Supercuts 2010 Annual Report Download - page 174
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PROVALLIANCE SAS
CONSOLIDATED FINANCIAL STATEMETS
DECEMBER 31, 2009 AND 2008
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(INFORMATION AS OF DECEMBER 31, 2009 AND FOR THE YEAR THEN ENDED NOT
COVERED BY AUDITORS' REPORT INCLUDED HEREIN)
1.1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
1.1.17 Share grants
In 2008, Provalliance set up a share grant plan for which an expense was recorded under payroll costs, in accordance with IFRS 2. The
expense corresponding to the shares to be granted free of consideration is being recognized over the term of the plan, based on the probability
that the underlying targets will be achieved.
The main features of the plan are as follows:
• Maximum number of shares that may be granted: 10,527,000
• Value of shares used for calculation: €0.70 per share
• Vesting conditions:
• Eight tranches, all with conditions based on the grantees still forming part of the Group and achieving consolidated
EBITDA targets during the vesting period
• Vesting period: minimum of two years and maximum of 15 years depending on the different tranches
• Number of shares granted during the year: 0
• Number of shares forfeited during the year: 0
An expense of €880,000 was recorded in relation to this plan in 2009, with a corresponding adjustment to equity.
1.1.18 Equity warrants
Provalliance set up an equity warrant plan during 2008 under which it issued 17,750,000 warrants in two tranches. The first tranche
comprised 9,341,826 warrants with a per-warrant purchase price of €0.08 (based on fair value) and an exercise price of €1.02, and the second
tranche represented 8,408,174 warrants with a per-warrant purchase price of €0.04 (based on fair value) and an exercise price of €1.27.
The warrants issued under both of the tranches have an exercise period running from July 30, 2010 to December 31, 2018 and are subject
to performance conditions based on consolidated EBITDA targets.
At December 31, 2009 a total of 17,750,000 warrants were outstanding. No warrants were exercised or forfeited during the year.
The main data used to calculate the fair value of these warrants were as follows:
• Valuation model: Black and Scholes.
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