Set out below are summaries of options granted under the plan: 2024 2023 Average exercise price per share option MUR m Number of options Average exercise price per share MUR m Number of options As at 01 October 8.12 2,360,000 – – Granted during the year 8.55 3,208,334 8.12 2,571,667.00 Exercised during the year * – – – – Forfeited during the year 8.55 1,666,667 8.12 211,667 As at 30 September 8.55 3,901,667 8.12 2,360,000 Vested and exercisable at 30 September 8.55 3,901,667 8.12 2,360,000 * The weighted average share price at the date of exercise of options exercised during the year ended 30 September 2024 was MUR 8.55 (2023 – MUR 8.12). No options expired during the periods covered by the above tables. Share options outstanding at the end of the year have the following expiry dates and exercise prices: Grant date Expiry date Exercise price MUR Share options 2024 MUR Share options 2023 MUR 11 November 2022 11-Nov-27 7.75 5.79 6.50 13 December 2022 13-Dec-27 8.48 2.54 2.63 15 December 2023 15-Dec-28 9.43 2.05 – Total 10.38 9.13 The weighted average remaining contractual life of options outstanding at end of period is 1.13 years. Fair value of options granted The assessed fair value at grant date of options granted during the year ended 30 September 2024 was MUR 1.2 per option (2023 – MUR 3.7). 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 2024 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: December 2023: MUR 9.43 (2023 – MUR 8.48) c. grant date: 15 December 2023 (2023 – 13 December 2022) d. expiry date: 15 December 2028 (2023 – 13 December 2027) e. share price at grant date: MUR 10.85 (2023 – MUR10.30) f. expected price volatility of the company’s shares: 18.08% (2023 – 20.21%) g. expected dividend yield: 5.09% (2023 – 3.48%), and h. risk-free interest rate: 3.78% (2023 – 3.45%). 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: 2024 MUR m 2023 MUR m Options issued under employee option plan 1.4 9.1 Total 1.4 9.1 Explanatory Notes 30 September 2024 37. EMPLOYEE OPTION PLAN continued 202
RkJQdWJsaXNoZXIy MzQ3MjQ5