Third time lucky

To partly answer my own question. The listing prospectus states:

"The Company has established an employee benefit trust (“EBT”) and has adopted the EMI Scheme. The EBT granted options over 2,869,898 Ordinary Shares under the EMI Scheme on 10 February 2004 at an exercise price of 1p per share.
The Directors recognise the need to attract, incentivise and retain employees and, to this end, the Company will establish the Share Option Scheme. Under the Share Option Scheme, the Company may grant options over up to 13 per cent. of its issued ordinary share capital to eligible employees in addition to any options either in existence prior to Admission or granted conditional upon
Admission. Options granted following Admission under the Share Option Scheme will be subject to performance criteria specified to the Board by the remuneration committee and, save in the circumstances listed below, will not be granted at an exercise price which is below the average market value of an Ordinary Share on the three business days immediately prior to grant."

According to this the, excercise price cannot be 1p, it should be at:
"..the average market value of an Ordinary Share on the three business days immediately prior to grant". The company should explain why it appeared to have granted these options at 1p.

Please note also that the company can give away options of up to 13% of its share capital.