16th Apr 2015 14:55
The Mission Marketing Group plc
LTIP awards and purchase of shares by the EBT
The Mission Marketing Group plc ("the Company" or 'the missiontm', AIM: TMMG), the marketing communications and advertising group, announces the following details of awards of nil-cost options under the TMMG Long Term Incentive Plan (the "LTIP") and share dealings by The Mission Marketing Group Employee Benefit Trust ("EBT").
LTIP awards
The Remuneration Committee of the TMMG Board ("RemCo") has today approved the grant of 1,005,000 new LTIP options to certain Directors and employees, representing 1.2% of the Company's current non-diluted issued share capital. The vesting of these LTIP options is dependent upon achieving levels of profit growth over the three year period of the options, with a sliding scale of vesting dependent upon the level of growth. Maximum vesting will be triggered by compound profit growth of 10% pa or more.
Separately, RemCo has today judged that the profit performance in relation to LTIP options granted in 2012, which were dependent upon profits over the three year period ended on 31 December 2014, was sufficient for 25% of those awards to vest when they reach maturity in July 2015. As a consequence, 75% of LTIP options granted in 2012 have lapsed.
The following table sets out a summary of the LTIPs awarded to Directors and their resultant holdings:
Directo | Existing LTIP options | New LTIP options | Lapsed options | Total LTIP options |
Dylan Bogg | 117,500 | 52,000 | (52,500) | 117,000 |
James Clifton | 87,215 | 52,000 | - | 139,215 |
Robert Day | 266,667 | 46,667 | (72,500) | 240,834 |
Peter Fitzwilliam | 115,000 | 25,000 | (30,000) | 110,000 |
Chris Goodwin | 95,000 | 17,500 | (30,000) | 82,500 |
Giles Lee | 250,000 | 72,000 | (75,000) | 247,000 |
David Morgan | 115,000 | 25,000 | (30,000) | 110,000 |
Chris Morris | 115,000 | 25,000 | (30,000) | 110,000 |
Sue Mullen | 52,500 | 10,000 | (15,000) | 47,500 |
Fiona Shepherd | 110,000 | 40,000 | (30,000) | 120,000 |
The resulting total number of LTIP options in issue following today's grants and partial lapsing of the 2012 LTIPs is 3,436,401, representing 4.1% of the Company's issued share capital.
EBT share dealings
The vesting of LTIP options may be satisfied by ordinary shares held by the EBT and/or through the issue of new shares, as appropriate. The Directors would prefer to satisfy LTIP commitments by transferring shares held by the EBT rather than diluting all shareholders through the issue of new ordinary shares. In order that the EBT holds sufficient shares to meet future LTIP commitments, the Directors have recommended to the Trustee of the EBT that they make periodic share purchases as they deem appropriate, including from employees wishing to sell shares for personal reasons.
On 15 April 2015, the EBT notified the Company that it had purchased 222,443 ordinary shares at an average price of 42.49 pence per share. Following these purchases, the EBT holds 1,133,427 ordinary shares, representing approximately 1.36% of the issued share capital of the Company.
Enquiries:
Peter Fitzwilliam, Finance Director The Mission Marketing Group plc |
020 3463 2099 |
Geoff Nash/James Thompson (Corporate Finance) Victoria Bates (Corporate Broking) | |
finnCap Limited | 020 7107 8000 |
the missiontm is a network of entrepreneurial marketing communications Agencies employing over 850 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
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The Mission Group