RNS Number : 1062Y

SOCO International plc ("SOCO" or the "Company")

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.

 
 
 
 
 
 

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