Sumo Group plc (LON:SUMO) has announced that it received notification on 21 July 2020 from Link Market Services Trustees Limited that the SIP Trustee awarded ordinary shares of 1p each in the Company Executive Directors under the Sumo Group plc Share Incentive Plan on 20 July 2020.
Under the terms of the SIP, each eligible employee can contribute from salary to purchase Partnership Shares and the Company matches these by awarding one Matching Share for each three Partnership Shares purchased.
In respect of the Matching Shares, the SIP award has been satisfied by the issue of 918 new Ordinary Shares to the SIP Trustee at a subscription price of 1p per share, being the nominal value of the shares. The SIP Shares shall rank equally with the existing issued shares of the Company. The SIP Shares will be allocated out of the shares which were the subject of the block listing announced on 5 July 2018.
In respect of the Partnership Shares, the SIP Trustee has purchased (using the cash contributions made by the Executive Directors) a total of 2,754 Ordinary Shares at a price of 196 p per share.
As participants in the SIP, the Executive Directors are deemed to have an interest in the shares awarded to them and held by the SIP Trustee. Details of the awards under the SIP to the Executive Directors are set out below:
Total Share Award
|Total Share Holding Post Award||% of Issued Share Capital|
Sumo Group’s businesses provide acclaimed development and design services to the video games and entertainment industries from studios in the UK, India, and Canada.