Schedule 3 SAYE option schemes: Requirements relating to share options – The exercise price: AIM and other junior market listed shares
Shares listed on AIM or any other junior market in London will always require prior agreement of Shares & Assets Valuation (SAV) to determining the Market value for the purposes of Schedule 3 SAYE options (refer to for shares listed on a recognised stock exchange).
In practice scheme rules should include the statutory definition of Market Value with reference to Part 8 of TCGA 1992. This is in addition to how the Market Value will be determined by reference to any published reference sources as they would for a share listed on the Daily Official List (or other RSE). SAV should be approached prior to the granting of options and where possible should agree a methodology for determining Market Value on an ongoing basis; if this is not done, SAV would need to be approached prior to the grant of all options. If a company proposed to change an agreed methodology then prior approval would be required from SAV in the normal way.