SID Silverdell

At 30 September 2008, the Group and the company had no capital commitments (2007 
- nil). 
 
 
Operating leases 
 
 
The Group's total commitments under non-cancellable operating leases at 30 
September are as follows: 
 
 
+------------------------------------------+-----------+---------+-----------+---------+ 
|                                          |        2008         |        2007         | 
+------------------------------------------+---------------------+---------------------+ 
|                                          |      Land |   Other |      Land |   Other | 
|                                          |       and | GBP'000 |       and | GBP'000 | 
|                                          | buildings |         | buildings |         | 
|                                          |   GBP'000 |         |   GBP'000 |         | 
+------------------------------------------+-----------+---------+-----------+---------+ 
|                             Operating    |           |         |           |         | 
|                             leases which |           |         |           |         | 
|                             expire:      |           |         |           |         | 
+------------------------------------------+-----------+---------+-----------+---------+ 
|                             Within one   | 216       | 647     | 198       | 484     | 
|                             year         |           |         |           |         | 
+------------------------------------------+-----------+---------+-----------+---------+ 
|                             Within two   | 470       | 893     | 578       | 935     | 
|                             to five      |           |         |           |         | 
|                             years        |           |         |           |         | 
+------------------------------------------+-----------+---------+-----------+---------+ 
|                             After five   | 271       | -       | 370       | 23      | 
|                             years        |           |         |           |         | 
+------------------------------------------+-----------+---------+-----------+---------+ 
|                                          |           |         |           |         | 
+------------------------------------------+-----------+---------+-----------+---------+ 
|                                          | 957       | 1,540   | 1,146     | 1,442   | 
+------------------------------------------+-----------+---------+-----------+---------+ 
|                                          |           |         |           |         | 
+------------------------------------------+-----------+---------+-----------+---------+ 
 
 
27. Employee share schemes 
 
 
The company has adopted the following share incentive arrangement plans: 
 
 
Equity-settled share option scheme 
 
 
The company has a share option scheme for certain employees of the Group. 
Options are exercisable at a price equal to the average quoted market price of 
the company's shares on the date of grant. The vesting period is three years. If 
the options remain unexercised after a period of five years from the date of 
grant, the options expire. Options are forfeited if the employee leaves the 
Group before the options vest. 
 
 
Details of the share options outstanding during the year are as follows: 
 
 
+------------------------------------------+-----------+----------+-----------+----------+ 
|                                          |                      |        2007          | 
+------------------------------------------+----------------------+----------------------+ 
|                                          |    Number | Weighted |    Number | Weighted | 
|                                          |        of |  average |        of |  average | 
|                                          |     share | exercise |     share | exercise | 
|                                          |   options |    price |   options |    price | 
|                                          |           |      GBP |           |      GBP | 
+------------------------------------------+-----------+----------+-----------+----------+ 
|                                          |           |          |           |          | 
+------------------------------------------+-----------+----------+-----------+----------+ 
|                             Outstanding  | 3,606,552 |    0.953 | 2,762,592 |    0.805 | 
|                             at beginning |           |          |           |          | 
|                             of year      |           |          |           |          | 
+------------------------------------------+-----------+----------+-----------+----------+ 
|                             Granted      | 450,000   |    1.500 | 915,000   |    1.388 | 
|                             during the   |           |          |           |          | 
|                             year         |           |          |           |          | 
+------------------------------------------+-----------+----------+-----------+----------+ 
|                             Forfeited    | (446,080) |  (0.893) | (71,040)  |  (0.805) | 
|                             during the   |           |          |           |          | 
|                             year         |           |          |           |          | 
+------------------------------------------+-----------+----------+-----------+----------+ 
|                                          |           |          |           |          | 
+------------------------------------------+-----------+----------+-----------+----------+ 
|                             Outstanding  | 3,610,472 |    1.028 | 3,606,552 |    0.953 | 
|                             at the end   |           |          |           |          | 
|                             of the year  |           |          |           |          | 
+------------------------------------------+-----------+----------+-----------+----------+ 
|                                          |           |          |           |          | 
+------------------------------------------+-----------+----------+-----------+----------+ 
|                             Exercisable  | -         |        - | -         |        - | 
|                             at the end   |           |          |           |          | 
|                             of the year  |           |          |           |          | 
+------------------------------------------+-----------+----------+-----------+----------+ 
|                                          |           |          |           |          | 
+------------------------------------------+-----------+----------+-----------+----------+ 
 
 
The options outstanding at 30 September 2008 had a weighted average remaining 
contractual life of 5.14 years (2007: 6.01 years). In 2008, options over 450,000 
shares were granted on 3 October 2007. The aggregate of the estimated fair 
values of the options granted on that date is GBP0.1m. In 2007, options were 
granted on 4 January 2007, 12 June 2007 and 25 September 2007. The aggregate of 
the estimated fair values of the options granted on those dates is GBP1.27m. 
 
 
The inputs into the Black-Scholes Option Pricing Model are as follows: 
 
 
+------------------------------------------+----------+----------+----------+----------+ 
|                                          |          |          |  GBP'000 |     2007 | 
|                                          |          |          |          |  GBP'000 | 
+------------------------------------------+----------+----------+----------+----------+ 
|                                          |          |          |          |          | 
+------------------------------------------+----------+----------+----------+----------+ 
|                             Weighted     |          |          |     103p |      95p | 
|                             average      |          |          |          |          | 
|                             share price  |          |          |          |          | 
+------------------------------------------+----------+----------+----------+----------+ 
|                             Weighted     |          |          |     103p |      95p | 
|                             average      |          |          |          |          | 
|                             exercise     |          |          |          |          | 
|                             price        |          |          |          |          | 
+------------------------------------------+----------+----------+----------+----------+ 
|                             Expected     |          |          |    21.01 |    21.04 | 
|                             volatility   |          |          |          |          | 
+------------------------------------------+----------+----------+----------+----------+ 
|                             Expected     |          |          |  3 years |  3 years | 
|                             life         |          |          |          |          | 
+------------------------------------------+----------+----------+----------+----------+ 
|                             Risk-free    |          |          |    5.14% |    5.22% | 
|                             rate         |          |          |          |          | 
+------------------------------------------+----------+----------+----------+----------+ 
|                             Expected     |          |          |     Nil% |     Nil% | 
|                             dividend     |          |          |          |          | 
|                             yield        |          |          |          |          | 
+------------------------------------------+----------+----------+----------+----------+ 
|                                          |          |          |          |          | 
+------------------------------------------+----------+----------+----------+----------+ 
 
 
Expected volatility was determined by calculating the historical volatility of 

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