REG - Mission Marketing - LTIP Awards <Origin Href="QuoteRef">TMMG.L</Origin>
RNS Number : 5154YThe Mission Marketing Group PLC17 May 2016The Mission Marketing Group plc
LTIP awards
The Mission Marketing Group plc ("the Company" or 'the missiontm', AIM: TMMG), the marketing communications and advertising group, announces the following details of awards of nil-cost options under theTMMG 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 LTIP
options
New LTIP
options
Lapsed
options
Total LTIP
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 missiontmis 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.
This information is provided by RNSThe company news service from the London Stock ExchangeENDDSHGGUWAAUPQGCM
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