Punch Taverns plc 2011 Annual Report

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90 Punch Taverns plc Annual Report and Financial Statements 2011 Notes to the financial statements continued for the 52 weeks ended 21 August 2011 27 Share-based payments continued Long Term Incentive Plan 20 August 2011 No. 21 August 2010 No. Outstanding at beginning of period 12,719,903 5,594,499 Adjusted during the period 1 – 87,660 Granted during the period 12,764,610 7,539,282 Expired during the period (3,061,498) (318,423) Forfeited during the period (1,321,594) (183,115) Outstanding at end of period 21,101,421 12,719,903 Outstanding at end of period due to Group employees 8,681,817 Outstanding at end of period due to Spirit employees 12,419,604 1 Adjustment to each individual holding made in accordance with the equity raise on 7 July 2009 as approved by the Remuneration Committee on 7 October 2009. Deferred Share Bonus Plan 20 August 2011 No. 21 August 2010 No. Outstanding at beginning of period 84,537 99,141 Adjusted during the period 1 – 634 Removed during the period (57,774) (358) Expired during the period (26,206) (14,880) Forfeited during the period (557) – Outstanding at end of period – 84,537 1 Adjustment to each individual holding made in accordance with the equity raise on 7 July 2009 as approved by the Remuneration Committee on 7 October 2009. Share Bonus Plan 20 August 2011 No. 21 August 2010 No. Outstanding at beginning of period 104,144 102,500 Adjusted during the period 1 – 1,644 Expired during the period (5,080) – Released during the period (99,064) – Outstanding at end of period – 104,144 1 Adjustment to each individual holding made in accordance with the equity raise on 7 July 2009 as approved by the Remuneration Committee on 7 October 2009. Share Incentive Plan 20 August 2011 No. 21 August 2010 No. Outstanding at beginning of period 1,303,145 826,729 Granted during the period 438,026 521,060 Forfeited during the period (134,900) (36,494) Released during the period (41,729) (8,150) Outstanding at end of period 1,564,542 1,303,145
Punch Taverns plc Annual Report and Financial Statements 2011 91 27 Share-based payments continued Outstanding options Options outstanding at 20 August 2011 comprise the following: Discretionary Share Plan Number of share options Exercise price (pence per share) Exercise date 27 May 2002 to 25 May 2012 1,271,374 1.98 27 May 2002 to 25 May 2012 353,433 2.05 5 December 2005 to 5 December 2012 168,555 1.94 2 March 2007 to 1 March 2014 68,391 5.19 17 November 2007 to 17 November 2014 57,334 5.51 16 November 2008 to 16 November 2015 51,754 7.67 31 January 2009 to 31 January 2016 5,159 8.66 No options were exercised during the current period. The options outstanding at 20 August 2011 had a weighted average remaining contractual life of 0.9 years (August 2010: 1.9 years). The total charge for the year relating to employee share-based plans was £3.0m (52 weeks ended 21 August 2010: £3.2m) all of which related to equity-settled share-based payment transactions. 28 Net debt (a) Analysis of net debt 20 August 2011 £m 21 August 2010 £m Secured loan notes (2,460.1) (3,459.8) Gross debt (2,460.1) (3,459.8) Cash and cash equivalents 196.5 316.5 Nominal value of net debt (2,263.6) (3,143.3) Capitalised debt issue costs 8.8 11.4 Fair value adjustments on acquisition of secured loan notes (54.0) (109.8) Fair value of interest rate swaps (271.6) (407.1) Finance lease obligations (4.7) (17.0) Net debt (2,585.1) (3,665.8) Balance sheet: Borrowings (2,510.0) (3,575.2) Derivative financial instruments (271.6) (407.1) Cash and cash equivalents 196.5 316.5 Net debt (2,585.1) (3,665.8) Governance Business review Financial statements
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Focus on leased pubs Punch Taverns
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