38 EMPLOYEE OPTION PLAN Continued EXPLANATORY NOTES 30 SEPTEMBER 2023 Grant date Expiry date Exercise price Share options Share options MUR 2023 MUR m 2022 MUR m 11 November 2022 11–Nov–27 7.75 1.5 – 13 December 2022 13–Dec–27 8.48 0.8 – Total 2.3 – The weighted average remaining contractual life of options outstanding at end of period is 4.2 years. Fair value of options granted The assessed fair value at grant date of options granted during the year ended 30 September 2023 was MUR 2.0 per option (2022 – N/a). The fair value at grant date is determined using an adjusted form of the Black-Scholes model which includes a Monte Carlo simulation model that takes into account the exercise price, the term of the option, the impact of dilution (where material), the share price at grant date and expected price volatility of the underlying share, the expected dividend yield, the risk-free interest rate for the term of the option, and the correlations and volatilities of the peer group companies. The model inputs for options granted during the year ended 30 September 2023 included: (a) options are granted for no consideration and vest over a three-year period. Vested options are exercisable for a period of five years after vesting (b) exercise price: November 2022: MUR 7.75 (2022 – N/A); December 2022: MUR 8.48 (2022 – N/A) (c) grant date: 11 November 2022 (2022 – N/A); 13 December 2022 (2022 – N/A) (d) expiry date: Nov 2027 (2022 - N/A); 13 December 2027 (2022 – N/A) (e) share price at grant date: 11 November 2022 MUR 10.00 (2022 – N/A); 13 December 2022 MUR 10.30 (2022 - N/A) (f) expected price volatility of the company’s shares: 20.21% (2022 – N/A) (g) expected dividend yield: 3.48% (2022 – N/A), and (h) risk-free interest rate: 3.45% (2022 – N/A). Expenses arising from share-based payment transactions Total expenses arising from share-based payment transactions recognised during the period as part of employee benefit expense were as follows: 2023 MUR m 2022 MUR m Options issued under employee option plan 9.1 N/A Total 9.1 N/A 194 CIM FINANCE ANNUAL REPORT
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