Share-based payments (Tables)

12 Months Ended

Dec. 31, 2020

Number and weighted average exercise of share options

The number and weighted average exercise prices of share options are as follows:

Number of shares issuable	Number of share options (#)			Weighted average exercise price (£)
Outstanding at January 1, 2018		227,608			54.01
Awards granted		-			-
Awards exercised		(10,950	)		9.26
Awards forfeited		(67,935	)		53.57
Outstanding at December 31, 2018		148,723			57.50
Awards granted		582,252			150.00
Awards exercised		(8,574	)		2.71
Awards forfeited		(6,578	)		103.17
Outstanding at December 31, 2019		715,823			132.89
Awards granted		224,536			64.00
Awards exercised		(2,776	)		21.91
Awards forfeited		(27,311	)		81.67
Outstanding at December 31, 2020		910,272			62.90
Exercisable at December 31, 2020		194,106			91.92

The number and weighted average hurdle rate of growth shares are as follows:

Number of shares issuable	Number of growth shares			Weighted average hurdle rate £
Outstanding at January 1, 2018		155,246			170.00
Awards granted		-			-
Awards exercised		-			-
Awards forfeited		(36,800	)		170.00
Outstanding at December 31, 2018		118,446			170.00
Awards granted		-			-
Awards exercised		-			-
Awards forfeited		(60,240	)		170.00
Outstanding at December 31, 2019		58,206			170.00
Awards granted		34,260			110.41
Awards exercised		-			-
Awards forfeited		(29,575	)		170.00
Outstanding at December 31, 2020		62,891			137.54
Exercisable at December 31, 2020		34,857			157.83

Weighted average remaining contractual life of Outstanding share options and growth share

For share options and growth share awards outstanding at the end of the year, the range of exercise prices and weighted average remaining contractual life are as follows:

Growth Shares						Share options
Hurdle rate £		Number of options		Weighted average remaining contractual life		Exercise price £		Number of options		Weighted average remaining contractual life
	170.00		43,631		7.3		43.37		91,994		4.7
	64.00		19,260		9.4		120.87		3,309		5.0
	-		-		-		150.00		11,481		6.3
	-		-		-		64.00		803,488		9.5

Awards granted under the share option plan assumptions

The assumptions used in the models for awards granted are as follows:

	Growth shares						Share options
	Apr-20			Jun-20			Nov- 20			Oct- 20			Jun-20			Apr- 20
Share price at grant date	£	64.00		£	64.00		£	64.00		£	64.00		£	64.00		£	64.00
Exercise price		-			-		£	64.00		£	64.00		£	64.00		£	64.00
Hurdle rate	£	64.00 - £170.00		£	64.00			-			-			-			-
Expected volatility		91	%		102	%		87	%		87	%		85	%		79	%
Expected life (years)	1 yr			1 yr			3 yrs			3 yrs			3 yrs			3 yrs
Risk free rate		0.03	%		(0.02	)%		(0.01	)%		(0.07	)%		(0.03)%–0.02	%		0.03	%
Fair value	£	2.12 - £7.05		£	7.05		£	35.00		£	35.16		£	34.32 - £34.30		£	32.394

	Growth shares			Share options			Share options			Share options
	Apr-17			May-19			Apr-17			2016
Share price at grant date	£	150.00		£	64.00		£	150.00		£	140.00
Exercise price		—		£	150.00		£	150.00		£	43.37 - £150.00
Hurdle rate	£	170.00			—			—			—
Expected volatility		65	%		67	%		65	%		60	%
Expected life (years)	2.7 yrs			1.9 yrs - 3 yrs			5 yrs			5 yrs
Risk free rate		0.15	%		0.69% - 0.71	%		0.42	%		0.62% - 1.41	%
Fair value	£	58.55		£	11.95		£	80.63		£	77.16 - £107.94