Annual Report & Accounts 2026

64
Granted June 2023
EPS Tranche
TSR Tranche Share price at grant date
£4.35
£4.35
Exercise price
£0
£0
Risk free rate –
4.98%
Dividend yield
3.7%
3.7%
Expected term
3 years
3 years
Volatility (simulated TSR performance) –
29.5%
Grant date TSR performance of Company
–
0.0%
Grant date median/upper quartile TSR performance of comparator group
– -0.1%/0.8%
Correlation
–
4%
Discount for post-vesting transfer restrictions
11.3%
11.3%
The fair value of the share awards granted was £785,363.
Granted May 2024
EPS Tranche
TSR Tranche Share price at grant date
£6.90
£6.90
Exercise price
£0
£0
Risk free rate –
4.23%
Dividend yield
2.7%
2.7%
Expected term
3 years
3 years
Volatility (simulated TSR performance) –
30%
Grant date TSR performance of Company
–
4.7%
Grant date median/upper quartile TSR performance of comparator group
– 1.9%/5.8%
Correlation
–
3.7%
Discount for post-vesting transfer restrictions
11.7%
11.7%
The fair value of the share awards granted was £908,659.
NOTES TO THE FINANCIAL STATEMENTS CONTINUED
10. EQUITY-SETTLED SHARE-BASED PAYMENT PLANS (“LTIP”) CONTINUED