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Annual Report 2009

15. Warrants and options granted — continued There were no warrants or options exercised in 2009 or 2008.

The warrants and options outstanding at 30 September 2009 had a weighted average exercise price of 2.42p and a weighted average remaining contractual life of 1.4 years.

In the year ended 30 September 2009, warrants were granted on 9 December 2008. The aggregate of the

estimated fair values of the warrants granted on this date is £13,319. In the year ended 30 September 2008, warrants and options were granted on 31 October 2007. The aggregate of the estimated fair values of the options granted on that date is £10,414.

The inputs into the Black-Scholes-Merton Option Pricing Model are as follows:

2009

2008

0.46p

1.60p

0.58p

2.00p

77.5%

77.5%

4 years

4 years

3.32%

4.96%

0%

0%

Weighted average share price Weighted average exercise price Expected volatility Expected life Risk-free rate Expected dividend yield

Expected volatility was determined by calculating the historical volatility of the Company’s share price over the previous 2 years. The expected life used in the model has been adjusted, based on management’s best estimate, for the effects of non-transferability, exercise restrictions and behavioural considerations.

The Company recognised total expenses of £11,774 and £7,884 related to equity-settled share-based payment transactions in 2009 and 2008 respectively and a total receipt of nil in 2009 (2008: £2,001), the 2008 receipt being a reversal of previous charges arising from the forfeiture of warrants.

Company

Share premium account £

At 1 October 2007 Loss for the year Premium on allotment Expenses of equity share issues Share based payments

1,959,723 241,364 (11,750)

At 30 September 2008 Loss for the year Premium on allotment Share based payments

2,189,337 14,475

At 30 September 2009

2,203,812

Share

option

Accumulated

reserve

losses

£

£

82,636

(605,347)

(634,880)

(42,839)

50,723

39,797

(1,189,504)

(227,563)

11,774

51,571

(1,417,067)

16. Movement in reserves

www.sunrisediamonds.com 25

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