Director/PDMR Shareholding

RNS Number : 2148J

Soco International PLC

25 March 2010

 



SOCO International plc

("SOCO" or the "Company")

DIRECTORS/PDMR SHAREHOLDING

The Company announces an increase in Director/ Person Discharging Managerial Responsibility ("PDMR") shareholdings pursuant to an exercise of options over certain SOCO International plc Long Term Incentive Plan ("LTIP") awards.

On 24 March 2010, Ed Story and Roger Cagle, both being Executive Directors of the Company, and Cynthia Cagle, a PDMR and a Connected Person to Roger Cagle, (together, "the Option Holders"), exercised options over a total of 639,503 nil-price LTIP awards.

The Board of Directors has determined that, in this instance, it serves the best interest of the Company and its shareholders, and in agreement with the Option Holders, to deliver only the net number of Shares after deducting the number of Shares that would otherwise be sold by the Option Holders to settle the associated tax liabilities. The associated tax liabilities will therefore be settled by the Company.

Further details of the aforementioned exercises and transactions are shown below:

	LTIP options exercised	Shares received
E Story	32,804	20,847
R Cagle	366,883	220,130
C Cagle	239,816	143,890
Total	639,503	384,867

As a result of these exercises, interests held are as follows:

Interests	Shares	Percentage of voting rights	Options
E Story	2,895,306	3.50%	663,280
R Cagle	1,363,846	1.65%	130,700
C Cagle	780,943	0.94%	89,000
R Cagle and C Cagle (Combined)	2,144,789	2.59%	219,700

SOCO Employee Benefit Trust ("the SOCO EBT")

Accordingly, the Trustees of the SOCO EBT have today informed the Company that it has released a total of 384,867 SOCO International plc ordinary shares of £0.20 each ("Shares") as a result of the exercise of the above mentioned nil-price option awards, in accordance with the Company's LTIP. Following the release of Shares, the SOCO EBT is interested in 1,367,813 Shares, representing 1.65% of the total voting rights of the Company.

Contact: Carol Fan, 020 7747 2000

 

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