Last checked at 13 Mar 2015 14:20
SOCO International plc
("SOCO" or the "Company")
DIRECTORS/PDMR SHAREHOLDING
The Company announces an increase in Directors' shareholdings pursuant to the settlement of certain share awards ("Awards").
Ed Story, Roger Cagle and Cynthia Cagle - the Chief Executive Officer, Deputy Chief Executive Officer and Company Secretary, respectively, and all Executive Directors of the Company and participants in the Company's Long Term Incentive Plan ("LTIP Participants") - each became interested in SOCO International plc ordinary shares of £0.05 each ("Shares") following the vesting and settlement of the Awards which were granted in 2011.
The Board had determined that, in this instance, it serves the best interest of the Company and its shareholders, and with the agreement of the LTIP Participants, to deliver only the net number of Shares to the LTIP Participants after deducting the number of Shares that otherwise would be sold in the market to settle the tax liabilities associated with the settlement of these Awards. Therefore, no Shares will be sold and the associated tax liabilities will be settled by the Company. Further details of the number of Shares referenced in the above is shown in the following table:
LTIP Participant | Date of original grant | Number of Awards Vested | Number of Shares to be deducted for associated tax | Net number of shares to be delivered |
Ed Story | 9 Dec 2011 | 401,090 | 168,257 | 232,833 |
Roger Cagle | 9 Dec 2011 | 300,817 | 125,850 | 174,967 |
Cynthia Cagle | 9 Dec 2011 | 205,208 | 91,992 | 113,216 |
Following this transaction, Mr Story is interested in a total of 13,423,964 Shares representing 4.04 % of the voting rights of the Company and 1,384,514 share awards. 11,748,964 of the Shares are held by Mr Story personally and 1,675,000 Shares are held by the Story Family Trust, a connected person to Mr Story.
Mr Roger Cagle and Ms Cynthia Cagle are connected persons to each other and are jointly interested in 8,286,444 Shares, representing 2.50% of the issued share capital of the Company and 1,747,812 share awards.
Individually, Mr Cagle is interested in 5,258,266 Shares, representing 1.58% of the issued share capital of the Company, and 1,039,024 share awards. 337,681 (0.50%) Shares are held personally and 4,920,585 (1.48%) Shares are held by C Minor Limited, a connected person to Mr Cagle.
Individually, Ms Cagle is interested in 3,028,178 Shares, representing 0.30% of the issued share capital of the Company and 708,788 share awards. 224,139 (0.30%) Shares are held personally and 2,804,039 (0.85%) Shares are held by C Major Limited, a connected person to Ms Cagle.
The Company was further today notified by the Trustees of the SOCO Employee Benefit Trust (the EBT) that following the above transactions, its shareholding in the Company had decreased by 521,016 Shares. The EBT is now interested in 2,773,095 Shares representing 0.84% of the share capital of the Company.
Contact: Carol Fan, SOCO International plc, tel. 020 7747 2000