Grant of Options

RNS Number : 4521C

Sosandar PLC

21 June 2021

 

Sosandar plc

("Sosandar" or the "Company")

Sosandar, the online women's fashion brand, announces the establishment of a new Long Term Incentive Plan ("LTIP"), pursuant to which it has granted new nil cost options ("New Options") over, in aggregate, 21,431,942 ordinary shares of 0.1 pence each in the Company ("Ordinary Shares") to its executive directors and members of the senior management team. As part of these arrangements, the Company has also cancelled existing options ("Existing Options") granted over, in aggregate, 13,888,742 Ordinary Shares.

Recipients of the New Options included certain of the Company's Persons Discharging Managerial Responsibility ("PDMRs") as follows:

PDMR	Role	No. New Options granted	No. Existing Options cancelled
Ali Hall	Joint-CEO	9,725,971	6,744,371
Julie Lavington	Joint-CEO	9,725,971	6,744,371
Steve Dilks	Chief Financial Officer	720,000	-
Lynsey Emersic	Marketing Director	720,000	400,000

Note: Ali Hall and Julie Lavington each continue to hold a further 1,655,629 options over Ordinary Shares pursuant to the Company's Enterprise Management Incentive share option scheme.

The Existing Options, prior to cancellation, had an exercise price of 15.1 pence per Ordinary Share, save for 293,813 Existing Options held by Lynsey Emersic with an exercise price of 29.2p per Ordinary Share. Of the Existing Options, 9,210,191 had fully vested at the point of cancellation.

Of the New Options, (i) 3,817,314 granted to each of Ali Hall and Julie Lavington and 185,586 granted to Lynsey Emersic will vest and be capable of exercise immediately; and (ii) 1,908,657 granted to each of Ali Hall and Julie Lavington and 151,603 granted to Lynsey Emersic will vest and be capable of exercise subject to the Company achieving break-even profitability (being the same criteria for exercise as applied to the unvested Existing Options prior to their cancellation).

The balance of the New Options granted to each of the PDMRs in the table above, together with a further 540,000 New Options granted to certain other members of the Company's senior management team, will vest and be capable of exercise subject to the closing mid-market price per Ordinary Share exceeding 60 pence on 60 consecutive business days. All New Options must be exercised on or before 18 June 2031. There are no further conditions applicable to exercise of the New Options.

The grant of the 21,431,942 New Options and cancellation of the 13,888,742 Existing Options each took place on 18 June 2021. As a result of these changes, the Company now has 27,760,897 options outstanding over Ordinary Shares, equal to approximately 12.56% of the Company's issued share capital (11.15% on a fully diluted basis). The New Options have been granted following consultation with certain of the Company's major institutional shareholders.

Commenting on the above arrangements, Bill Murray, Non-Executive Chairman, said:

"The inspirational leadership and vision of our founders and co-CEOs, coupled with the hard work and commitment of the senior team have delivered strong results for Sosandar. The board has recognised the need to review our LTIP arrangements and put in place a plan that effectively motivates and incentivises the senior team appropriately. Now is the right time to be implementing our plan, at such an exciting point in our journey, and I am delighted we have been able to confirm this new LTIP scheme for the team."

Enquiries

Sosandar plc	www.sosandar.com
Bill Murray, Non-Executive Chairman	c/o Alma PR
N+1 Singer (Nominated Adviser & Broker) Peter Steel / Kailey Aliyar / Hannah Woodley	[phone]
Alma PR Limited (Financial PR)	[phone]
Susie Hudson / Sam Modlin / Molly Gretton	[e-mail]

About Sosandar PLC

Sosandar is an online womenswear brand, specifically targeted at a generation of women who have graduated from throwaway fashion and are looking for quality, affordable clothing with a premium, trend-led aesthetic. This is a section of the market that is currently being underserved.

Sosandar was launched in September 2016. The Sosandar business model is built around using trend-led, exclusive designs produced in-house and then manufactured using a variety of global suppliers. Sosandar caters for a growing market of fashion-conscious women, while utilising an outsourced logistics provider that can support its planned growth over the coming years.

Sosandar's founders are Ali Hall and Julie Lavington, who previously launched and ran high street fashion magazine Look, as editor and publishing director respectively. They have a combined experience of over 35 years in the fashion industry.

More information is available at www.sosandar-ir.com

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them.

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Alison Hall
2	Reason for the notification
a)	Position/status	Joint CEO
b)	Initial notification /Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Sosandar plc
b)	LEI	2138004313MO7RXAVA37
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument Identification code	Options over Ordinary Shares of 0.1p each
b)	Nature of the transaction	Cancellation of 6,744,371 existing options over Ordinary Shares and grant of 9,725,971 new nil cost options over Ordinary Shares
c)	Price(s) and volume(s)	Transaction Price(s) Volume(s) Cancellation of Existing Options over Ordinary Shares Exercise price of 15.1 pence 6,744,371 Grant of new nil cost options over Ordinary Shares £nil 9,725,971
d)	Aggregated information - Aggregated volume - Price	N/A
e)	Date of the transaction	18 June 2021
f)	Place of the transaction	Outside a trading venue

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Julie Lavington
2	Reason for the notification
a)	Position/status	Joint CEO
b)	Initial notification /Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Sosandar plc
b)	LEI	2138004313MO7RXAVA37
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument Identification code	Options over Ordinary shares of 0.1p each
b)	Nature of the transaction	Cancellation of 6,744,371 existing options over Ordinary Shares and grant of 9,725,971 new nil cost options over Ordinary Shares
c)	Price(s) and volume(s)	Transaction Price(s) Volume(s) Cancellation of Existing Options over Ordinary Shares Exercise price of 15.1 pence 6,744,371 Grant of new nil cost options over Ordinary Shares £nil 9,725,971
d)	Aggregated information - Aggregated volume - Price	N/A
e)	Date of the transaction	18 June 2021
f)	Place of the transaction	Outside a trading venue

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Steve Dilks
2	Reason for the notification
a)	Position/status	CFO
b)	Initial notification /Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Sosandar plc
b)	LEI	2138004313MO7RXAVA37
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument Identification code	Options over Ordinary shares of 0.1p each
b)	Nature of the transaction	Grant of 720,000 new nil cost options over Ordinary Shares
c)	Price(s) and volume(s)	Transaction Price(s) Volume(s) Grant of new nil cost options over Ordinary Shares £nil 720,000
d)	Aggregated information - Aggregated volume - Price	N/A
e)	Date of the transaction	18 June 2021
f)	Place of the transaction	Outside a trading venue

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Lynsey Emersic
2	Reason for the notification
a)	Position/status	PDMR
b)	Initial notification /Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Sosandar plc
b)	LEI	2138004313MO7RXAVA37
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument Identification code	Options over Ordinary shares of 0.1p each
b)	Nature of the transaction	Cancellation of 400,000 existing options over Ordinary Shares and grant of 720,000 new nil cost options over Ordinary Shares
c)	Price(s) and volume(s)	Transaction Price(s) Volume(s) Cancellation of Existing Options over Ordinary Shares Exercise price of 15.1 pence 106,187 Cancellation of Existing Options over Ordinary Shares Exercise price of 29.2 pence 293,813 Grant of new nil cost options over Ordinary Shares £nil 720,000
d)	Aggregated information - Aggregated volume - Price	N/A
e)	Date of the transaction	18 June 2021
f)	Place of the transaction	Outside a trading venue

 

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