27th Oct 2010 16:35
Cyril Sweett Group plc (the "Company")
27 October 2010
Award of shares under the Share Incentive Plan and issue of shares
The Company announces that it received notification today, following the quarterly accumulation period which ended on 30 September 2010, that Cyril Sweett Trustee Company Limited, trustee of the HMRC approved Cyril Sweett All Employee Share Ownership Plan ("SIP') awarded, in aggregate, 507,363 ordinary shares of 10 pence each in the Company ("Ordinary Shares") to participants in the SIP on 27 October 2010. Of these, 25,457 unallocated shares already held in the SIP were used, 100,000 Ordinary Shares were purchased in the market over the preceding 9 days at an average price of 35 pence per share, 34,399 Ordinary Shares were transferred from the Company's Employee Benefit Trust and 347,507 Ordinary Shares were issued by the Company. The issued shares were used to offset the entire Partnership share requirement and part of the Matching share requirement.
The SIP is a discretionary trust for the benefit of employees of the Company and participating subsidiaries, which holds Ordinary Shares acquired and/or awarded under the partnership, matching, free and dividend shares sections of the plan. During each quarterly accumulation period, eligible participating employees contribute funds to purchase partnership shares which are matched on a four for five basis. Dividends in respect of shares held by the SIP are re-invested to purchase dividend shares.
Following the quarterly appropriation Cyril Sweett Trustee Company Limited holds 11,146,557 Ordinary Shares representing 17.15% of the issued share capital of the Company.
The following directors' beneficial holdings in the Company have changed following the quarterly appropriation:
Prior to the quarterly appropriation | Following the quarterly appropriation | |||
Name | Number of shares | % | Number of shares | % |
Mr M J G Henderson | 334,864 | 0.52 | 337,511 | 0.52 |
Mr R S Mabey | 285,748 | 0.44 | 288,394 | 0.44 |
Mr D L Webster | 969,205 | 1.49 | 971,852 | 1.50 |
Total | 1,589,817 | 2.45 | 1,597,757 | 2.46 |
In addition, the Company also issued 100,000 Ordinary Shares today to satisfy the option exercise by a former employee of an option over 100,000 Ordinary Shares under the Company's Unapproved Share Option Scheme at an exercise price of 13.6 pence per share.
Application for the issued Ordinary Shares to be admitted to trading on AIM will be made at the earliest practicable opportunity upon which the Company's issued share capital will consist of 64,993,146 Ordinary Shares with voting rights. The Company does not hold any Ordinary Shares in Treasury.
For further information, call:
Cyril Sweett Group plc 0207 061 9053
Francesca Wilson, Company Secretary
Brewin Dolphin 0845 213 4730
Matt Davis
Sean Wyndham-Quin
ENDS
Related Shares:
CSG.L