Just Annual Report and Accounts 2020

126 JUST GROUP PLC Annual Report and Accounts 2020

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued

11 EMPLOYEE BENEFITS continued During the year to 31 December 2020, awards of DSBPs were made on 23 March 2020. The weighted-average fair value and assumptions used to determine the fair value of options granted during the year under the DSBP are as follows:

£0.44

Fair value at grant date Option pricing model used Share price at grant date

Black-Scholes

£0.44

Nil Nil

Exercise price

Expected volatility

3 years

Option life Dividends

Nil Nil

Risk-free interest rate

Save As You Earn (“SAYE”) scheme The Group operates SAYE plans for all employees, allowing a monthly amount to be saved from salaries over either a three or five year period which can be used to purchase shares in the Company at a predetermined price. The employee must remain in employment for the duration of the saving period and satisfy the monthly savings requirement (except in “good leaver” circumstances). Options are exercisable for up to six months after the saving period.

The options are accounted for as equity-settled schemes.

The number, weighted-average exercise price, weighted-average share price at exercise, and weighted-average remaining contractual life of outstanding options under the SAYE are as follows:

Year ended 31 December 2020

Year ended 31 December 2019

Weighted- average exercise price £

Number of options

9,953,188 13,031,462 (603,970) (6,609,575)

0.56 0.38 0.57 0.54 0.52 1.03 0.41 0.46 0.60 2.56

Outstanding at 1 January

4,556,383 10,313,555 (366,991) (4,146,082)

1.12 0.52 0.74 0.99

Granted Forfeited Cancelled Exercised

(46,892) (208,210)

–

Expired

(403,677) 9,953,188

1.20 0.56 0.73

Outstanding at 31 December Exercisable at 31 December

15,516,003

58,930

189,815

Weighted-average share price at exercise

–

Weighted-average remaining contractual life (years)

2.61

The range of exercise prices of options outstanding at the end of the year are as follows:

2020 Number of options outstanding 12,476,881 2,870,402

2019 Number of options outstanding

–

£0.38 £0.52 £1.07 £1.13 £1.18 £1.27 £1.47 Total

9,242,042 387,498 36,135 268,604

66,166

–

102,554

– –

12,791

6,118

15,516,003

9,953,188