Ryanair 2005 Annual Report Download - page 51

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14 SHARE CAPITAL AND SHARE PREMIUM ACCOUNT
2005 2004
GROUP AND COMPANY 000 000
Authorised
840,000,000 ordinary equity shares of 1.27 euro cents each 10,668 10,668
Allotted, called up and fully paid
761,963,108 ordinary equity shares of 1.27 euro cents each at March 31, 2005 9,675 -
759,271,140 ordinary equity shares of 1.27 euro cents each at March 31, 2004 -9,643
2005 2004
SHARE PREMIUM ACCOUNT €000 000
At beginning of year 560,406 553,512
Share premium arising from the exercise of 2,691,968 options 5,350 -
Share premium arising from the exercise of 4,140,424 options -6,894
At end of year 565,756 560,406
Share options and share purchase arrangements
On May 21, 1997 the company granted seven senior managers options over ordinary shares with an equivalent value of IR£200,000
(253,948) each at the Initial Public Offering (the “IPO”) strike price of IR£1.95 (2.48) less a discount of 10% resulting in the issue
of 717,948 options (equivalent to 2,871,792 after stock splits in both December, 2001 and February, 2000). At March 31, 2005 all of
these options have been exercised.
In addition, the group adopted a stock option plan (the “stock option plan”) following shareholders’ approval in 1998. Under the
stock option plan, current or future employees or executive directors of the company may be granted options to purchase an
aggregate of up to approximately 5% (when aggregated with other ordinary shares over which options are granted which have not
been exercised) of the outstanding ordinary shares of Ryanair at an exercise price equal to the market price of the ordinary shares
at the time options are granted. Options were granted each year between 1998 and 2003 . The terms of the stock option plan, and
the number of ordinary shares subject to options granted under the stock option plan, may be changed from time to time. During
2003 the company implemented a new staff share option scheme which has been approved by the revenue authorities in the UK and
Ireland. There were 2,630,547 options granted under the scheme during 2004, which under the plan rules will become exercisable
in fiscal 2009. An additional 2,775,000 shares were granted to various management under the 2003 share option plan which will
vest at the end of five years and become exercisable in 2009 . The options outstanding under the various stock option plans are
set out below:
(Continued)
Notes 41
ANNUAL REPORT & FINANCIAL STATEMENTS 2005