The Mission Marketing Group PLC Growth Share Scheme (0009B)
04 June 2019 - 4:00PM
UK Regulatory
TIDMTMMG
RNS Number : 0009B
The Mission Marketing Group PLC
04 June 2019
The Mission Marketing Group plc
Growth Share Scheme
The Mission Marketing Group plc ("themission", "the Company" or
"the Group", AIM: TMMG), is pleased to announce that the
performance condition of the Growth Share Scheme introduced in
February 2017 to incentivise senior management to increase
shareholder value (the "Growth Share Scheme") has been met.
Introduced when themission's share price was 41p and its market
capitalisation was GBP34.5m, participants in the Growth Share
Scheme were invited to subscribe, at nominal value, for Ordinary A
shares in The Mission Marketing Holdings Limited (the "Growth
Shares") which could be exchanged in April 2020 for an equivalent
number of ordinary shares of 10p each ("Ordinary Shares") in
themission (or cash, at the Company's discretion) if themission's
share price equalled or exceeded 75p for at least 15 business days
(the performance condition) during this period; if the performance
condition was not met, the Growth Shares would have no value.
At the time the scheme was introduced, achieving the target
share price of 75p would have resulted in a potential dilution to
existing shareholders of less than 7% but would also have
represented an increase in market capitalisation of over 80%. A
total of 17 individuals were invited to participate in the
scheme.
On 3 June 2019, the Group's share price closed at 82p,
representing the fifteenth consecutive business day the share price
had equalled or exceeded 75p. The Company's market capitalisation
on 3 June 2019 was GBP70m.
David Morgan, Chairman, commented: "Incentivising key people is
an essential component in growing a business and I am delighted
that our objective has been realised in a way that rewards
everyone's efforts and has benefited all of our shareholders given
the spectacular resultant growth in our market capitalisation."
Enquiries:
David Morgan, Chairman
Peter Fitzwilliam, Finance Director
The Mission Marketing Group plc 020 7462 1415
Mark Percy / James Thomas (Corporate
Advisory)
Shore Capital (Nomad and Broker) 020 7408 4090
About the Growth Share Scheme:
In total, 5,720,171 Growth Shares were subscribed for on 21
February 2017 by 10 board members and seven non-PDMR key managers.
The subscription details for board members were announced at that
time.
Each holder of Growth Shares is entitled to exercise a put
option, to receive an equivalent number of Ordinary Shares, at any
time during a period of 60 days from the announcement of the
Group's financial results for the year ending 31 December 2019
(expected to be in April 2020) on condition that they remain
employed by the Group at that time. The Company may elect to
satisfy put options by a) transferring shares held by the Employee
Benefit Trust, b) issuing new Ordinary Shares, c) making a cash
payment equivalent to the value of Ordinary Shares at the time the
put option is exercised, or d) any combination of a) to c).
No decision has yet been made by the board how the put options
will be satisfied. If the board elects to issue new shares in full
satisfaction of all put options, the maximum number of shares
issued will be 5,720,171, representing 6.7% dilution. However,
given the various permutations available to the Company, including
satisfying put options in cash, it is not possible at this stage to
determine with certainty what level of dilution will result.
About themission:
themission is a network of entrepreneurial marketing
communications Agencies employing over 1,000 people in the UK, Asia
and US, working together to provide Clients with the expertise and
resource to make them more successful in today's dynamic
environment.
www.themission.co.uk
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END
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