Ryanair 2008 Annual Report Download - page 75

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75
(b) Share premium account
At March 31,
2008 2007
1000 1000
Balance at beginning of year..................................................................................... 607,433 596,231
Share premium arising from the exercise of 3,238,540 options in fiscal 2008 and
4,995,486 in fiscal 2007............................................................................................ 8,382 11,202
Buyback and cancellation of shares.......................................................................... (23,054) -
Balance at end of year............................................................................................... 592,761 607,433
A capital redemption reserve of 123.4m (2007: Nil) arose in the year when the Group reacquired and
cancelled 59.5m of its ordinary shares. This reserve is required to be created under Irish law to preserve
permanent capital in the parent entity.
(c) Share options and share purchase arrangements
The Group has adopted a number of share option plans, which allow current or future employees or
executive directors to purchase shares in the Company up to an aggregate of approximately 5% (when
aggregated with other ordinary shares over which options are granted and which have not yet been exercised)
of the outstanding ordinary shares of Ryanair Holdings plc, subject to certain conditions. All grants are
subject to approval by the Remuneration Committee. These are exercisable at a price equal to the market
price of the ordinary shares at the time options are granted. The key terms of these option plans include a
requirement for certain employees to remain in employment with the Group for a specified period of time.
Details of the share options outstanding (as adjusted for the stock split on February 26, 2007) are set out
below:
Share Options
Weighted
Average
Exercise Price
Outstanding at March 31, 2006................................................................................. 42,634,002 12.67
Exercised .................................................................................................................. (4,995,486) 12.31
Granted ..................................................................................................................... 666,000 13.77
Expired...................................................................................................................... (200,542) 11.21
Forfeited.................................................................................................................... (2,995,996) 12.40
Outstanding at March 31, 2007................................................................................. 35,107,978 12.77
Exercised .................................................................................................................. (3,238,540) 12.63
Granted ..................................................................................................................... 3,901,875 14.99
Expired...................................................................................................................... (153,308) 12.11
Forfeited.................................................................................................................... (829,396) 12.64
Outstanding at March 31, 2008................................................................................. 34,788,609 13.04
The mid-market price of Ryanair Holdings plc’s ordinary shares on the Irish Stock Exchange at
March 31, 2008 was 12.80 (2007: 15.83). The highest and lowest prices at which the Company’s shares
traded on the Irish Stock Exchange in the year ended March 31, 2008 were 16.33 and 12.55, respectively
(2007: 16.30 and 13.25). There were 6,838,970 options exercisable at March 31, 2008 (2007: 1,939,190).
The average share price for the year was 14.81 (2007: 14.43).
The weighted average share price at date of exercise for all options exercised during the year ended
March 31, 2008 was 15.21 (2007: 14.38).