12 Mar 2018 07:00
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) |
| ||||
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) |
| ||||
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 |