| £m | Ordinary shares of 25p each | |
|---|---|---|
| Authorised 1 April 2004 and 31 March 2005 | 799,200,000 | |
| Issued, called up and fully paid 1 April 2004 | 122.0 | 487,999,692 |
| Issues (see Directors' Report) | 7.6 | 30,307,328 |
| Issued, called up and fully paid 31 March 2005 | 129.6 | 518,307,020 |
£200,000 6% Cumulative redeemable convertible preference shares of £1 each are also authorised.
At 31 March 2005, options over 5,106,431 ordinary shares were outstanding under Employee Share Option Plans.
Details of outstanding share options, restricted and performance shares awarded to employees including executive directors are set out below:
Exercise |
||||||||
|---|---|---|---|---|---|---|---|---|
| Date of grant | At 1 April 2004 |
Granted |
Exercised/ vested |
Forfeits |
At 31 March 2005 |
Exercise/ share price |
From |
To |
| Share Option | ||||||||
| 1984 Share Option Scheme | ||||||||
| 06.07.94 | 5,814 | (5,814) | 322 | 06.07.99 | 05.07.04 | |||
| 23.01.96 | 490,865 | (137,165) | 353,700* | 394 | 23.01.99 | 22.01.06 | ||
| 23.01.96 | 335,971 | (22,128) | 313,843* | 394 | 23.01.01 | 22.01.06 | ||
| 832,650 | (165,107) | 667,543 | ||||||
| Sharesave Scheme | ||||||||
| 01.10.99 | 3,389 | (3,389) | 438 | 01.10.04 | 31.03.05 | |||
| 01.02.00 | 85,390 | (79,749) | (5,641) | 347 | 01.02.05 | 31.07.05 | ||
| 01.02.01 | 431 | (431) | 359 | 01.02.04 | 31.07.04 | |||
| 01.02.01 | 20,398 | 20,398 | 359 | 01.02.06 | 31.07.06 | |||
| 01.09.01 | 21,693 | (20,868) | (825) | 399 | 01.09.04 | 28.02.05 | ||
| 01.09.01 | 6,425 | 6,425 | 399 | 01.09.06 | 28.02.07 | |||
| 01.03.02 | 31,880 | (31,125) | (755) | 377 | 01.03.05 | 31.08.05 | ||
| 01.03.02 | 12,636 | (438) | 12,198 | 377 | 01.03.07 | 31.08.07 | ||
| 01.09.02 | 10,754 | (857) | 9,897 | 443 | 01.09.05 | 28.02.06 | ||
| 01.09.02 | 3,211 | 3,211 | 443 | 01.09.07 | 29.02.08 | |||
| 01.03.03 | 32,832 | (624) | (1,164) | 31,044 | 359 | 01.03.06 | 31.08.06 | |
| 01.03.03 | 25,893 | (3,660) | 22,233 | 359 | 01.03.08 | 31.08.08 | ||
| 01.09.03 | 17,432 | (965) | 16,467 | 383 | 01.09.06 | 28.02.07 | ||
| 01.09.03 | 3,990 | 3,990 | 383 | 01.09.08 | 28.02.09 | |||
| 01.03.04 | 49,920 | (2,069) | 47,851 | 472 | 01.03.07 | 31.08.07 | ||
| 01.03.04 | 35,927 | (3,358) | 32,569 | 472 | 01.03.09 | 31.08.09 | ||
| 22.12.04 | 53,303 | (293) | 53,010 | 648 | 01.03.08 | 31.08.09 | ||
| 22.12.04 | 51,357 | 51,357 | 648 | 01.03.10 | 31.08.10 | |||
| 362,201 | 104,660 | (135,755) | (20,456) | 310,650 | ||||
| Long-Term Incentive Plan | ||||||||
| 25.09.03 | 868,397 | 868,397 | 502 | 25.09.06 | 24.09.13 | |||
| 12.12.03 | 810,000 | (7,500) | 802,500 | 552 | 12.12.06 | 11.12.13 | ||
| 28.05.04 | 1,564,562 | (7,500) | 1,557,062 | 663 | 28.05.07 | 27.05.14 | ||
| 29.11.04 | 903,399 | (3,120) | 900,279 | 796 | 29.11.07 | 28.11.14 | ||
| 1,678,397 | 2,467,961 | (18,120) | 4,128,238 | |||||
| Total | 2,873,248 | 2,572,621 | (300,862) | (38,576) | 5,106,431 | |||
| Weighted average exercise price of options | 471p | 709p | 379p | 511p | 596p | |||
| Performance shares | pence | Vesting date | ||||||
| Restricted Share Plan | ||||||||
| 22.06.01 | 815,106 | 407,553 | (1,222,659) | 499 | 22.06.04 | |||
| 09.01.02 | 433,850 | 214,812 | (647,662) | (1,000) | 460 | 09.01.05 | ||
| 23.07.02 | 569,119 | (2,910) | (90) | 566,119 | 530 | 23.07.05 | ||
| 20.12.02 | 269,750 | (2,671) | (2,829) | 264,250 | 440 | 20.12.05 | ||
| 12.06.03 | 405,000 | (2,110) | (4,640) | 398,250 | 510 | 12.06.06 | ||
| 2,492,825 | 622,365 | (1,878,012) | (8,559) | 1,228,619 | ||||
| Long-Term Incentive Plan† | ||||||||
| 25.09.03 | 289,464 | 289,464 | 502 | 25.09.06 | ||||
| 12.12.03 | 270,000 | (2,500) | 267,500 | 552 | 12.12.06 | |||
| 28.05.04 | 521,507 | (2,500) | 519,007 | 663 | 28.05.07 | |||
| 29.11.04 | 301,133 | (1,040) | 300,093 | 796 | 29.11.07 | |||
| 559,464 | 822,640 | (6,040) | 1,376,064 | |||||
| Recruitment Award Agreement† | ||||||||
| 29.11.04 | 36,671 | 36,671 | 818 | 12.11.05 | ||||
| Co-investment Share Plan† | ||||||||
| 29.11.04 | 61,957 | 61,957 | 807 | 29.11.07 | ||||
| Total | 3,052,289 | 1,543,633 | (1,878,012) | (14,599) | 2,703,311 | |||
| Weighted average price of performance shares | 500p | 627p | 486p | 547p | 583p | |||
* 667,543 share options with a weighted average exercise price of 394p were exercisable at 31 March 2005 (2004: 833,081 at 393p).
† At 31 March 2005 the British Land Share Ownership Plan, a discretionary trust established to facilitate the operation of the incentive schemes, held 2,714,576 ordinary shares, with a market value of £21,825,191, in respect of RSP restricted, LTIP performance, Recruitment Award Agreement and Co-investment Share Plan shares (2004: 3,076,894, £20,076,733). The amount of shares which eventually vest for the RSP restricted and LTIP performance shares depends on actual performance against net asset value per share targets and a three year service period. The amount of shares which eventually vest for the Recruitment Award Agreement and Co-investment Share Plan shares depends on a one year and a three year service period respectively and for the Co-investment Plan is conditional on the prior acquisition by Mr Hester of a matching number of shares which must be retained for a three year period.