Managing Capital Our objective in managing the business' capital structure is to ensure that the Group has the financial capacity, liquidity and flexibility to support the existing business and to fund acquisition opportunities as they arise. The capital structure of the Group consists of net bank debt and Shareholders' equity. At 31 December 2012, net bank debt was £21.8 million (excluding convertible unsecured loan stock), whilst Shareholders' equity was £51.8 million. The main financial covenants applying to bank debt are that leverage (the ratio of net bank debt to EBITDA) should not exceed 2.0 times, interest cover (the ratio of EBITDA to finance charges) should be no less than 3.0 times, and operating cash flows must exceed debt service cash flows. The Group comfortably complied with these covenants in 201 2 and 2011.
Smaller acquisitions are typically financed purely with bank debt, while larger acquisitions typically involve a combination of bank debt and additional equity. The mixture of debt and equity is varied, taking into account the desire to maximise the shareholder returns while keeping gearing at comfortable levels, i.e. Share based payments Under the Group's share option scheme for employees and Directors options to subscribe for shares in the Company are granted normally once each year. Options are granted with a fixed exercise price equal to the market price of the shares under option at the date of grant. The contractual life of an option is 10 years from date of grant. Options granted become exercisable on the third anniversary of the date of grant. Exercise of an option is normally subject to continued employment. All share-based employee remuneration is settled in equity. Options are valued using the Black-Scholes option-pricing model.
There are no performance conditions attached to the options. The assumptions used in the calculation are as follows: Grant date Share price at issue Exercise price Number of options Number of remaining at options 31 December granted 2012 Expected volatility Risk free rate 27/07/05 19.00p 19.00p 424,516 9,000 22.8% 4.13% 04/05/06 18.75p 18.75p 901,190 40,250 14.9% 4.30% 02/05/07 9.25p 9.25p 1,402,425 33,250 20.4% 4.62% 23/04/08 8.50p 8.50p 5,419,950 1,308,426 18.6% 4.90% 14/04/09 7.75p 7.75p 2,307,860 1,051,345 25.5% 4.08% 26/03/10 33.25p 33.25p 1,300,xanax tafil 000 1,300,000 43.5% 3.90% 29/04/10 34.25p 34.25p 1,502,778 1,333,889 45.7% 3.90% 28/04/11 34.12p 34.12p 3,981,916 3,948,253 43.9% 4.10% 21/09/11 31.00p 31.00p 300,000 300,000 53.2% 4.10% 19/10/12 29.25p 29.25p 3,494,826 3,494,826 49.7% 1.70% In each case, it is assumed the majority of options will be exercised at the earliest opportunity and that on average they are exercised after 4 years. The expected volatility is based on historical volatility from 23 December 2003. The risk free rate of return is based on UK government bonds of a term consistent with the assumed xanax tafil option life. Share options and weighted average exercise price are as follows for the reporting periods buy online hydrocodone presented: 2012 2011 2010 Weighted Weighted Weighted average average average exercise exercise exercise price price price Number Pence Number Pence Number Pence Outstanding at start of year 10,865,378 24.82 8,741,125 16.59 7,936,543 10.08 Granted 3,494,826 29.25 4,281,916 33.90 2,802,778 33.xanax tafil 79 Exercised (1,555,265) 10.54 (2,089,250] 8.70 (1,564,906] 12.48 Forfeited - - (68,413] - (433,290] 22.viagra xanax phentermine online xanax tafil pharmacy carisoprodol hydrocodone valium cialis fioricet 54 Outstanding at end of year 12,804,939 27.77 10,865,378 24.82 8,741,125 16.59 Exercisable at end of year 2,427,971 8.40 1,502,026 8.89 314,876 11.35 Share options were exercised throughout the financial year.
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