Last checked at 22 Feb 2017 07:00
The Mission Marketing Group plc
Growth Share Scheme
The Mission Marketing Group plc ('the missiontm' or "the Company", AIM: TMMG), the marketing communications and advertising group, announces the formation of a new management retention and incentive scheme, as communicated in the Company's trading update of 19 January 2017.
The Growth Share Scheme Arrangement (the "Scheme") has been designed to further increase cross-selling incentives between the missiontm's agencies and focus on driving the group forward and increasing shareholder value. The Scheme has been designed to retain and incentivise those key people who it is believed will be crucial to the missiontm's long term ambitions, and only has value to the participants if the share price of the Company increases substantially.
The Scheme
Under the Scheme, individuals are invited to subscribe for shares in The Mission Marketing Holdings Limited ("A Shares"). These shares are subscribed for at a nominal value of 0.01p per A Share and will only have a material value if the Company's share price equals or exceeds 75p for at least 15 days over the next three years* ("Vesting Conditions"). If the Vesting Conditions are met the individuals will be entitled to exchange their A Shares for an equivalent number of Ordinary Shares of 10p each in the Capital of the Company ("Ordinary Shares"). The A Shares have no value if the Vesting Conditions are not met.
To achieve the Vesting Conditions, the share price of the Company needs to increase by 83% from its current level, representing an increase in market capitalisation of approximately £29m. Under the Scheme, the A Shares would have an aggregate value at this level of approximately £4.3m and would be exchanged for 5,720,176 Ordinary Shares. The total number of Ordinary Shares under the Scheme and under existing options schemes is 8.36m, representing 9.9% of the issued Ordinary Share capital.
In total, 5,720,171 A Shares were subscribed for on 21 February 2017 (the "Award") by a limited number of board members and non-PDMR key managers. The subscription details for board members of the missiontm are detailed below.
Name | Position | A shares |
Dylan Bogg | Executive Director | 286,009 |
James Clifton | Executive Director | 572,017 |
Robert Day | Executive Director | 572,017 |
Peter Fitzwilliam | Finance Director | 572,017 |
Julian Hanson-Smith | Non-Executive Director | 171,605 |
Giles Lee | Executive Director | 572,017 |
David Morgan | Executive Chairman | 572,017 |
Sue Mullen | Executive Director | 286,009 |
Mike Rose | Executive Director | 286,009 |
Fiona Shepherd | Executive Director | 572,017 |
* The Vesting Conditions require the closing market value of the Company to equal or exceed 75p per share over 15 consecutive dealing days at any time between 21 February 2017 and a date 60 days after the day on which the Company's financial results for the year ending 31 December 2019 have been announced. If the Vesting Conditions are not met by this date, the A Shares will lapse and the Company will acquire each participant's aggregate holding for £1.
David Morgan, Chairman, commented: "the missiontm already has an unrivalled record in retention of its senior management and the Scheme has been designed to retain by reward those key people over the coming years who it is believed will be crucial to its long term ambitions."
Enquiries:
| |
The Mission Marketing Group plc | 020 7462 1415 |
David Morgan, Executive Chairman Peter Fitzwilliam, Finance Director | |
finnCap Limited | 020 7220 0500 |
Geoff Nash/James Thompson (Corporate Finance) Stephen Norcross (Corporate Broking) |
the missiontm is a network of entrepreneurial marketing communications Agencies employing over 950 people in the UK, Asia and San Francisco. The Group comprises a complementary mix of integrated generalists, specialists in specific marketing/communications activities and specialists in particular market sectors, all providing award-winning solutions to national and international Clients.
www.themission.co.uk
Details of the person discharging managerial responsibilities / person closely associated | ||
a) | Name | David Morgan |
2. | Reason for the Notification | |
a) | Position/status | Executive Chairman |
b) | Initial notification/Amendment | Initial |
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |
a) | Name | The Mission Marketing Group plc |
b) | LEI | 213800L567CF3Z6GPZ03 |
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 | A Shares in The Mission Marketing Holdings Limited, exchangeable into ordinary shares of 10p each the capital of the Company upon the satisfaction of performance criteria |
Identification code | GB00B11FD453 | |
b) | Nature of the transaction | Award of Growth Shares |
c) | Price(s) and volume(s) | 572,017 A Shares awarded |
d) | Aggregated information: · Aggregated volume · Price |
572,017 A Shares awarded |
e) | Date of the transaction | 21 February 2017 |
f) | Place of the transaction | London Stock Exchange, AIM Market (XLON) |
Details of the person discharging managerial responsibilities / person closely associated | ||
a) | Name | Peter Fitzwilliam |
2. | Reason for the Notification | |
a) | Position/status | Finance Director |
b) | Initial notification/Amendment | Initial |
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |
a) | Name | The Mission Marketing Group plc |
b) | LEI | 213800L567CF3Z6GPZ03 |
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 | A Shares in The Mission Marketing Holdings Limited, exchangeable into ordinary shares of 10p each the capital of the Company upon the satisfaction of performance criteria |
Identification code | GB00B11FD453 | |
b) | Nature of the transaction | Award of Growth Shares |
c) | Price(s) and volume(s) | 572,017 A Shares awarded |
d) | Aggregated information: · Aggregated volume · Price |
572,017 A Shares awarded |
e) | Date of the transaction | 21 February 2017 |
f) | Place of the transaction | London Stock Exchange, AIM Market (XLON) |
Details of the person discharging managerial responsibilities / person closely associated | ||
a) | Name | Julian Hanson-Smith |
2. | Reason for the Notification | |
a) | Position/status | Non-Executive Director |
b) | Initial notification/Amendment | Initial |
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |
a) | Name | The Mission Marketing Group plc |
b) | LEI | 213800L567CF3Z6GPZ03 |
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 | A Shares in The Mission Marketing Holdings Limited, exchangeable into ordinary shares of 10p each the capital of the Company upon the satisfaction of performance criteria |
Identification code | GB00B11FD453 | |
b) | Nature of the transaction | Award of Growth Shares |
c) | Price(s) and volume(s) | 171,605 A Shares awarded |
d) | Aggregated information: · Aggregated volume · Price |
171,605 A Shares awarded |
e) | Date of the transaction | 21 February 2017 |
f) | Place of the transaction | London Stock Exchange, AIM Market (XLON) |
Details of the person discharging managerial responsibilities / person closely associated | ||
a) | Name | Fiona Shepherd |
2. | Reason for the Notification | |
a) | Position/status | Executive Director |
b) | Initial notification/Amendment | Initial |
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |
a) | Name | The Mission Marketing Group plc |
b) | LEI | 213800L567CF3Z6GPZ03 |
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 | A Shares in The Mission Marketing Holdings Limited, exchangeable into ordinary shares of 10p each the capital of the Company upon the satisfaction of performance criteria |
Identification code | GB00B11FD453 | |
b) | Nature of the transaction | Award of Growth Shares |
c) | Price(s) and volume(s) | 572,017 A Shares awarded |
d) | Aggregated information: · Aggregated volume · Price |
572,017 A Shares awarded |
e) | Date of the transaction | 21 February 2017 |
f) | Place of the transaction | London Stock Exchange, AIM Market (XLON) |
Details of the person discharging managerial responsibilities / person closely associated | ||
a) | Name | Robert Day |
2. | Reason for the Notification | |
a) | Position/status | Executive Director |
b) | Initial notification/Amendment | Initial |
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |
a) | Name | The Mission Marketing Group plc |
b) | LEI | 213800L567CF3Z6GPZ03 |
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 | A Shares in The Mission Marketing Holdings Limited, exchangeable into ordinary shares of 10p each the capital of the Company upon the satisfaction of performance criteria |
Identification code | GB00B11FD453 | |
b) | Nature of the transaction | Award of Growth Shares |
c) | Price(s) and volume(s) | 572,017 A Shares awarded |
d) | Aggregated information: · Aggregated volume · Price |
572,017 A Shares awarded |
e) | Date of the transaction | 21 February 2017 |
f) | Place of the transaction | London Stock Exchange, AIM Market (XLON) |
Details of the person discharging managerial responsibilities / person closely associated | ||
a) | Name | Giles Lee |
2. | Reason for the Notification | |
a) | Position/status | Executive Director |
b) | Initial notification/Amendment | Initial |
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |
a) | Name | The Mission Marketing Group plc |
b) | LEI | 213800L567CF3Z6GPZ03 |
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 | A Shares in The Mission Marketing Holdings Limited, exchangeable into ordinary shares of 10p each the capital of the Company upon the satisfaction of performance criteria |
Identification code | GB00B11FD453 | |
b) | Nature of the transaction | Award of Growth Shares |
c) | Price(s) and volume(s) | 572,017 A Shares awarded |
d) | Aggregated information: · Aggregated volume · Price |
572,017 A Shares awarded |
e) | Date of the transaction | 21 February 2017 |
f) | Place of the transaction | London Stock Exchange, AIM Market (XLON) |
Details of the person discharging managerial responsibilities / person closely associated | ||
a) | Name | James Clifton |
2. | Reason for the Notification | |
a) | Position/status | Executive Director |
b) | Initial notification/Amendment | Initial |
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |
a) | Name | The Mission Marketing Group plc |
b) | LEI | 213800L567CF3Z6GPZ03 |
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 | A Shares in The Mission Marketing Holdings Limited, exchangeable into ordinary shares of 10p each the capital of the Company upon the satisfaction of performance criteria |
Identification code | GB00B11FD453 | |
b) | Nature of the transaction | Award of Growth Shares |
c) | Price(s) and volume(s) | 572,017 A Shares awarded |
d) | Aggregated information: · Aggregated volume · Price |
572,017 A Shares awarded |
e) | Date of the transaction | 21 February 2017 |
f) | Place of the transaction | London Stock Exchange, AIM Market (XLON) |
Details of the person discharging managerial responsibilities / person closely associated | ||
a) | Name | Sue Mullen |
2. | Reason for the Notification | |
a) | Position/status | Executive Director |
b) | Initial notification/Amendment | Initial |
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |
a) | Name | The Mission Marketing Group plc |
b) | LEI | 213800L567CF3Z6GPZ03 |
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 | A Shares in The Mission Marketing Holdings Limited, exchangeable into ordinary shares of 10p each the capital of the Company upon the satisfaction of performance criteria |
Identification code | GB00B11FD453 | |
b) | Nature of the transaction | Award of Growth Shares |
c) | Price(s) and volume(s) | 286,009 A Shares awarded |
d) | Aggregated information: · Aggregated volume · Price |
286,009 A Shares awarded |
e) | Date of the transaction | 21 February 2017 |
f) | Place of the transaction | London Stock Exchange, AIM Market (XLON) |
Details of the person discharging managerial responsibilities / person closely associated | ||
a) | Name | Dylan Blogg |
2. | Reason for the Notification | |
a) | Position/status | Executive Director |
b) | Initial notification/Amendment | Initial |
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |
a) | Name | The Mission Marketing Group plc |
b) | LEI | 213800L567CF3Z6GPZ03 |
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 | A Shares in The Mission Marketing Holdings Limited, exchangeable into ordinary shares of 10p each the capital of the Company upon the satisfaction of performance criteria |
Identification code | GB00B11FD453 | |
b) | Nature of the transaction | Award of Growth Shares |
c) | Price(s) and volume(s) | 286,009 A Shares awarded |
d) | Aggregated information: · Aggregated volume · Price |
286,009 A Shares awarded |
e) | Date of the transaction | 21 February 2017 |
f) | Place of the transaction | London Stock Exchange, AIM Market (XLON) |
Details of the person discharging managerial responsibilities / person closely associated | ||
a) | Name | Mike Rose |
2. | Reason for the Notification | |
a) | Position/status | Executive Director |
b) | Initial notification/Amendment | Initial |
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |
a) | Name | The Mission Marketing Group plc |
b) | LEI | 213800L567CF3Z6GPZ03 |
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 | A Shares in The Mission Marketing Holdings Limited, exchangeable into ordinary shares of 10p each the capital of the Company upon the satisfaction of performance criteria |
Identification code | GB00B11FD453 | |
b) | Nature of the transaction | Award of Growth Shares |
c) | Price(s) and volume(s) | 286,009 A Shares awarded |
d) | Aggregated information: · Aggregated volume · Price |
286,009 A Shares awarded |
e) | Date of the transaction | 21 February 2017 |
f) | Place of the transaction | London Stock Exchange, AIM Market (XLON) |