Annual Report and Accounts 2006 - Optos

More documents

Recommendations

Info

Directors’ Remuneration Report continued At 30 Sep 06 Earliest Date At 1 Oct Granted Lapsed Exercised or Date Ceased Exercise Date from which 2005 (6) During Year (6) During Year During Year to be a Director Price of Grant Exercisable Expiry Date Douglas Anderson 176,000 – – 176,000 – £0.046 15 Apr 1996 15 Apr 1999 14 Apr 2006 1,000 – – – 1,000 £1.00 01 Oct 2004 01 Oct 2004 30 Sep 2014 25,000 – – – 25,000 £1.00 21 Sep 2005 21 Sep 2005 20 Sep 2015 – 100,000 – – 100,000 £1.00 09 Dec 2005 09 Dec 2006 08 Dec 2015 202,000 100,000 176,000 126,000 Ian Stevens 50,000 – – – 50,000 £1.00 03 Mar 1999 03 Mar 1999 02 Mar 2009 50,000 – – – 50,000 £1.30 01 Mar 2000 01 Mar 2000 28 Feb 2010 100,000 – – – 100,000 £1.45 01 Sep 2000 01 Sep 2000 31 Aug 2010 50,000 – – – 50,000 £0.80 01 Oct 2001 01 Oct 2001 30 Sep 2011 50,000 – – – 50,000 £1.00 01 Oct 2002 01 Oct 2002 30 Sep 2012 100,000 – – – 100,000 £1.00 01 Jul 2003 01 Jul 2003 30 Jun 2013 1,000 – – – 1,000 £1.00 01 Oct 2004 01 Oct 2004 30 Sep 2014 100,000 – – – 100,000 £1.00 21 Sep 2005 21 Sep 2005 20 Sep 2015 50,000 – 6,000 – 44000 £1.00 21 Sep 2005 21 Sep 2005 20 Sep 2015 – 50,000 – – 50,000 £1.00 09 Dec 2005 09 Dec 2006 08 Dec 2015 551,000 50,000 6,000 595,000 David Cairns (2) 100,000 – – – 100,000 £0.42 17 Nov 1997 17 Nov 1997 16 Nov 2007 40,000 – – – 40,000 £1.30 1 Mar 2000 1 Mar 2000 28 Feb 2010 50,000 – – – 50,000 £0.80 1 Oct 2001 1 Oct 2001 30 Sep 2011 37,500 – – – 37,500 £1.00 1 Oct 2002 1 Oct 2002 30 Sep 2012 1,000 – – – 1,000 £1.00 1 Oct 2004 1 Oct 2004 30 Sep 2014 25,000 – – – 25,000 £1.00 21 Sep 2005 21 Sep 2005 20 Sep 2015 253,500 253,500 Patrick Paul 100,000 – – 100,000 – £0.409 10 Mar 1997 10 Mar 1997 15 Nov 2006 16,000 – – 16,000 – £1.00 28 Sep 1998 28 Sep 1998 15 Nov 2006 12,000 – – 12,000 – £1.30 1 Mar 2000 1 Mar 2000 15 Nov 2006 16,000 – – 16,000 – £0.80 31 Jan 2002 31 Jan 2002 15 Nov 2006 16,000 – – 16,000 – £1.00 18 Feb 2004 18 Feb 2004 15 Nov 2006 8,000 – – 8,000 – £1.00 21 Sep 2005 21 Sep 2005 15 Nov 2006 168,000 168,000 Barry Sealey (3) 100,000 – – – 100,000 £0.41 10 Mar 1997 10 Mar 1997 15 Nov 2006 24,000 – – – 24,000 £1.00 28 Sep 1998 28 Sep 1998 15 Nov 2006 18,000 – – – 18,000 £1.30 1 Mar 2000 1 Mar 2000 15 Nov 2006 24,000 – – – 24,000 £0.80 31 Jan 2002 31 Jan 2002 15 Nov 2006 24,000 – – – 24,000 £1.00 18 Feb 2004 18 Feb 2004 15 Nov 2006 12,000 – – – 12,000 £1.00 21 Sep 2005 21 Sep 2005 15 Nov 2006 202,000 202,000 Michael Rutterford (4) 100,000 – – – 100,000 £0.41 10 Mar 1997 10 Mar 1997 15 Nov 2006 16,000 – – – 16,000 £1.00 28 Sep 1998 28 Sep 1998 15 Nov 2006 12,000 – – – 12,000 £1.30 1 Mar 2000 1 Mar 2000 15 Nov 2006 16,000 – – – 16,000 £0.80 31 Jan 2002 31 Jan 2002 15 Nov 2006 16,000 – – – 16,000 £1.00 18 Feb 2004 18 Feb 2004 15 Nov 2006 8,000 – – – 8,000 £1.00 21 Sep 2005 21 Sep 2005 15 Nov 2006 168,000 168,000 Ann Gloag (5) 8,000 – – – 8,000 £0.80 31 Jan 2002 31 Jan 2002 15 Nov 2006 16,000 – – – 16,000 £1.00 18 Feb 2004 18 Feb 2004 15 Nov 2006 8,000 – – – 8,000 £1.00 21 Sep 2005 21 Sep 2005 15 Nov 2006 32,000 32,000 (1) ceased to be a Director on 30 September 2006 (2) ceased to be a Director on 21 December 2005 (3) ceased to be a Director on 27 January 2006 (4) ceased to be a Director on 21 December 2005 (5) ceased to be a Director on 21 December 2005 (6) The number of share options has been calculated after the consolidation which took place on 27 January 2006, where two ordinary shares of £0.01 each were consolidated into one ordinary share of £0.02 each. 30 Optos plc Annual Report & Accounts 2006
Directors’ Remuneration Report continued Awards granted to five executives on 21 September 2005 contained performance conditions. The awards stipulated vesting as to one third immediately with the remaining two-thirds vesting subject to satisfaction of performance targets. Such targets are based on the Company achieving two successive quarters of positive operating profit and two successive quarters of positive earnings over the period from grant to 31 March 2006 and 31 March 2007 respectively. These performance periods were accelerated by 12 months due to the IPO and the conditions have been achieved. An award of 50,000 options granted to Ian Stevens on 21 September 2005 contained performance conditions. The award stipulated vesting over four quarters dependent on the North American business attaining certain performance levels. Such targets are based on the Company budget for the year ended 30 September 2006 and relate to targets for net installs, overhead expenditure and revenue per site. The conditions have been achieved. The outstanding options to a number of non-executive Directors expired nine months after admission to the Official List and trading on the main market of the London Stock Exchange. The options numbers listed above exclude options reserved under the share save scheme which commenced in April 2002. Stephane Sallmard has a potential 20,688 options priced at £1.00 and exercisable between April 2007 and September 2007. Ian Stevens has a potential 12,413 options priced at £1.00 and exercisable between April 2007 and September 2007. Aggregate gains made by Directors on the exercise of share options amounted to $979,837 (2005: $nil). The market price of the shares at 30 September 2006 was £1.85 and the highest and lowest market prices from flotation to 30 September 2006 were £2.84 to £1.62. PERFORMANCE GRAPH The following graph shows the Company’s performance measured by the total shareholder return, compared with the performance of the FTSE Small Cap and the FTSE All Share and Healthcare Equipment and Services (rebased) indices. The Board believes these comparisons are the most relevant for a Company of Optos’ size. 110 100 90 80 70 60 Mar Apr May Jun Jul Aug Sep Optos PLC FTSE Small Cap – Price index Health FTSE All Share H/C EQ & SVS £ – Price Index Source: Datastream Dr John Padfield Chairman of the Remuneration Committee Signed and approved for and on behalf of the Board 18 December 2006 Optos plc Annual Report & Accounts 2006 31
Page 1 and 2: Revolutionising eye care helping sa
Page 3 and 4: Highlights Year ended Year ended
Page 5 and 6: 2004 > Germany - commercial launch
Page 7 and 8: 3.4m optomap® Retinal Exams in 200
Page 9 and 10: Image of a healthy eye taken by the
Page 11 and 12: $3.3 million to $4.3 million. Losse
Page 13 and 14: “When Ann came to see me, we carr
Page 15 and 16: Operational and Financial Review co
Page 17 and 18: “He is very lucky - if the melano
Page 19 and 20: Operational and Financial Review co
Page 21 and 22: Patrick Robin David Paul (60) Non-E
Page 23 and 24: Corporate Governance continued Duri
Page 25 and 26: Corporate Governance continued Cont
Page 27 and 28: Directors’ Remuneration Report IN
Page 29 and 30: Directors’ Remuneration Report co
Page 31: Directors’ Remuneration Report co
Page 35 and 36: Directors’ Report continued FINAN
Page 37 and 38: Independent Auditors’ Report to t
Page 39 and 40: Consolidated Balance Sheet As at 30
Page 41 and 42: Consolidated Cash Flow Statement Fo
Page 43 and 44: Notes to the Consolidated Financial
Page 67 and 68: Company Balance Sheet At 30 Septemb
Page 69 and 70: Notes to the Company Financial Stat
Page 77: Optos plc Annual Report & Accounts

Annual Report and Accounts 2006 - Optos

Create successful ePaper yourself

Delete template?

Save as template?