17th Jan 2011 15:26
Cyril Sweett Group plc (the "Company")
17 January 2011
Award of shares under the Share Incentive Plan and issue of shares
The Company announces that it received notification on Friday 14 January 2011 that, following the quarterly accumulation period which ended on 31 December 2010, Cyril Sweett Trustee Company Limited, trustee of the HMRC approved Cyril Sweett All Employee Share Ownership Plan ("SIP'), awarded in aggregate 490,336 ordinary shares of 10 pence each in the Company ("Ordinary Shares") to participants in the SIP on 14 January 2011. Of these, 204,307 unallocated shares already held in the SIP were used, 135,142 Ordinary Shares were purchased in the market between 11 and 14 January 2011 at an average price of 35.97 pence per share and 150,887 Ordinary Shares were transferred from the Company's Employee Benefit Trust.
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 11,228,197 Ordinary Shares representing 17.28% 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 C R J Goscomb | 151,321 | 0.23 | 159,756 | 0.25 |
Mr M J G Henderson | 337,511 | 0.52 | 339,623 | 0.52 |
Mr R S Mabey | 288,394 | 0.44 | 290,506 | 0.45 |
Mr D R Pitcher | 1,610,677 | 2.48 | 1,619,116 | 2.49 |
Mr D L Webster | 986,852 | 1.52 | 988,964 | 1.52 |
Total | 3,374,755 | 5.19 | 3,397,965 | 5.23 |
At the date of this announcement, the Company's issued share capital consists of 64,993,146 Ordinary Shares with voting rights and the Company holds no 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
Related Shares:
CSG.L