Close
RNS Number : 3314H
Sumo Group PLC
12 March 2018
 

12 March 2018

Sumo Group plc

("Sumo" or "the Group" or "the Company")

(AIM: SUMO)

 

Issue of LTIP Awards

 

Sumo announces that on 9 March 2018 awards were made over ordinary shares of £0.01 each ("Ordinary Shares") under The Sumo Group plc Long Term Incentive Plan (the "LTIP")) to the following persons discharging managerial responsibilities ("PDMRs") and to other senior management of Sumo ("LTIP Awards"):

 

PDMR

Number of Ordinary Shares subject to LTIP Award

Carl Cavers

1,200,000

David Wilton

885,000

 

In addition to the awards to PDMRs, LTIP Awards over a total of 5,806,246 Ordinary Shares were made to senior managers.  This total is 806,246 higher than the figure referred to in Sumo's Admission Document as it now includes individuals who joined the Group on its acquisition of the Newcastle studio of CCP in January this year and certain other key individuals.

 

Pursuant to the LTIP Awards, Sumo has on 9 March 2018 issued a total of 4,618,735 Ordinary Shares to Aghoco 1337 Limited (the "New Shares"), the trustee of the Sumo Group plc Employee Benefit Trust (the "EBT") to be held in order to satisfy the element of the proposed LTIP Awards which are to be held under a joint ownership arrangement.

 

The LTIP Awards have been made for nil cost.  The awards made to the PDMRs and a group of other senior managers are subject to cumulative adjusted EPS and TSR based targets measured over the Company's 2018, 2019 and 2020 financial years. The balance of the LTIP awards are subject to the EPS target alone.  Subject to achievement of these performance targets, and the participants remaining in employment with Sumo, the LTIP Awards will vest in three years' time in 2021, with 50% of the vested amount exercisable immediately and the remaining 50% after four years in 2022.

Application will be made to the London Stock Exchange for the admission of the New Shares. The New Shares are expected to be admitted to trading on or around 16 March 2018. Following the admission, the Company will have 149,618,735 Ordinary Shares in issue. All dividend and voting rights attaching to the Ordinary Shares issued to the EBT are waived whilst unvested.

 

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them.

 


1

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Carl Cavers

2

Reason for the notification

a)

Position/status

CEO

b)

 

Initial notification /Amendment

Initial notification

3

 

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

Sumo Group plc

b)

LEI

 213800LTZXJCG5QKIM14

4

 

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a)

 

Description of the financial instrument, type of instrument

Identification code

Ordinary shares of £0.01

 

SUMO

b)

Nature of the transaction

Issue of a nil-cost award under the LTIP

c)

Price(s) and volume(s)

 Price(s)

Volume(s)

0p

1,200,000

 

d)

Aggregated information

- Aggregated volume

- Price


N/A - single transaction

e)

Date of the transaction

9 March 2018

f)

Place of the transaction

London Stock Exchange, AIM

 

 

 


1

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

David Wilton

2

Reason for the notification

a)

Position/status

CFO

b)

 

Initial notification /Amendment

Initial notification

3

 

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

Sumo Group plc

b)

LEI

 213800LTZXJCG5QKIM14

4

 

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a)

 

Description of the financial instrument, type of instrument

Identification code

Ordinary shares of £0.01

 

SUMO

b)

Nature of the transaction

Issue of a nil-cost award under the LTIP

c)

Price(s) and volume(s)

 Price(s)

Volume(s)

0p

885,000

 

d)

Aggregated information

- Aggregated volume

- Price


N/A - single transaction

e)

Date of the transaction

9 March 2018

f)

Place of the transaction

London Stock Exchange, AIM

 

 

Enquiries:

 

Sumo Group plc

Carl Cavers (CEO)

 

 Tel:  +44 (0)114 242 6766

Zeus Capital Limited

Richard Darlington / Nick Cowles / Andrew Jones (Corporate Finance)

Ben Robertson / John Goold (Corporate Broking)

 

 

Tel:  +44 (0) 161 831 1512

Tel:  +44 (0) 20 3829 5000

Belvedere Communications Limited

Cat Valentine / Kim Van Beeck

 

Tel:  +44 (0) 20 3567 0510

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
DSHLLFVDVSIAIIT