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RNS Number : 2977B
Sumo Group PLC
06 June 2019
 

6 June 2019

 

Sumo Group plc

("Sumo Group" or the "Company")

 

Exercise of Share Options and Directors' Dealing

 

Sumo Group announces that Carl Cavers, Chief Executive Officer, and Paul Porter, Chief Operating Officer, have exercised options to acquire 6,601,907 and 6,202,091 ordinary shares of 1 penny each in the Company ("Ordinary Shares") respectively pursuant to the terms of put and call options which were incorporated into the articles of association of the Company's subsidiary, Project Republica Topco Limited ("Topco"), at the time of the Company's acquisition of 84.4 per cent. of Topco immediately prior to the Company's admission to AIM in December 2017.

 

These options were put in place in order to preserve the Entrepreneurs' Relief tax position regarding the shareholdings in Topco of the three founders of the Company's business (together "the Founders").  The Ordinary Shares subject to these options were allotted to the Company's subsidiary, Aghoco 1337 Limited, as trustee of the Sumo Group plc employee benefit trust. 

 

In accordance with the terms of the options, Carl and Paul have exchanged all of their ordinary shares in Topco for 6,601,907 and 6,202,091 of those Ordinary Shares respectively. The third Founder has also exchanged all of his ordinary shares in Topco for Ordinary Shares and accordingly all such options have now been exercised by the Founders and the shares in Topco, acquired by Aghoco 1337 Limited in consequence of such exercise, have been transferred to the Company with the result that Topco is now a wholly-owned subsidiary of the Company. Prior to the sale of shares described below, the beneficial interests of the Founders in Sumo Group remained unchanged as a result of the exercise of these options.

 

The exercise of options by Carl Cavers and Paul Porter has triggered tax liabilities. Carl and Paul have sold 1,200,000 and 1,455,000 Ordinary Shares respectively primarily to meet these  liabilities. These sales took place on 5 June 2019 at a price of 130 pence per Ordinary Share.

 

Following these transactions, Carl Cavers' interest in Ordinary Shares is 5,150,116 representing 3.43% per cent. of the Company's issued Ordinary Share capital and Paul Porter's interest in Ordinary Shares is 5,003,724 representing 3.33% per cent. of the Company's issued Ordinary Share capital.

 

The third Founder has also sold shares in respect of his tax liability.

 

Each of the Founders has entered a new lock-in agreement with Zeus Capital and the Company which will relate to the entirety of his current shareholding in the Company and which will expire on 31 December 2019.

 

The notification below, made in accordance with the requirements of the EU Market Abuse Regulation, provides further detail.

 

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

Chief Executive Officer

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

Ordinary shares of £0.01

 

 

Identification code

SUMO

b)

Nature of transaction

Share for share exchange (on exercise of option)

c)

Price(s) and volume(s)

Price

Volume

 

 

130p

6,601,907

d)

Aggregated information

- Aggregated volume

- Price

 

N/A

e)

Date of the transaction

5 June 2019

f)

Place of the transaction

Private transaction

 

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

Ordinary shares of £0.01

 

 

Identification code

SUMO

b)

Nature of transaction

Sale

c)

Price(s) and volume(s)

Price

Volume

 

 

130p

1,455,000

d)

Aggregated information

- Aggregated volume

- Price

 

N/A

e)

Date of the transaction

5 June 2019

f)

Place of the transaction

London Stock Exchange, AIM

 

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

Paul Porter

 

 

 

2

Reason for the notification

 

a)

Position/status

Chief Operating Officer

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

Ordinary shares of £0.01

 

 

Identification code

SUMO

b)

Nature of transaction

Share for share exchange (on exercise of option)

c)

Price(s) and volume(s)

Price

Volume

 

 

130p

6,202,087

d)

Aggregated information

- Aggregated volume

- Price

 

N/A

e)

Date of the transaction

5 June 2019

f)

Place of the transaction

Private transaction

 

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

Ordinary shares of £0.01

 

 

Identification code

SUMO

b)

Nature of transaction

Sale

c)

Price(s) and volume(s)

Price

Volume

 

 

130p

1,200,000

d)

Aggregated information

- Aggregated volume

- Price

 

N/A

e)

Date of the transaction

5 June 2019

f)

Place of the transaction

London Stock Exchange, AIM

 

 

Enquiries:

 

 

Sumo Group plc

Tel: +44 (0) 114 242 6766

Carl Cavers, Chief Executive Officer

 

David Wilton, Chief Financial Officer

 

 

 

Zeus Capital Limited (Nominated Adviser & Broker)

 

Nick Cowles / Andrew Jones

Tel: +44 (0) 161 831 1512

Ben Robertson / John Goold

Tel: +44 (0) 203 829 5000

 

 

Belvedere Communications Limited

                                      

Cat Valentine (cvalentine@belvederepr.com)

Tel: +44 (0) 7715 769 078

Keeley Clarke (kclarke@belvederepr.com)

Tel: +44 (0) 7967 816 525

Llew Angus (langus@belvederepr.com)

Tel: +44 (0) 7407 023 147

 

About Sumo Group - www.sumogroupplc.com 

 

Sumo Group's businesses provide acclaimed development and design services to the video games and entertainment industries from studios in the UK, India, and Canada.

 

Sumo Digital, as the group's primary business, is one of the UK's largest independent developers of AAA-rated video games, having studios in Sheffield, Newcastle, Nottingham, Huddersfield, Leamington Spa and Pune, India. The business has acquired two studios since IPO, which operate under their own names, BAFTA award-winning The Chinese Room and Red Kite Games. Sumo Digital provides turnkey and co-development solutions to a global blue-chip client base.

 

Atomhawk is a multi-award-winning visual design company, with studios in Newcastle and in Vancouver (Canada), servicing the games, film and visual effects industries.

 

Together, the Group delivers full-spectrum visual and development solutions, which include initial visual concepts, conceiving new products and game development involving all aspects of pre-production, production & development, as well as supporting games as a service.


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
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