30. Share-based payments
CapMan Plc had one stock option program at the end of 2012. The Company has a weighty finansial reason for the issue of stock options, since the stock options are intended to form part of the Group's incentive and commitment program for the Group key personnel. The fair value of stock options has been assessed at the grant date and expensed straight-line in the income statement over the vesting period. Fair value of options at the grant date is determined in accordance with the Black&Scholes model.
Key information on the stock option programs is presented in the table below.
Stock option program 2008
Stock option 2008A Stock option 2008B
Stock options, number 2,135,000 2,135,000
Entitlement to subscribe for B shares 2,135,000 2,135,000
Share subscription period begins 1 May 2011 1 May 2012
Share subscription period ends 31 Dec 2012 31 Dec 2013
Share subscription price Trade volume weighted average
price of the B share on the
Nasdaq OMX Helsinki
1.5.-30.6.2008 with an addition
of ten (10) per cent less
dividends i.e. €2.46.
Trade volume weighted average
price of the B share on the
Nasdaq OMX Helsinki
1.5.-30.6.2009 with an addition
of ten (10) per cent
less dividends i.e. €0.89.
Number of shares subscribed with stock options - -
Stock option program 2008
Information applied in the Black&Scholes model Stock option 2008A Stock option 2008B
Expected volatility 20.00% 20.00%
Risk-free interest 2.75% 2.75%
Shares and stock options
Shares 31 Dec 2012 Stock options 31 Dec 2012
of shares,
%
of votes,
%
of shares,
%
of votes,
%
Number Distributed stock
options 31 Dec 2012
of shares % of votes % if all distributed stock
options will be exercised
if all stock options
of option programs
will be exercised
A shares 5,750,000 6.8 % 44.1 %
B shares 78,531,766 93.2 % 57.7 %
2008A options 2,135,000 1,926,250 2.3 % 1.4 % 2.5 % 1.6 %
2008B options 2,135,000 2,070,000 2.5 % 1.5 % 2.5 % 1.6 %