Director	No of share options as at 31 March 2004	No of share options granted during the year	Exercisable 3-10 years from	Subscription price (£)	No of share options vested during the year	No of share options exercised during the year	No of share options outstanding as at 31 March 2005	Expected value (£)
EAG Mackay	112,577	–	09/03/1999	4.85	112,577	–	112,577	240,239
	159,416	–	02/06/2000	4.11	159,416	–	159,416	262,080
	161,589	–	01/06/2001	5.16	161,589	–	161,589	258,478
	201,578*	–	31/05/2002	5.705	–	–	201,578	391,001
	327,721		23/05/2003	4.1575	–	–	327,721	426,037
		222,704	21/05/2004	6,605	–	–	222,704	425,365
							1,185,585
MI Wyman	60,463	–	09/03/1999	4.85	60,463	–	60,463	129,028
	85,341	–	02/06/2000	4.11	85,341	–	85,341	140,301
	88,857	–	01/06/2001	5.16	88,857	–	88,857	142,136
	93,339*	–	31/05/2002	5.705	–	–	93,339	181,050
	153,337		23/05/2003	4.1575	–	–	153,337	199,338
		102,195	21/05/2004	6,605	–	–	102,195	195,192
							583,532

* The share options indicated were eligible to be tested against the performance conditions described in this report for the three years ended 31 March 2005. The performance hurdle having been exceeded, these share options are eligible to be exercised as at 31 May 2005.
Note: Mr Mackay and Mr Wyman were granted 211,353 and 91,486 share options respectively at a subscription price of £8.28 per share on 20 May 2005.

Options granted under the Approved and No 2 Schemes in 1999, 2000 and 2001 vested and became exercisable as the company’s adjusted EPS for the year to 31 March 2004, at 45.8 pence (converted from US$ at the average exchange rate over the period 1 April 2003 to 31 March 2004), was more than 15.9% higher (the aggregate of RPI movement and 3% per annum compound growth) than the adjusted EPS of 36.0 pence for the year to 31 March 2001 (the base year for calculation of the performance condition) converted from US$ at the average exchange rate for the period from 1 April 2000 to 31 March 2001.

The terms and conditions of the options, including the performance conditions to which their vesting is subject (as set out on page 54), remained unchanged during the relevant period.

  back to top