Director/PDMR Shareholding

RNS Number : 7994C

Soco International PLC

04 September 2008

 



SOCO International plc

('SOCO' or the 'Company')

DIRECTORS/PDMR SHAREHOLDING

The Company announces an increase in Director/ Person Discharging Managerial Responsibility ('PDMR') shareholdings as a result of transactions which took place today pursuant to the exercise of certain share options and Long Term Incentive Plan ('LTIP') awards which were due to expire this month, as described below:

SOCO Employee Benefit Trust ('the SOCO EBT')

The Company has been informed by the Trustees of the SOCO EBT that it has today released a total of 246,100 SOCO International plc ordinary shares of £0.20 each ('Shares') as a result of the exercise of relevant nil-price option awards, in accordance with the Company's LTIP.  Following the release of Shares, the SOCO EBT is interested in 1,919,680 Shares, representing 2.56% of the total voting rights of the Company.

LTIP

Ed Story and Roger Cagle, both being Executive Directors, and Cynthia Cagle, a PDMR, (together, 'the Option Holders'), exercised options over a total of 246,100 nil-price LTIP awards.  To cover the resulting tax obligations of the exercise, a total of 89,700 Shares was sold by the Option Holders at an average price of £14.08.

SOCO-Sub Unapproved Company Share Plan ('Share Plan')

Pursuant to the Share Plan, a combined total of 3,454,420 options to acquire Shares at £0.75 per Share were exercised by the Option Holders. 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 allot only the net number of Shares after deducting the number of Shares that would otherwise be sold by the Option Holders to settle the option price and associated tax liabilities.  The associated tax liabilities will therefore be settled by the Company.  Accordingly, 2,077,844 Shares were allotted to the Option Holders.

Additional transactions

Following the LTIP and Share Plan exercises, Roger Cagle and Cynthia Cagle sold and subsequently repurchased 432,443 and 207,435 Shares, respectively, for a market price of £14.08 per Share.

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

Event	Ed Story	Roger Cagle	Cynthia Cagle	Total
LTIP options exercised/Shares received	111,400	77,900	56,800	246,100
Share Plan options exercised	1,973,954	986,977	493,489	3,454,420
Net number of Shares received from Share Plan exercise	1,187,627	593,562	296,655	2,077,844
Net number of Shares sold	40,600	28,400	20,700	89,700

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

Interests	Ed Story	Roger Cagle	Cynthia Cagle
Shares	2,826,415	1,112,505	614,338
Percentage of voting rights	3.77%	1.48%	0.82%
Options	657,880	465,180	309,160

4 September 2008

ENQUIRIES:

SOCO International plc, Roger Cagle, Executive Vice President and Deputy CEO

Tel: [phone]

Pelham Public Relations, James Henderson

Tel: [phone]

 

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