ETASSUM44140 - Schedule 4 Company Share Option Plan (CSOP): Requirements relating to options: Shares included in the London Stock Exchange (LSE) daily official list

For shares included in The London Stock Exchange Daily Official List (or any recognised stock exchange see ETASSUM44160) (this does not include AIM shares) the market value can be defined in the scheme rules by reference to the quotations derived from the Daily Official List, using:

• on any day the Exchange is open, the lower of the two prices shown in the Stock Exchange Daily Official List, as the closing price of the shares on that day plus one half of the difference between those two figures, and
• on any day the Exchange is closed, the value on the latest previous day on which it was open.

Note the above method of valuing shares will not apply where, in consequence of special circumstances, the closing prices mentioned above are not by themselves a proper measure of the market value of the shares or securities.

It is acceptable for the average of such values over consecutive dealing days prior to grant to be used. Three days is the most common period, but up to five days is acceptable.