Part 4 : For preceding part double click [nRn3N7516F]
25/04/2008 SIP 2.88 0.01 N/A 3.00 N/A N/A 2.88
30/05/2008 SIP 2.97 0.01 N/A 3.00 N/A N/A 2.97
27/06/2008 SIP 2.90 0.01 N/A 3.00 N/A N/A 2.90
25/07/2008 SIP 2.68 0.01 N/A 3.00 N/A N/A 2.68
- The volatility of the Company's share price on each date of grant was
calculated as the average of annualized standard deviations of daily
continuously compounded returns on the Company's stock, calculated over 5 years
back from the date of grant, where applicable.
- The risk free rate is the yield to maturity on the date of grant of a UK Gilt
Strip, with term to maturity equal to the life of the option.
- The IFRS2 charge for the year ended 31st July 2008 is £538,916 (2007:
22 TRANSACTIONS WITH DIRECTORS AND RELATED PARTIES
The company was under the direction of G D P Materna, A P Gunn, A S Dyer, P J
Raine and A F White throughout the period. As disclosed in the Directors'
Report, the directors are each personally interested in 33.9%, 1.7%, 1.1%, 7.9%
and 4.7% respectively, of the company's issued share capital.
There were no material related party transactions with the directors during the
With the exception of dividends paid from Matchtech Group UK Limited to
Matchtech Group PLC of £2,148,431 on 27th November 2007 and £1,160,666 on 19th
June 2008 there are no other related party transactions in the company
23 FINANCIAL INSTRUMENTS
The financial risk management policies and objectives including those related to
financial instruments and the qualitative risk exposure details, comprising
credit and other applicable risks, are included within the Finance Director's
report under the heading Group financial risk management.
Maturity of financial liabilities
The group financial liabilities analysis at 31July 2008 was as follows:
2008 2007 2008 2007
£'000 £'000 £'000 £'000
In less than one year or on demand: 109 176 0 0
Bank overdrafts - 1,667 0 0
Bank loans - - 0 0
Revolving credit facility 3,240 6,747 0 0
Working capital facility 3,349 8,590 0 0
In more than one year but less than two years:
Bank and other borrowings 0 1,666 0 0
In more than two years but less than five years:
Bank and other borrowings 0 417 0 0
(i) The bank loan was fully repaid in 2008 and replaced by a revolving credit
facility whereby the Group may borrow up to £7.5 million subject to satisfaction
of the requirements of the facility. The interest rate of the loan is set at
1.1% above the LIBOR lending rate. The maturity date is set by interest period
at the commencement of the loan. Each advance is repaid on that date but the
revolving facility allows any amount repaid to be available for redrawing.
(ii) The undrawn facility available at 31 July 2008 of the Working Capital
facility in respect of which all conditions precedent had been met was as
Expiring in one year or less 16,760 13,253
The working capital facility is secured on the total assets of the group as
explained in note 17.
The working capital facility was reviewed by the facility providers in September
2008 and renewed for a further twelve months.
The Directors have calculated that the approximate effect of a 1% movement in
interest rates would be £100,000.
The Directors believe that the carrying value of borrowings approximates to
their fair value.
Net foreign currency monetary assets
Euros 19 138
In the Directors' opinion, the exposure to Foreign Currency risk and Interest
Rate risk is not material to the Group and has therefore not included
sensitivity analyses in these areas.
24 STANDARDS AND INTERPRETATIONS IN ISSUE, NOT YET EFFECTIVE
The following new Standards and Interpretations, which are yet to become
mandatory, have not been applied in the Group financial statements.
Standard Effective date
beginning on or after)
IFRIC 13 Customer Loyalty Programmes 1 July 2008
IFRIC 12 Service Concession Arrangements 1 January 2008
IAS 23 Borrowing Costs (revised 2007) 1 January 2009
IFRS 8 Operating Segments 1 January 2009
IAS 27 Consolidated and Separate Financial Statements (revised 1 July 2009
IAS 1 Presentation of Financial Statements (revised 2007) 1 January 2009
IAS 32 Financial Instruments: Presentation 1 January 2009
IFRS 2 Share-based Payment - Vesting Conditions and Cancellations 1 January 2009
IFRS 3 Business Combinations (revised 2008) 1 July 2009
IFRS 1 & IAS 27 Consolidated and Separate Financial Statements - Costs of 1 January 2009
Investment ina Subsidiary, Jointly Controlled Entity or
IAS 39 Amendment - Financial Instruments: Recognition and 1 July 2009
Measurement - Eligible Hedged Items
IFRIC 16 Hedges of a Net Investment in a Foreign Operation 1 October 2008
Based on the Group's current business model and accounting policies, management
does not expect material impacts on the figures in the Group's financial
statements when the interpretations become effective. Management does anticipate
a significant impact on disclosures in the financial statements arising from IAS
1 (revised 2007).
The Group does not intend to apply any of these pronouncements early.
25 CAPITAL MANAGEMENT POLICIES AND PROCEDURES
Matchtech Group PLC's capital management objectives are:
- to ensure the Group's ability to continue as a going concern; and to provide
an adequate return to shareholders.
- by pricing products and services commensurately with the level of risk.
The Group monitors capital on the basis of the carrying amount of equity.
For the purpose of preparation of the consolidated financial statements of the
Group, the share capital represents the nominal value of the issued share
capital of Matchtech Group PLC. Share premium represents the excess over nominal
value of the fair value of consideration received for equity shares, net of
expenses of the share issue.
The share based payment reserve represents equity-settled share-based payments
until such share options are exercised.
Foreign currency translation reserve represents the differences arising from
translation of investments in overseas subsidiaries.
This information is provided by RNS
The company news service from the London Stock Exchange