The Mission Marketing Group PLC LTIP Awards (5154Y)
18 May 2016 - 12:56AM
UK Regulatory
TIDMTMMG
RNS Number : 5154Y
The Mission Marketing Group PLC
17 May 2016
The Mission Marketing Group plc
LTIP awards
The Mission Marketing Group plc ("the Company" or 'the
mission(tm) ', 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").
The Remuneration Committee of the TMMG Board ("RemCo") has today
approved the grant of 1,040,000 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 2013, which were dependent
upon profits over the three year period ended on 31 December 2015,
was insufficient for those awards to vest when they reach maturity
in July 2016. As a consequence, all of the LTIP options granted in
2013 have lapsed.
The following table sets out a summary of the LTIPs awarded to
Directors and their resultant holdings:
Existing New LTIP Lapsed Total LTIP
LTIP options options options
options
Dylan Bogg 99,500 35,000 (30,000) 104,500
James Clifton 139,215 35,000 (56,000) 118,215
Robert Day 216,667 50,000 (110,000) 156,667
Peter Fitzwilliam 100,000 25,000 (50,000) 75,000
Chris Goodwin 72,500 25,000 (35,000) 62,500
Giles Lee 222,000 50,000 (70,000) 202,000
David Morgan 100,000 20,000 (50,000) 70,000
Chris Morris 100,000 20,000 (50,000) 70,000
Sue Mullen 42,500 20,000 (22,500) 40,000
Fiona Shepherd 110,000 50,000 (50,000) 110,000
The resulting total number of LTIP options in issue following
today's grants and lapsing of the 2013 LTIPs is 2,770,000,
representing 3.3% of the Company's issued share capital.
The vesting of LTIP options may be satisfied by ordinary shares
held by the The Mission Marketing Group Employee Benefit Trust
("EBT") and/or through the issue of new shares. As previously
notified, 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. The Trustees
of the EBT make periodic share purchases as they deem appropriate
and, as at the current date, hold 1,418,206 ordinary shares,
representing approximately 1.7% of the issued share capital of the
Company.
Enquiries:
Peter Fitzwilliam, Finance Director
The Mission Marketing Group plc 020 7462 1415
Geoff Nash/James Thompson (Corporate
Finance)
Stephen Norcross (Corporate Broking)
finnCap Limited 020 7220 0500
the mission(tm) is a network of entrepreneurial marketing
communications Agencies employing over 950 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
This information is provided by RNS
The company news service from the London Stock Exchange
END
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