The interests in the ordinary shares of 5p each in the Company of the Directors who held office at the end of the financial year were as follows:

Number of shares

Interest at
end of year
Interest at
beginning of year
MM Diamond533,800533,800
JC Barker573,229573,229
MR Belton68,56515,183
GP Budd357,264303,882
GC Roberts29,30729,307
NS Chapman1,507,500885,000

There have been no changes to Directors' interests between the end of the financial year and the date of this Report.

There were no non-beneficial interests.

The Directors retiring by rotation are Malcolm Diamond, Geoff Budd and Jonathan Shearman who, being eligible, offer themselves for re-election at the forthcoming Annual General Meeting.

Scott Mac Meekin was appointed to the Board on 25 April 2013 and accordingly will stand for election at the forthcoming Annual General Meeting.

At the date of signing the financial statements, there were no Executives who held Non-Executive Directorships elsewhere.

The rights of the Directors who held office during the financial year to subscribe for ordinary shares of 5p each in the Company, including SAYE options, are as follows:

Number of options

Date grantedOption Price
£
At 31
March
2012
Options granted in the yearOptions cancelled in the yearExercised
in the
year
At 31 March
2013
MM Diamond30 Sept 20090.0852,000,0002,000,000
JC Barker30 Sept 20090.0852,000,0002,000,000
MR Belton30 Sept 20090.085500,000500,000
SAYE Options0.17053,382(53,382)
GP Budd30 Sept 20090.085500,000500,000
SAYE Options0.17053,382(53,382)
SV Murphy (resigned 31 January 2013)30 Sept 20090.085200,000200,000
GC Roberts30 Sept 20090.085250,000250,000
NS Chapman30 Sept 20090.085150,000150,000

No other Director has share options.

MR Belton and GP Budd exercised their SAYE share options on 21 December 2012 when the market price was 47.75p.

The options granted on 30 September 2009, are exercisable between September 2012 and September 2019 at an exercise price of £0.085 per share. These can only be exercised when the Company's share price has reached a minimum of £0.51 maintained as an average over the three-month period preceding the Notice of Exercise, and the Company has achieved a minimum of 10% Return on Capital Employed (defined as underlying EBIT over shareholders' Funds and Net Debt). For 2013 ROCE was 12.1% (2012: 11.2% – adjusted for 12 months of PowerSteel and Electro-Plating Works SDN Bhd (PSEP)).

The market price of the ordinary shares at 31 March 2013 was £0.57 (2012: £0.45) and the range during the year was £0.39 to £0.58 (2012: £0.37 to £0.51).

The Company's register of Directors' interests, which is open to inspection, contains full details of Directors' shareholdings and options to subscribe.

There have been no other changes in the interests or rights to subscribe for shares of the Directors in the ordinary share capital of the Company since the end of the financial year.

LTIP Awards over shares of 5p each

At 31 March 2013, no Director of the Company held any LTIP awards.

Directors' remuneration

MARCH 2013
Name
Fees
£000
Salaries
£000
Benefits in Kind
£000
Restructuring Costs1
£000
Bonus
£000
Subtotal
£000
Pension
£000
Total
£000
Chairman
MM Diamond1901357260260
Executive Directors
JC Barker (CEO)2201366299299
MR Belton (GFD)150134520830238
GP Budd150134520830238
SV Murphy11041116127621297
GC Roberts125123817525200
Independent Non-Executive Directors
NS Chapman484848
JPD Shearman424242
Totals90939751612511,5161061,622
  1. The Restructuring costs relate to compensation for loss of office for Seamus Murphy and all associated costs following his step down from the Board on 31 January 2013.

Directors' remuneration

MARCH 2012
Name
Fees
£000
Salaries
£000
Benefits in Kind
£000
Bonus
£000
Subtotal
£000
Pension
£000
Total
£000
Chairman
MM Diamond1901367270270
Executive Directors
JC Barker (CEO)2201394327327
MR Belton (GFD)130136220526231
GP Budd150143019430224
SV Murphy120134217524199
GC Roberts120124217424198
Independent Non-Executive Directors
NS Chapman484848
JPD Shearman424242
Totals90930783371,4351041,539