Last checked at 22 Jul 2014 15:10
The Mission Marketing Group plc
Annual LTIP Awards and Vesting; EBT Share Dealings
The Mission Marketing Group plc ("TMMG", "the Company" or "the missiontm"), the national marketing communications and advertising group, announces the following details of awards and vesting of nil-cost options under the TMMG Long Term Incentive Plan (the "LTIP") and associated share dealings.
The Remuneration Committee of the TMMG Board ("RemCo") has today approved the grant of 795,000 new LTIP options, representing 1.0% of the Company's issued share capital. LTIP option awards may be satisfied by shares held by The Mission Marketing Group Employee Benefit Trust ("EBT") and/or through the issue of new shares, as appropriate. The vesting of these LTIP options is dependent upon achieving levels of profit growth over the three year period of the options, with a sliding scale of vesting dependent upon the level of growth. Maximum vesting will be triggered by compound profit growth of 10% pa or more.
Separately, RemCo has today judged that the profit performance in relation to LTIP options granted in 2011, which were dependent upon profits over the three year period ended on 31 December 2013, was sufficient to permit 50% of those awards to vest (today). As a consequence, 50% of LTIP options granted in 2011 have lapsed.
A number of Directors have today exercised 2011 LTIP options and the following table sets out the details of LTIP options granted, lapsed and exercised:
Directo | Existing LTIP options | New LTIP options | Lapsed options | Options exercised | Total LTIP options |
Dylan Bogg | 160,000 | 17,500 | (30,000) | (30,000) | 117,500 |
James Clifton | 56,000 | 31,215 | - | - | 87,215 |
Robert Day | 363,667 | 60,000 | (78,500) | (78,500) | 266,667 |
Peter Fitzwilliam | 140,000 | 25,000 | (25,000) | (25,000) | 115,000 |
Chris Goodwin | 95,000 | 20,000 | (10,000) | (10,000) | 95,000 |
Giles Lee | 270,000 | 80,000 | (50,000) | (50,000) | 250,000 |
David Morgan | 140,000 | 25,000 | (25,000) | (25,000) | 115,000 |
Chris Morris | 118,000 | 25,000 | (14,000) | (14,000) | 115,000 |
Sue Mullen | 52,500 | 10,000 | (5,000) | (5,000) | 52,500 |
Fiona Shepherd | 130,000 | 20,000 | (20,000) | (20,000) | 110,000 |
The resulting total number of LTIP options in issue following today's grants, lapsing and vesting is 3,401,800, representing 4.4% of the Company's issued share capital.
The exercise of LTIP options gives rise to PAYE and NI liabilities and certain Directors and employees have sold shares in order to meet their tax liabilities. Shares sold by these individuals have today been bought by the EBT at an average price of 52p.
The following table sets out details of Directors share dealings and resulting interests in the Company's issued share capital:
Directo | Existing interest | LTIP options exercised | Shares sold for tax | Resulting interest | Resulting interest (%) |
Dylan Bogg | 1,439,323 | 30,000 | - | 1,469,323 | 1.91% |
Robert Day | 6,086,955 | 78,500 | (36,895) | 6,128,560 | 7.96% |
Peter Fitzwilliam | 619,481 | 25,000 | - | 644,481 | 0.84% |
Chris Goodwin | 373,047 | 10,000 | (4,200) | 378,847 | 0.49% |
Giles Lee | 701,158 | 50,000 | (23,500) | 727,658 | 0.95% |
David Morgan | 6,059,875 | 25,000 | - | 6,084,875 | 7.90% |
Chris Morris | 1,001,009 | 14,000 | - | 1,015,009 | 1.32% |
Sue Mullen | 1,078,254 | 5,000 | (2,100) | 1,081,154 | 1.40% |
Fiona Shepherd | 1,254,173 | 20,000 | (9,400) | 1,264,773 | 1.64% |
To facilitate the sale of shares referred to above, the EBT today purchased 196,125 of the Company's ordinary shares of 10 pence each at an average price of 52.0p. Following this transaction, the EBT's interest in the missiontm is 919,009 Ordinary Shares, representing approximately 1.2% of the issued share capital of the Company.
Enquiries: | |
The Mission Marketing Group plc | 020 3463 2099 |
Peter Fitzwilliam, Finance Director |
|
finnCap Limited | 020 7220 0500 |
Geoff Nash / Henrik Persson (Corporate Finance) Victoria Bates (Corporate Broking) |
the missiontm is a national marketing communications and advertising group with 17 offices across the UK and offices in San Francisco and Singapore. The Group specialises in providing national and international clients with award winning marketing, advertising and business communications. Group members include Addiction, April-Six, Balloon Dog, Big Communications, Bray Leino, RLA, Robson Brown, Solaris, Story, ThinkBDW and Yucca. the missiontm employs over 800 staff and is listed on AIM (TMMG).
www.themission.co.uk