forfeited/lapsed during the year:          2.0p 
 
Options outstanding at 31 December 2020:      0.62p 
 
Options exercisable at 31 December 2020:       nil 
 
The weighted average remaining contractual life of the share options 
outstanding at the end of the year is 9 years (2019: 4 years). 
 
The Group has used the Black-Scholes formula to calculate the fair value of 
outstanding share options. The assumptions applied to the Black-Scholes formula 
for share options issued and the fair value per option are detailed in the 
table below for options issued in the year. The charge calculated up to 31 
December 2020 is immaterial and has not been recognised as an expense (2019: £ 
nil). Volatility was calculated using historical share price information for 
the six months prior to the date of grant. 
 
                                                    Unapproved 
                                                         share 
                                                       options 
                                                    2020 grant 
 
Date of grant                                          15 July 
                                                          2020 
 
Expected life of options based on options exercised    3 years 
to date 
 
Volatility of share price                                  87% 
 
Dividend yield                                              0% 
 
Risk free interest rate                                  0.01% 
 
Share price at date of grant                             0.65p 
 
Exercise price                                           0.65p 
 
Fair value per option                                    £0.46 
 
 
 
Date of grant                                                25 Nov 
                                                               2020 
 
Expected life of options based on options exercised to      3 years 
date 
 
Volatility of share price                                       10% 
 
Dividend yield                                                   0% 
 
Risk free interest rate                                       0.01% 
 
Share price at date of grant                                  0.48p 
 
Exercise price                                                0.35p 
 
Fair value per option                                         £0.00 
 
 
 
END 
 
 

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