16th Jun 2006 12:28
Soco International PLC16 June 2006 SOCO INTERNATIONAL PLC ("SOCO" or the "Company") Exercise of Share Options, Issue of Treasury Shares and Directors' Shareholdings On 15 June 2006, Executive Directors Edward T Story (President and CEO) andRoger D Cagle (Deputy CEO and CFO), together with Cynthia B Cagle (CompanySecretary) exercised options over 695,195, 448,073 and 302,319 ordinary sharesof 20 pence each ("Shares") in the capital of the Company respectively at anexercise price of 59 pence. The Board has decided in this instance that it isin the best interests of the Company to agree with the option holders that onlythe net number of Shares be allotted after deduction of the number of Sharesthat would otherwise have to be sold to settle the option exercise price andassociated tax liabilities. The Company will accordingly settle the associatedtax liabilities. The above transaction was based on the closing mid marketprice of the Shares on 15 June 2006 of £12.32. The obligation to issue Shares is being satisfied by the transfer of 730,500Shares held in treasury by the Company and the allotment of 144,176 new Shares.Following the transfer and allotment, the Company no longer holds any treasuryshares and the total number of Shares in issue will be 72,777,115. The interest of the two Directors involved following these transactions are asfollows: Director Options Shares Received Total Shareholding Percentage of Issued Share Exercised CapitalEdward T Story 695,195 420,639 1,569,893 2.16%Roger D Cagle 750,392 454,037 716,246 0.98% The interests above are all beneficial except in relation to the interests ofRoger D Cagle which include 182,923 Shares received by Cynthia B Cagle pursuantto the above option exercise and 266,773 Shares held by Cynthia B Cagle. Today, following the exercise of these options Mr Cagle sold and subsequentlyrepurchased 240,000 Shares and Ms Cagle sold and subsequently repurchased160,000 Shares at a market price of £12.32. Further information: Cynthia Cagle, Company Secretary, SOCO International plc020 7747 2000. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Pharos Energy