8 Jun 2011 07:00
8 June 2011
Cyril Sweett Group plc (the "Company")
Award of shares under the Share Incentive Plan
The Company announces that it received notification on 16 May 2011 that, following payroll contributions made on 29 April 2011, Cyril Sweett Trustee Company Limited, trustee of the HMRC approved Cyril Sweett All Employee Share Ownership Plan ("SIP'), awarded 9,524 ordinary shares of 10 pence each in the Company ("Ordinary Shares") to participants in the SIP. All of the 9,524 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 11,083,282 Ordinary shares representing 16.97% of the issued share capital of the Company.
Under the SIP, Mr Dean Webster, Chief Executive Officer of the Company, purchased 278 shares at a price of 45p per share via contribution on 29 April 2011.
The following director's beneficial holdings in the Company have changed following these appropriations:
Prior to the appropriation | Following the appropriation | |||
Name | Number of shares | % | Number of shares | % |
Mr D L Webster | 990,160 | 1.52 | 990,438 | 1.52 |
At the date of this announcement, the Company's issued share capital consists of 65,325,321 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
Danielle Pass, Company Secretary
Arbuthnot Securities Limited 020 7012 2000
Andrew Kitchingman
Paul Gillam
ENDS