Share option activity for each of the three years ending 31 December 2019 is presented below:
31 Dec 2017 Weighted average exercise price
31 Dec 2018 Weighted average exercise price
31 Dec 2019 Weighted average exercise price
31 Dec 2017 Number of options
31 Dec 2018 Number of options
31 Dec 2019 Number of options
£
£
£
£
£
£
Outstanding at start of the year Granted during the period Forfeited during the period Exercised during the period Outstanding at end of the year Exercisable at the end of the year
169,772
1.40
169,772
1.40
-
-
- - -
- - -
- - -
- - -
169,772
1.40
- -
- -
169,772 105,595
1.40 169,772
1.40 169,772
1.40
1.40
43,479
1.40
-
-
None of the share options were exercised at the year end. Weighted average remaining contractual life (in years) of options outstanding at the period end. 7.7
8.7
9.7
The estimated fair value of the share options was calculated by applying a Black-Scholes model. This model is internationally recognised as being appropriate to value employee share schemes.
The model inputs for the options granted during 2017 were as follows:
2017
Exercise price
£1.40 £1.40 0.5%
Share price at date of grant
Risk-free interest rate Expected volatility
29% -30%
Dividend yield
0%
Contractual life of option (years)
10
Expected volatility was based on historical volatility of comparable listed companies which may not necessarily be the actual outcome. None of the options were exercised at the year end.
2017 £’000
Share–based payment expense
15
Expense arising from share-based payment transactions
23 Dividends
2017 £’000 1,500
2016 £’000
Total dividends paid
-
The Board approved an interim dividend of 31.4p per share (2016: nil) which was paid on 28 November 2017 to shareholders registered on 27 November 2017.
Financials | Whistl Annual Report 2017
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