Braveheart Investment, the Scottish business angel group, granted five directors options over 628,763 shares at the end of its first year on the Alternative Investment Market.

Braveheart Investment, the Scottish business angel group, granted five directors options over 628,763 shares at the end of its first year on the Alternative Investment Market.

The awards were made last June when the shares, trading at 92p yesterday, were at 164p.

The company's annual report and accounts, published yesterday, show the 2007 bonuses of £43,788 paid to chief executive Geoffrey Thomson and £13,795 to chief investment officer Carolyn Smith reduced to zero last year, despite the company moving to a £106,000 pre-tax profit from a £164,000 loss the previous year.

The two executives' salaries, however, rose substantially, Thomson's jumping from £100,000 to £135,000, and Smith's from £72,500 to £100,000.

The report shows option awards over 277,958 shares for Thomson and 170,286 shares for Smith.

Three non-executives also received option awards over a total of 180,519 shares, including 100,361 for chairman Garry Watson and 40,079 each for Edward Cunningham and Donald Turner.

The awards depend on employment conditions being met, though only by the executives, and on the company's market value notching up a rise of 50% on five consecutive days in the first year, rising to 150% in year three.

Three other non-executives, Shonaig Macpherson, Jeremy Delmar-Morgan and Ken Brown, did not participate in the share options.