A company issues fully paid shares to all $500$ existing employees on $31$ July $20$X$8.$ Shares issued to employees normally have vesting conditions attached to them and vest over a three$-$year period, at the end of which the employees have to be in the company's employment. However these shares have been given to the employees because of the performance of the company during the year. The shares have a market value of $$2m$ on $31$ July $20x8$ and an average fair value over the previous $12$ months of $$3m.$ It is anticipated that in three$-$years' time there will be $400$ employees at the company.

What amount would be expensed to profit or loss for the year ended $31$ July $20$X$8?$