Sumo Group PLC Issue of LTIP Awards (3314H)

TIDMSUMO

RNS Number : 3314H

Sumo Group PLC

12 March 2018

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 GBP0.01 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.

 
      Details of the person discharging 
  1    managerial responsibilities 
       / person closely associated 
---  --------------------------------------------- 
 a)   Name               Carl Cavers 
---  -----------------  -------------------------- 
 2    Reason for the notification 
---  --------------------------------------------- 
 a)   Position/status    CEO 
---  -----------------  -------------------------- 
 b)   Initial            Initial notification 
       notification 
       /Amendment 
---  -----------------  -------------------------- 
 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        Ordinary shares of 
       of the             GBP0.01 
       financial 
       instrument,        SUMO 
       type of 
       instrument 
       Identification 
       code 
---  -----------------  -------------------------- 
 b)   Nature             Issue of a nil-cost 
       of the             award under the LTIP 
       transaction 
---  -----------------  -------------------------- 
 c)   Price(s)             Price(s)   Volume(s) 
       and volume(s)       ---------  ---------- 
                            0p         1,200,000 
                           ---------  ---------- 
---  -----------------  -------------------------- 
 d)   Aggregated 
       information        N/A - single transaction 
       - Aggregated 
       volume 
       - Price 
---  -----------------  -------------------------- 
 e)   Date of            9 March 2018 
       the transaction 
---  -----------------  -------------------------- 
 f)   Place of           London Stock Exchange, 
       the transaction    AIM 
---  -----------------  -------------------------- 
 
 
      Details of the person discharging 
  1    managerial responsibilities 
       / person closely associated 
---  --------------------------------------------- 
 a)   Name               David Wilton 
---  -----------------  -------------------------- 
 2    Reason for the notification 
---  --------------------------------------------- 
 a)   Position/status    CFO 
---  -----------------  -------------------------- 
 b)   Initial            Initial notification 
       notification 
       /Amendment 
---  -----------------  -------------------------- 
 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        Ordinary shares of 
       of the             GBP0.01 
       financial 
       instrument,        SUMO 
       type of 
       instrument 
       Identification 
       code 
---  -----------------  -------------------------- 
 b)   Nature             Issue of a nil-cost 
       of the             award under the LTIP 
       transaction 
---  -----------------  -------------------------- 
 c)   Price(s)             Price(s)   Volume(s) 
       and volume(s)       ---------  ---------- 
                            0p         885,000 
                           ---------  ---------- 
---  -----------------  -------------------------- 
 d)   Aggregated 
       information        N/A - single transaction 
       - Aggregated 
       volume 
       - Price 
---  -----------------  -------------------------- 
 e)   Date of            9 March 2018 
       the transaction 
---  -----------------  -------------------------- 
 f)   Place of           London Stock Exchange, 
       the transaction    AIM 
---  -----------------  -------------------------- 
 

Enquiries:

 
 Sumo Group plc                                       Tel: [phone] 
  Carl Cavers (CEO)                                                  6766 
 Zeus Capital Limited 
  Richard Darlington / Nick Cowles / Andrew          Tel: [phone] 
  Jones (Corporate Finance)                                          1512 
  Ben Robertson / John Goold (Corporate Broking)     Tel: [phone] 
                                                                     5000 
 Belvedere Communications Limited                    Tel: [phone] 
  Cat Valentine / Kim Van Beeck                                      0510 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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March 12, 2018 03:00 ET (07:00 GMT)