Director/PDMR Shareholding

RNS Number : 1062Y

Soco International PLC

16 December 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 the exercise of certain contingent share awards and nil price options ("Options").

On 15 December 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 2,071,792 SOCO International plc ordinary shares of £0.05 each ("Shares").

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 and the SOCO Employee Benefit Trust, to deliver only the net number of Shares to the Option Holders after deducting the number of Shares, being 757,462 Shares, that otherwise would be sold by the Option Holders to settle the associated tax liabilities. The associated tax liabilities will therefore be settled by the Company and no shares will be sold.

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

	Options exercised	Shares received
E Story	2,007,192	1,275,570
R Cagle	38,488	23,093
C Cagle	26,112	15,667
Total	2,071,792	1,314,330

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

Interests	Shares	Percentage of voting rights	Options
E Story	12,856,794	3.78%	824,000
R Cagle	5,478,477	1.61%	617,800
C Cagle	3,139,439	0.92%	421,200
R Cagle and C Cagle (Combined)	8,617,916	2.53%	1,039,000

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 1,314,330 SOCO International plc ordinary shares of £0.05 each ("Shares") as a result of the exercise of the above mentioned Options. Following the release of Shares, the SOCO EBT is interested in 4,156,922 Shares, representing 1.22% of the total voting rights of the Company.

Contact: Carol Fan, 020 7747 2000

 

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