Peachtree 2012 Annual Report Download - page 113

Download and view the complete annual report

Please find page 113 of the 2012 Peachtree annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 136

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136

Overview
Performance
Governance
Net debt and capital structure continued
Savings-related Share Option Scheme
In addition, options were granted under the terms of The Sage Group plc 1996 Savings-related Share Option Scheme approved by members on 7 February 1996
up to 2005 and thereafter under the new scheme approved by the members at the Annual General Meeting on 2 March 2006, as follows:
Date of grant
Exercise price
pence Exercise period
2012
number
2011
number
1 March 2005 157.00 1 March 2012 – 31 August 2012 – 10,701
1 August 2006 184.00 1 August 2011 – 31 January 2012 – 15,446
1 August 2006 184.00 1 August 2013 – 31 January 2014 18,397 20,999
1 August 2007 203.00 1 August 2012 – 31 January 2013 2,945 62,747
1 August 2007 203.00 1 August 2014 – 31 January 2015 10,734 18,525
1 August 2008 177.00 1 August 2011 – 31 January 2012 – 67,812
1 August 2008 177.00 1 August 2013 – 31 January 2014 125,850 132,836
1 August 2008 177.00 1 August 2015 – 31 January 2016 9,068 9,462
1 August 2009 149.00 1 August 2012 – 31 January 2013 98,858 1,077,740
1 August 2009 149.00 1 August 2014 – 31 January 2015 276,508 292,261
1 August 2009 149.00 1 August 2016 – 31 January 2017 27,072 28,392
1 August 2010 190.00 1 August 2013 – 31 January 2014 406,990 463,975
1 August 2010 190.00 1 August 2015 – 31 January 2016 128,473 142,620
1 August 2010 190.00 1 August 2017 – 31 January 2018 14,684 18,099
1 August 2011 234.00 1 August 2014 – 31 January 2015 458,349 621,743
1 August 2011 234.00 1 August 2016 – 31 January 2017 77,087 95,540
1 August 2011 234.00 1 August 2018 – 31 January 2019 14,534 20,348
1 August 2012 201.00 1 August 2015 – 31 January 2016 1,212,554 –
1 August 2012 201.00 1 August 2017 – 31 January 2018 177,486 –
1 August 2012 201.00 1 August 2019 – 31 January 2020 21,908 –
3,081,497 3,099,246
Under the above scheme, 1,061,271 1p ordinary shares were issued during the year for aggregate proceeds of £1.6m.
The market price of the shares of the Company at 30 September 2012 was 313.40p and the highest and lowest prices during the year were 324.80p and
247.70p respectively.
14.2 Share-based payments
The total charge for the year relating to employee share-based payment plans was £1.3m (2011: £3.2m), all of which related to equity-settled share-based
payment transactions. After deferred tax, the total charge was £3.0m (2011: £4.9m). A reconciliation of share movements for options granted after 7 November
2002 to which IFRS 2, “Share-based payment” is applicable is shown on the following pages.
Executive Share Option Scheme
There have been no grants of executive share options under the 1999 Executive Share Option Scheme (“ESOS”) since June 2008. Long-term incentive awards
are made under The Sage Group plc Performance Share Plan.
The performance targets governing the vesting of options are based on stretching EPS growth measured over a fixed three-year period from the start of the
financial year in which the grant is made. 30% of options will vest at the end of the period if the increase in EPS exceeds the Retail Prices Index (“RPI”) by 15%
(an average of 5% per year) and 100% of those options will vest at that time only if the RPI is exceeded in that period by 27% (an average of 9% per year).
Between those targets, options will vest on a straight-line basis. If those targets are not met at the end of the three-year period, then no further retesting of the
performance criteria will be undertaken and the options will lapse.
Options were valued using the Black-Scholes option-pricing model. The expected volatility is based on historical volatility over the last four years. The expected
life is the average expected period to exercise. The risk free rate of return is the yield on zero-coupon UK government bonds of a term consistent with the
assumed option life.
Financial statements
111
The Sage Group plc | Annual Report & Accounts 2012