1 Oct 2013 07:00
1 October 2013
Sweett Group plc (the "Company")
Grant of Options
The Company announces that on 30 September 2013 it granted nil-cost options over 842,824 ordinary shares of 10 pence each in the Company ("Ordinary Shares") to certain directors of the Company and a senior employee, pursuant to the Cyril Sweett Performance Share Plan, which was approved at the AGM on 2 September 2011 (the "PSP Share Options").
The PSP Share Options may be exercised from 30 September 2016 to 30 September 2023. The PSP Share Options will vest subject to the satisfaction of certain performance conditions.
The following directors of the Company were issued PSP Share Options in the above grant:
Name | Number of PSP Share Options issued |
Dean Webster, Chief Executive Officer | 274,481 |
Derek Pitcher, Executive Director | 207,715 |
Kim Berry, Executive Director | 230,064 |
As a result of the above grants, the following directors' interests in the Company now stand at:
Ordinary Shares
| Number of options over Ordinary Shares | |||
Name | Number of shares | (%) | ||
Dean Webster | 1,080,273 | 1.59 | 1,761,902 | |
Derek Pitcher | 1,997,702 | 2.94 | 1,334,956 | |
Kim Berry | 4,465,285 | 6.57 | 621,244 | |
Following the grant of the PSP Share Options, the total number of options outstanding over the Company's issued share capital is 11,323,971. It is, however, the Company's current intention that the PSP Share Options be settled by way of a cash payment equal to the value of the vested Ordinary Shares on exercise, thereby eliminating their dilutive effect. If all PSP share options, including those issued to persons who are not directors of the Company, are excluded from the calculation, the total number of options outstanding over the Company's issued share capital is 6,907,685.
For further information, please contact:
Sweett Group plc:
Chris Goscomb, Chief Financial Officer 020 7061 9520
Philip Watt, Company Secretary 020 7061 9053
Westhouse Securities Limited 020 7601 6100
Tom Griffiths
Paul Gillam
ENDS