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Share Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Summary of Share Based Compensation

The expense for share-based compensation arises solely in respect of awards made under these two active plans as follows:

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

($'000)

 

 

($'000)

 

 

($'000)

 

 

($'000)

 

2019 EIP

 

 

1,568

 

 

 

684

 

 

 

3,027

 

 

 

1,889

 

2019 NED EIP

 

 

520

 

 

 

259

 

 

 

1,111

 

 

 

687

 

Total

 

 

2,088

 

 

 

943

 

 

 

4,138

 

 

 

2,576

 
Summary of Option Activity and Related Information

A summary of the Company’s Option activity and related information under the 2019 EIP for the six months ended June 30, 2024 is as follows; all outstanding Options are expected to vest:

 

 

Number of
options
(ADSs)

 

 

Weighted
Average
Exercise
Price ($)

 

 

Weighted
Average
Grant
Date Fair
Value ($)

 

 

Aggregate
intrinsic
value
($'000)

 

At December 31, 2023

 

 

9,595,161

 

 

 

1.63

 

 

 

1.41

 

 

 

8,133

 

Granted

 

 

2,477,404

 

 

 

3.35

 

 

 

2.60

 

 

 

—

 

Forfeited

 

 

(47,288

)

 

 

2.01

 

 

 

1.69

 

 

 

69

 

Exercised

 

 

(415,568

)

 

 

1.51

 

 

 

1.27

 

 

 

760

 

Expired

 

 

(5,000

)

 

 

3.32

 

 

 

2.93

 

 

 

—

 

At June 30, 2024

 

 

11,604,709

 

 

 

2.00

 

 

 

1.66

 

 

 

18,975

 

Vested

 

 

4,957,767

 

 

 

1.95

 

 

 

1.66

 

 

 

8,566

 

Unvested

 

 

6,646,942

 

 

 

2.03

 

 

 

1.67

 

 

 

10,409

 
Summary of Assumptions used in Black-Scholes Option Pricing Model

The fair value of each Option is estimated on the date of grant using the Black-Scholes option pricing model based on the following weighted average assumptions:

 

 

Six Months Ended
June 30,

 

 

2024

 

 

2023

 

Market value of ADSs ($)

 

$

3.35

 

 

$

1.01

 

Risk-free interest rate (%)

 

 

4.02

%

 

 

3.43

%

Expected life (years)

 

 

6.25

 

 

 

10.00

 

Expected volatility (%)

 

 

90.78

%

 

 

98.06

%

Expected dividends

 

 

0.00

%

 

 

0.00

%
Summary of Restricted Stock Unit Activity and Related Information

A summary of the Company’s RSU activity and related information under the 2019 EIP is as follows. As of June 30, 2024 all outstanding RSUs are expected to vest:

 

 

Number of
RSUs
(ADSs)

 

 

Weighted
Average
Grant
Date Fair
Value ($)

 

 

Aggregate
intrinsic
value
($'000)

 

At December 31, 2023

 

 

489,225

 

 

 

1.04

 

 

 

1,130

 

Granted

 

 

204,914

 

 

 

3.36

 

 

 

—

 

Vested

 

 

(142,583

)

 

 

1.01

 

 

 

480

 

Forfeited

 

 

(23,533

)

 

 

1.36

 

 

 

—

 

At June 30, 2024

 

 

528,023

 

 

 

1.93

 

 

 

1,901

 
Summary of Performance Based Restricted Stock Unit (PSUs) Activity and Related Information A summary of the Company’s PSU activity and related information under the 2019 EIP for the six months ended June 30, 2024 is as follows:

 

 

Number of
PSUs
(ADSs)

 

 

Weighted
Average
Grant
Date Fair
Value ($)

 

 

Aggregate
intrinsic
value
($'000)

 

At December 31, 2023

 

 

1,338,150

 

 

 

0.61

 

 

 

3,091

 

Granted

 

 

—

 

 

 

—

 

 

 

—

 

Forfeited

 

 

—

 

 

 

—

 

 

 

—

 

Vested

 

 

(802,890

)

 

 

0.65

 

 

 

2,798

 

At June 30, 2024

 

 

535,260

 

 

 

0.54

 

 

 

1,927

 
Employee Stock Option  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Summary of Option Activity and Related Information A summary of the Company’s Option activity and related information under the 2019 NED EIP for the six months ended June 30, 2024 is as follows; all outstanding Options are expected to vest:

 

 

Number of
options
(ADSs)

 

 

Weighted
Average
Exercise
Price ($)

 

 

Weighted
Average
Grant
Date Fair
Value ($)

 

 

Aggregate
intrinsic
value
($'000)

 

At December 31, 2023

 

 

1,355,087

 

 

 

1.66

 

 

 

1.43

 

 

 

1,166

 

Granted

 

 

360,000

 

 

 

3.87

 

 

 

2.83

 

 

 

—

 

At June 30, 2024

 

 

1,715,087

 

 

 

2.12

 

 

 

1.72

 

 

 

2,700

 

Vested

 

 

1,475,087

 

 

 

1.84

 

 

 

1.54

 

 

 

2,700

 

Unvested

 

 

240,000

 

 

 

3.87

 

 

 

2.83

 

 

 

—

 
Summary of Assumptions used in Black-Scholes Option Pricing Model

The fair value of each Option is estimated on the date of grant using the Black-Scholes option pricing model based on the following weighted average assumptions:

 

 

Six Months Ended
June 30,

 

 

2024

 

 

2023

 

Market value of ADSs ($)

 

 

3.87

 

 

 

0.94

 

Risk-free interest rate (%)

 

 

4.08

%

 

 

3.36

%

Expected life (years)

 

 

5.25

 

 

 

10.00

 

Expected volatility (%)

 

 

90.67

%

 

 

97.94

%

Expected dividends

 

 

—

 

 

 

—

 

 
Deferred Restricted Stock Units [Member]  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Summary of Restricted Stock Unit Activity and Related Information

A summary of the Company’s DRSU activity and related information under the 2019 NED EIP for the six months ended June 30, 2024 is as follows; all outstanding DRSUs are expected to vest:

 

 

Number of
DRSUs
(ADSs)

 

 

Weighted
Average
Grant
Date Fair
Value ($)

 

 

Aggregate
intrinsic
value
($'000)

 

At December 31, 2023

 

 

729,982

 

 

 

1.01

 

 

 

1,686

 

Granted

 

 

125,393

 

 

 

3.87

 

 

 

485

 

Forfeited

 

 

—

 

 

 

—

 

 

 

—

 

At June 30, 2024

 

 

855,375

 

 

 

1.43

 

 

 

3,079

 

Vested

 

 

771,778

 

 

 

1.17

 

 

 

2,778

 

Unvested

 

 

83,597

 

 

 

3.87

 

 

 

301

 
Previous Share Option Plans [Member]  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Summary of Option Activity and Related Information A summary of the awards still outstanding under these plans is as follows:

 

 

Number of
options
(ADSs)

 

 

Weighted
Average
Exercise
Price ($)

 

 

Weighted
Average
Grant
Date Fair
Value ($)

 

 

Aggregate
intrinsic
value
($'000)

 

At December 31, 2023

 

 

1,572,358

 

 

 

9.22

 

 

 

8.19

 

 

 

—

 

Expired

 

 

(152,491

)

 

 

—

 

 

 

—

 

 

 

—

 

At June 30, 2024

 

 

1,419,867

 

 

 

9.24

 

 

 

9.05

 

 

 

—