20
financial instruments
cont...
|
Current risk |
|
| The Group is exposed to translation and transaction
foreign exchange risk. The Group reviews regularly its exposure
to translation risk and where appropriate will match this risk
with an appropriate level of borrowings in the same currency.
If necessary, transaction risk would be minimised by use of the
forward hedge market. |
 |
| Included in trade debtors is a balance of £222,000
(2002: £103,000) in Euros and £45,000 (2002: £35,000)
in South African Rands held in a UK operating company. |
|
|
Liquidity risk |
|
| |
Group policy is to maintain a mix of short, medium
and long term borrowings with their bankers. Flexibility is achieved
by use of a revolving credit facility and a fixed term loan facility.
Details of the year end position, which is in accordance with
this policy, are given in Note
19. |
|
| |
The revolving credit facility is subject to review
in July 2005. The fixed term loan expires in July 2007. |
|
|
Maturity of financial liabilities |
|
| |
The Group’s financial liability analysis at
30 April 2003 is set out in Note
19. |
|
| |
21
share capital |
| |
2003 |
|
2002 |
| |
£ |
|
£ |
| Authorised
|
|
|
|
| 200,000,000 ordinary shares of £0.10
each |
20,000,000 |
|
20,000,000 |
| |
|
|
|
| |
|
|
|
| |
2003 |
|
2002 |
| |
£ |
|
£ |
| Allotted
and fully paid |
|
|
|
| 123,822,436 (2002: 117,724,779) ordinary
shares of £0.10 each |
12,382,244 |
|
11,772,478 |
|
|
| |
|
Shares issued during the period |
|
| |
On 27 November 2002 the Group issued 211,417 £0.10
ordinary shares as part consideration for the purchase of Revive
Group Limited. See Note
14 ii. The premium on the share issue, net of issue costs,
was taken to the merger reserve. |
|
| |
On 14 March 2003 the Group issued a further 5,886,240
£0.10 ordinary shares at £2.15 per share. The premium
on the share issue, net of issue costs, was taken to the share
premium account. |
|
| |
22
share options |
The following options are outstanding under the
iSOFT Group Number 3 Executive Share Option Scheme, which is an
unapproved scheme. Exercise of these options is subject to employees
meeting individual performance criteria and also to the performance
of the Group. Options include directors’ share options.
All options were granted at market value at the date of grant. |
|
| |
| |
| Date of grant |
|
Number |
|
Subscription
price per share
(pence) |
|
Personal
performance
period end |
|
Period
of option |
| |
|
|
|
|
|
|
|
|
|
|
|
| 11 Jul 2000 |
|
1,879,000 |
|
110.0 |
|
10 Jul 2001 |
|
11 Jul 2003–10
Jul 2010 |
| 20 Dec 2000 |
|
250,000 |
|
174.0 |
|
19 Dec 2001 |
|
20 Dec 2003–19
Dec 2010 |
| 13 Apr 2001 |
|
110,000 |
|
189.0 |
|
12 Apr 2002 |
|
13 Apr 2004–12
Apr 2011 |
| 22 Jun 2001 |
|
850,000 |
|
249.0 |
|
21 Jun 2002 |
|
22 Jun 2004–21
Jun 2011 |
| 11 Oct 2001 |
|
1,413,000 |
|
217.5 |
|
10 Oct 2002 |
|
11 Oct 2004–10
Oct 2011 |
| 30 Sept 2002 |
|
1,217,816 |
|
151.3 |
|
29 Sept 2003 |
|
30 Sept 2005–30
Sept 2012 |
| 11 Oct 2002 |
|
480,176 |
|
145.0 |
|
10 Oct 2003 |
|
11 Oct 2005–10
Oct 2012 |
| 27 Nov 2002 |
|
474,250 |
|
233.0 |
|
26 Nov 2003 |
|
27 Nov 2005–26
Nov 2012 |
|
|
| |
| |
The following options are outstanding under the
iSOFT Group Number 2 Executive Share Option Scheme which is an
Inland Revenue approved share option scheme. |
|
| |
| |
| Date of grant |
|
Number |
|
Subscription
price per share
(pence) |
|
Personal
performance
period end |
|
Period
of option |
| |
|
|
|
|
|
|
|
|
|
|
|
| 30 Sept 2002 |
|
517,184 |
|
151.3 |
|
29 Sept 2003 |
|
30 Sept 2005–30
Sept 2012 |
| 11 Oct 2002 |
|
19,824 |
|
145.0 |
|
10 Oct 2003 |
|
11 Oct 2005–10
Oct 2012 |
| 27 Nov 2002 |
|
25,750 |
|
233.0 |
|
26 Nov2003 |
|
27 Nov 2005–26
Nov 2012 |
|
|
| |
|
These share schemes have been set up under a joint election
to transfer the liability for employers NI to the employee. In
accordance with UITF25 no NI cost has been recognised in the accounts. |
|
| |
All options granted are subject to the Group performance
condition, measured over three years from the date of grant. |
|
| |
No options were exercisable during the period. |
|
