Annual and transition report of foreign private issuers pursuant to Section 13 or 15(d)

Share-Based Payments (Tables)

v3.23.1
Share-Based Payments (Tables)
 12 Months Ended
Dec. 31, 2022
Disclosure Of Sharebased Payment Arrangements Abstract  
Schedule of recognized a share based charge
    Year ended
December 31
2022		     Year ended
December 31
2021		     Year ended
December 31
2020		  
    £’000     £’000     £’000  
                   
Incentive Equity Plan     44,312       13,599      
-
  
SAYE     184      
-
      
-
  
EMI prior to the Transaction    
-
       73       182  
Unapproved prior to the Transaction    
-
       29,096       3,577  
Modification at the Transaction    
-
       1,103      
-
  
                         
      44,496       43,871       3,759  

 
Schedule of options were granted
Scheme   Number     Grant date   Expiry date
               
Incentive Equity Plan     2,295,099     01/01/2022   01/01/2032
Incentive Equity Plan     1,269,100      01/04/2022   01/04/2032
Incentive Equity Plan     1,087,250     01/07/2022   01/07/2032
Incentive Equity Plan     427,300     01/10/2022   01/10/2032
Incentive Equity Plan – Directors     3,933,339     01/10/2022   01/10/2032
SAYE     1,496,903     26/01/2022   31/08/2025
                 
Total 2022     10,508,991          
                 
                 
Unapproved prior to the Transaction     469,000     01/01/2021   01/01/2031
Unapproved prior to the Transaction     2,023,516     01/04/2021   01/04/2031
Incentive Equity Plan     23,915,248     01/10/2021   01/10/2031
                 
Total 2021     26,407,764          

 
Schedule of reconciles the share options outstanding
    EMI     Unapproved     Incentive
Equity Plan		     SAYE  
    Number of
options		     Number of
options		     Number of
options		     Number of
options		  
At December 31, 2020     4,683,683       8,121,393      
-
      
-
  
                                 
Granted prior to the Transaction    
-
       2,492,516      
-
      
-
  
Forfeited prior to the Transaction     (66,413 )     (579,713 )    
-
      
-
  
Cash settled at the Transaction     (34,690 )     (44,114 )    
-
      
-
  
Replacements at the Transaction1     (4,582,580 )     (9,990,082 )     50,347,491      
-
  
Granted after the Transaction    
-
      
-
       23,915,248      
-
  
At December 31, 2021    
-
      
-
       74,262,739      
-
  
                                 
Granted during the year    
-
      
-
       9,012,088       1,496,903  
Exercised during the year    
-
      
-
       (9,513,868 )    
-
  
Forfeited during the year    
-
      
-
       (10,732,364 )     (884,823 )
Expired during the year    
-
      
-
       (599,238 )    
-
  
At December 31, 2022    
-
      
-
      

62,429,357

       612,080  

 

1 The replacement options granted at the Transaction reflect the exchange ratio established in the Business Combination Agreement. Refer to Note 1 for further details.

 
Schedule of the determination of fair value of options granted
    Incentive Equity
Plan		   Incentive Equity
Plan – Executive
Directors		   SAYE
             
Valuation method   N/A1   Monte-Carlo   Black-Scholes
Exercise price   £nil  
£nil
   £3.60
Expected volatility   N/A   98%   53%
Dividend yield   Nil  
Nil
  
Nil
Risk free interest rate   N/A   4.2%   1.2%
Fair value per share   £0.40 - £4.46   £0.31   £0.98

 

1 Considering that the Incentive Equity Plan awards vest over time without any further restrictions, the fair value is equal to the Company’s closing stock price as of the grant date.

 

    Unapproved   Incentive Equity
Plan		   Incentive Equity
Plan – Executive
Directors
             
Valuation method   Monte-Carlo   N/A   Monte-Carlo
Exercise price   £nil  
£nil
  
£nil
Expected volatility   50%  
N/A
   53%
Dividend yield   Nil  
Nil
  
Nil
Risk free interest rate   0.0%  
N/A
   1.2%
Fair value per share   £8.27 - £23.74   £5.33   £2.93