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11 Dec 2008 11:35
Cyril Sweett Group plc (the "Company")
11 December 2008
Award of shares under the Share Incentive Plan
The Company announces that on 10 December 2008, it transferred 273,985 shares of 10 pence each in the Company ("Ordinary Shares") to Cyril Sweett Trustee Company Limited ("CSTCL") from Treasury and that the Cyril Sweett Employee Benefit Trust transferred 479,612 Ordinary Shares to CSTCL. In addition to this, the Company has issued 42,533 new Ordinary Shares to CSTCL. An application has been made for the new Ordinary Shares to be admitted to trading on AIM and trading in the new Ordinary Shares on AIM is expected to commence as soon as practicable.
Following this issue of new Ordinary Shares, and the transfer out of Treasury, the Company's issued share capital consists of 57,582,328 Ordinary Shares with voting rights and the Company holds no Ordinary Shares in Treasury.
These transfers were effected in order to satisfy the Company's obligations under the HMRC approved Cyril Sweett All Employee Share Ownership Plan ("SIP"), of which CSTCL is the trustee. Accordingly, the Company announces that CSTCL awarded 847,969 Ordinary Shares to participants in the plan on 10 December 2008. Following the award of free shares, CSTCL holds 9,995,278 Ordinary Shares.
The SIP is a discretionary trust for the benefit of employees of the Company and participating subsidiaries, which holds Ordinary Shares acquired and/or awarded under the partnership, matching free and dividend shares sections of the plan. During a quarterly accumulation period, eligible participating employees contribute funds to purchase partnership shares which are matched on a two for five basis. Dividends in respect of shares held by the SIP are re-invested to purchase dividend shares. Free shares may be awarded up to a maximum value of £3,000 in any tax year and this award was calculated by reference to basic salary and based on a share price of 44 pence per share, being the closing mid-market price on 9 December 2008.
Directors in the Company who are beneficiaries of the SIP and their respective beneficial holdings in the Company, before and after this award, are as follows:
|
Prior to the award |
Following the award |
|||
|
Name |
Number of shares |
% |
Number of shares |
% |
|
Mr M J G Henderson |
213,093 |
0.37 |
213,093 |
0.37 |
|
Mr F R Ives |
2,664,000 |
4.65 |
2,670,818 |
4.64 |
|
Mr M Kemsley |
1,016,445 |
1.77 |
1,020,763 |
1.77 |
|
Mr R S Mabey |
212,763 |
0.37 |
212,763 |
0.37 |
|
Mr D R Pitcher |
1,439,496 |
2.51 |
1,445,632 |
2.51 |
|
Mr D L Webster |
856,260 |
1.50 |
863,078 |
1.50 |
|
Total |
6,402,057 |
11.18 |
6,426,147 |
11.16 |
For further information, call:
Cyril Sweett Group plc 0207 061 9386
James Murray, Company Secretary
Brewin Dolphin Investment Banking 0845 270 8610
Andrew Kitchingman
Sean Wyndham-Quin
ENDS
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