Final Results -2 -4-
16 Marzo 2009 - 1:00AM
UK Regulatory
21p per share (US $216,720) to employees as part of their incentive compensation
and to directors in lieu of first quarter directors' fees.
On 4 April 2008, the Company issued 1,136,364 ordinary 1p shares at a premium of
21p per share (US $476,008) for cash.
On 16 September 2008, the Company issued 81,780 ordinary 1p shares at a premium
of 20.5 per share (US $33,372) to directors in lieu of second quarter directors'
fees.
On 16 September 2008, the Company issued 100,184 ordinary 1p shares at a premium
of 18.75 per share (US $33,228) to directors in lieu of third quarter directors'
fees.
19. Issue costs
The Company incurred costs of US $41,423 (2007: US $778,379) relating to the
issue of shares. The costs were primarily for fees paid to agents. These equity
transaction costs were deducted from equity in accordance with IAS 32, Financial
Instruments Disclosure and Presentation.
20. Operating lease arrangements
At the balance sheet date, the Group has outstanding commitments under
non-cancellable operating leases, which fall due as follows:
+-----------+----------+----------+----------+--------------+
| | | 2008 | | 2007 |
+-----------+----------+----------+----------+--------------+
| | | US$ | | US$ |
+-----------+----------+----------+----------+--------------+
| | | | | |
+-----------+----------+----------+----------+--------------+
| Within | | 327,500 | | 351,654 |
| one year | | | | |
+-----------+----------+----------+----------+--------------+
| In the | | 478,590 | | 717,885 |
| second | | | | |
| to fifth | | | | |
| years | | | | |
| inclusive | | | | |
+-----------+----------+----------+----------+--------------+
| After | | - | | - |
| five | | | | |
| years | | | | |
+-----------+----------+----------+----------+--------------+
| | | | | |
+-----------+----------+----------+----------+--------------+
| | | 806,090 | | 1,069,539 |
+-----------+----------+----------+----------+--------------+
Operating lease payments represent rentals payable by the Group for certain of
its office properties. The term of the New York lease is seven years of which
three years are remaining and the term of the UK lease is eight months ending on
August 2009. The New York rental increases in 2009 and is fixed for an
additional two years. The UK rental is fixed for 8 months. The Group recognised
expenses of US $422,991 in respect of operating lease arrangements in the year
ended 31 December 2008.
21. Share-based payments
In 2006 the Group established the 2006 Unapproved Share Option Plan ("the Plan")
and it was adopted pursuant to a resolution passed on 8 June 2006. Under this
plan, the Compensation Committee may grant share options to eligible employees,
including Directors, to subscribe for ordinary shares of the Company. The number
of Shares over which options may be granted under the Unapproved Plan cannot
exceed ten percent of the ordinary share capital of the Company in issue on a
fully diluted basis. The Plan will be administered by the Compensation
Committee. The number of shares, terms, performance targets, and exercise period
will be determined by the Compensation Committee.
As of 31 December 2008, a total of 10,170,536 options have been issued (2007:
total of 10,136,445) of which 8,500,000 options were issued under the "2006
Unapproved Share Option Plan (2007: 8,500,000) and 625,000 options have been
forfeited.
The options issued under the Plan have a four year vesting period in addition to
being subject to performance criteria and at 31 December 2008, 2,690,112 of
these options were vested (2007: 639,906).
As of 31 December 2008, a balance of 2,295,536 options not in the Plan have been
issued (2007: 2,261,445) and at 31 December 2008, 1,612,207 of these options
were vested (2007: 1,378,112). These options expire after five years from the
date of grant. Of these options, 34,091 options were issued fully vested in 2008
(2007: 553,720 were fully vested when issued).
+-------------+--------------+----------+----------+----------+-------------+----------+----------+
| | 2008 | | 2007 |
+-------------+------------------------------------+----------+-----------------------------------+
| | Number | | Weighted | | Number | | Weighted |
| | of | | | | of | | |
+-------------+--------------+----------+----------+----------+-------------+----------+----------+
| | Share | | average | | share | | average |
| | options | | | | options | | |
+-------------+--------------+----------+----------+----------+-------------+----------+----------+
| | | | exercise | | | | exercise |
+-------------+--------------+----------+----------+----------+-------------+----------+----------+
| | | | price | | | | price |
| | | | (in GBP) | | | | (in GBP) |
+-------------+--------------+----------+----------+----------+-------------+----------+----------+
| | | | | | | | |
+-------------+--------------+----------+----------+----------+-------------+----------+----------+
| Outstanding | 10,136,445 | | 0.23 | | 1,357,725 | | 0.25 |
| at | | | | | | | |
| beginning | | | | | | | |
| of period | | | | | | | |
+-------------+--------------+----------+----------+----------+-------------+----------+----------+
| Granted | 34,091 | | 0.22 | | 9,403,720 | | 0.23 |
| during | | | | | | | |
| the | | | | | | | |
| period | | | | | | | |
+-------------+--------------+----------+----------+----------+-------------+----------+----------+
| Forfeited | - | | - | | (625,000) | | 0.25 |
| during | | | | | | | |
| the | | | | | | | |
| period | | | | | | | |
+-------------+--------------+----------+----------+----------+-------------+----------+----------+
| Outstanding | 10,170,536 | | 0.23 | | 10,136,445 | | 0.23 |
| at the end | | | | | | | |
| of the | | | | | | | |
| period | | | | | | | |
+-------------+--------------+----------+----------+----------+-------------+----------+----------+
| Exercisable | 4,302,317 | | 0.23 | | 2,018,018 | | 0.23 |
| at the end | | | | | | | |
| of the | | | | | | | |
| period | | | | | | | |
+-------------+--------------+----------+----------+----------+-------------+----------+----------+
21. Share-based payments, (continued)
The options are recorded at fair value on the date of grant using the
Black-Scholes model. The inputs into the model are as follows:
+------------+----------+----------+-------------+
| | 2008 | | 2007 |
+------------+----------+----------+-------------+
| | US$ | | US$ |
+------------+----------+----------+-------------+
| | | | |
+------------+----------+----------+-------------+
| Weighted | 0.48 | | 0.46 |
| average | | | |
| share | | | |
| price | | | |
+------------+----------+----------+-------------+
| Weighted | 0.44 | | 0.46 |
| average | | | |
| exercise | | | |
| price | | | |
+------------+----------+----------+-------------+
| Expected | 39% | | 37% |
| volatility | | | |
+------------+----------+----------+-------------+
| Expected | 5 years | | 5-14 |
| life | | | years |
+------------+----------+----------+-------------+
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