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10 Aug 2011 16:18
10 August 2011
Stagecoach Theatre Arts plc
("Stagecoach Theatre Arts" or "the Company")
Long Term Incentive Plan, Exercise of Options and Directors Dealings
Stagecoach Theatre Arts (AIM: STA), which runs the UK's largest franchise network of part-time performing arts schools for children aged between 4 and 18, operates a long term incentive plan ("the LTIP") for the senior management of the Company. Under the provisions of the LTIP, nominal cost share options may be awarded to employees although such awards will be subject to the Company's profit before tax increasing by an average of 5% per annum over the five year performance period ending with the financial year in which the award is granted. In addition, awards will generally vest one year from the date of grant, subject to continued employment and also subject to the payment of a final dividend in that year, and will lapse 10 years after the date of grant.
The Company today made grants pursuant to the LTIP of 35,000 options and 28,000 options ("the Options") over its ordinary shares of 5p each ("Ordinary Shares") to Richard Dawson and Manzoor Ishani (directors of the Company), respectively. The Options have an exercise price of 5 pence per Ordinary Share, being the nominal value of the Ordinary Shares, and will vest on 10 August 2012 subject to meeting the performance criteria.
Richard Dawson, Finance Director, today exercised options over 55,683 Ordinary Shares, of which 47,786 had an exercise price of 42 pence per share and 7,897 had an exercise price of 5 pence per share. Application has been made for these shares to be admitted to trading on AIM and this is expected to take place on 16 August 2011.
David Sprigg, Joint Managing Director, today acquired, and Richard Dawson sold 47,786 Ordinary Shares at 45 pence per Ordinary Share.
Following the exercise of the Options today, there will be 10,000,000 Ordinary Shares in issue.
Following the grant and exercise of the Options, and the sale and purchase of Ordinary Shares in the Company, Mr Sprigg, Mr Dawson and Mr Ishani have the following interests in the Company's share capital:
Director | Number of issued Ordinary Shares | Percentage of issued share capital | Number of options |
David Sprigg* | 2,859,894 | 28.60% | 0 |
Richard Dawson | 210,709 | 2.11% | 275,113 |
Manzoor Ishani | 13,763 | 0.14% | 371,454 |
* Mr Sprigg's holding includes 1,075 Ordinary Shares held in the name of his wife, Ms Deepak Lal.
Enquiries:
Stagecoach Theatre Arts Richard Dawson, Finance Director & Investor Relations
| Tel: 01932 254 333 |
Smith & Williamson Corporate Finance Limited Nominated Adviser David Jones / Siobhan Sergeant
| Tel: 020 7131 4000 |
Peckwater PR Financial Public Relations Tarquin Edwards | Tel: 07879 458 364 Tarquin.Edwards@peckwaterpr.co.uk |
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