31st Oct 2012 10:59
31 October 2012
Sweett Group plc (the "Company")
Award of shares under the Share Incentive Plan
The Company announces that it received notification on 17 October 2012 that, following payroll contributions made on 28 September 2012, Cyril Sweett Trustee Company Limited, trustee of the HMRC approved Cyril Sweett All Employee Share Ownership Plan ("SIP'), awarded 22,855 ordinary shares of 10 pence each respectively in the Company ("Ordinary Shares") to participants in the SIP. All of the 22,855 shares were unallocated shares already held in the SIP.
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. Following a change to the SIP Trust Deed and Rules on 1 January 2011, eligible participating employees now contribute funds to purchase partnership shares on a monthly basis. Dividends in respect of shares held by the SIP are re-invested to purchase dividend shares.
Following the appropriation Cyril Sweett Trustee Company Limited holds 9,823,982 Ordinary shares representing 14.51% of the issued share capital of the Company.
Under the SIP, Mr Dean Webster, Chief Executive Officer of the Company, and Mr Derek Pitcher, a Director of the Company, each purchased 714 ordinary shares at a price of 17.5 pence per share via contributions made on 28 September 2012. As part of the dividend re-investment, 2,100 dividend shares were awarded to Dean Webster and 2,799 dividend shares were awarded to Derek Pitcher on 23 October 2012 at a price of 20p.
Therefore the following directors' beneficial holdings in the Company have changed following these appropriations:
Prior to the appropriations | Following the appropriations and dividend re-investment | |||
Name | Number of shares | % | Number of shares | % |
Mr D R Pitcher | 1,683,186 | 2.49 | 1,686,699 | 2.49 |
Mr D L Webster | 1,045,793 | 1.54 | 1,048,607 | 1.55 |
As part of the dividend re-investment, dividend shares were also awarded under the SIP to certain other Directors, Mr Chris Goscomb, who received 629 shares, Mr Michael Henderson, who received 738 shares and Mr Roger Mabey, who received 843 shares, on 23 October 2012 at a price of 20p.
Total resultant shareholdings of these directors are as follows:
Name | Number of shares | % |
Mr M J G Henderson | 422,749 | 0.62 |
Mr R S Mabey | 310,041 | 0.46 |
Mr C R J Goscomb | 206,999 | 0.31 |
At the date of this announcement, the Company's issued share capital consists of 67,694,055 Ordinary shares with voting rights and the Company holds no Ordinary shares in Treasury.
For further information, call:
Sweett Group plc 020 7061 9053
Danielle Pass, Company Secretary
Westhouse Securities Limited 020 7601 6100
Tom Griffiths
Paul Gillam
ENDS
Related Shares:
CSG.L