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SHARE OPTIONS AND WARRANTS (Tables)
 12 Months Ended
Mar. 31, 2022
Share Options And Warrants  
SCHEDULE OF OPTIONS OUTSTANDING AND WEIGHTED AVERAGE EXERCISE PRICE

The Company operates share-based payment arrangements to remunerate Directors and key employees in the form of a share option scheme. It also issues options in lieu of fees to key suppliers and collaborators. The exercise price of the option is normally equal to the market price of an ordinary share in the Company at the date of grant.

 

   2022   2021 
   Options   Weighted
Average
exercise price
(cents)		   Options   Weighted
Average
exercise price
(cents)		 
Outstanding at 1 April   60,750,000    6.90    19,500,000    5.58 
Granted   28,150,000    8.41    42,250,000    7.31 
Forfeited   (16,500,000)   5.91    (750,000)   6.21 
Exercised   -    -    (250,000)   6.21 
Outstanding at 31 March   72,400,000    7.49    60,750,000    6.90 
Exercisable at 31 March   14,437,500    7.36    9,250,000    6.21 

 

   2020 
   Weighted
Average
exercise price
(cents)		   Options 
Outstanding at 1 April   5.58    23,000,000 
Granted   -    - 
Forfeited   (5.58)   (3,500,000)
Exercised   -    - 
Outstanding at 31 March   5.58    19,500,000 
Exercisable at 31 March   5.58    4,875,000 
SCHEDULE OF SHARE OPTIONS OUTSTANDING EXPIRY DATES AND EXERCISE PRICES

Share options outstanding at the end of the year have the following expiry dates and exercise prices:

 

Grant Date  Expiry Date  Exercise Price   Share Options as at 31 March 2022
(‘000)		 
6 July 2018  6 July 2025   4.5p    2,000 
20 August 2020  19 August 2028   15.5p    750 
6 January 2021  5 January 2031   5p    40,000 
12 January 2021  11 January 2031   7.9p    1,500 
15 April 2021  15 April 2031   7.88p    5,000 
31 August 2021  31 August 2031   4.9p    14,400 
31 January 2022  30 January 2032   8.0p    8,750 
Total           72,400 
SCHEDULE OF SHARE BASED PAYMENT AWARD MODEL INPUTS OPTIONS GRANTED

The model inputs for options granted during the year ended 31 March 2022 valued under the Black Scholes Valuation model are:

 

       Grant Date 
   15 April 2021   31 August 2021   31 January 2022 
             
Grant date share price   7.7p   4.9p   4.8p
Exercise share price   7.9p   4.9p   8.0p
Vesting periods   25% each year    25% each year    1.25m options vest 33% each year and 7.5m options have developmental milestone performance conditions  
                
Risk free rate   0.35%   0.30%   0.97%
Expected volatility   80.20%   77.7%   83.0%
Option life   5 years    5 years    5 years 

 

 

The model inputs for options granted during the year ended 31 March 2021 valued under the Black Scholes Valuation model included:

 

  

20 August

2020

  

6 January

2021

   12 January
2021		 
Grant date share price   15.5p   0.8p   0.79p
Exercise share price   15.5p   0.5p   0.79p
Vesting periods   25% each year    25% each year     33% in 6 months and 67% in 1 year 
Risk free rate   0.15%   -0.01%   0.4%, 0.6%
Expected volatility   77.4%   77.5%   66.7%, 83.7%
Expected option life   5 years    5 years    6 months to 1 year 
SCHEDULE OF WARRANTS OUTSTANDING AND WEIGHTED AVERAGE EXERCISE PRICE

 

   31 March 2022   31 March 2021 
   Warrants   Weighted Average exercise price (cents)   Warrants   Weighted Average exercise price (cents) 
                 
Outstanding at 1 April   185,022,726    2.1    147,188,766    2.1 
Granted   241,781,760    0.5    37,833,960    1.2 
Exercised   (390,145,396)   0.7    -    - 
                     
                     

Outstanding at 31 March

   36,659,090    6.11    185,022,726    2.1 
                     
Exercisable at 31 March   1,659,090    10.30    149,568,181    1.1 
SCHEDULE OF INPUTS FOR WARRANTS GRANTED

 

   29 May 2020 
     
Grant date share price   1.75p
Exercise share price   0.4p
      
Risk free rate   0.25%
Expected volatility   79.6%
Expected life   3 years 
SCHEDULE OF FAIR VALUE OF WARRANTS IN SERVICES

The Directors have estimated the fair value of the warrants in services provided during the year ending 31 March 2021 using the Black-Scholes valuation model based on the assumptions below.

 

   July 2020  May 2020 

April

2020

Grant date share price   8.3p  2.8p  1.8p
Exercise share price   14p  2.8p  0.5p
Vesting periods   Fully vested  50% of these warrants shall only vest if the 5-day VWAP of the Company exceeds a 100% premium to the Exercise Price, and the remainder shall only vest if the 5-day VWAP of the Company exceeds a 200% premium to the Exercise Price (conditions have been met)  Fully vested
           
Risk free rate    0.68%  0.95%  0.22%
Expected volatility    88.1%  79.6%  82.4%
Expected life   2 years  3 years  5 years