TIDMSUMO

RNS Number : 3654U

Sumo Group PLC

01 April 2021

1 April 2021

Sumo Group plc

("Sumo Group" or the "Company")

Exercise of Share Options and Directors' Dealings

Sumo Group announces that Carl Cavers, Chief Executive Officer, David Wilton, Chief Financial Officer and Paul Porter, Chief Operating Officer have exercised options to acquire further ordinary shares of 1 penny each in the Company ("Ordinary Shares") pursuant to the terms of the Company's Long-Term Incentive Plan ("LTIP"). These options were awarded in March 2018 and vested on 31 March 2021 based on the total shareholder return and earnings per share performance conditions measured over the Company's financial years 2018, 2019 and 2020.

Following the exercise of these options each Director has sold Ordinary Shares, in part to meet the tax liability arising from the exercise. This sale took place on 31 March 2021 at a price of 351.6889 pence per Ordinary Share and the shares were purchased by the Company's Employee Benefit Trust ("EBT").

Details of the transactions undertaken are set out below:

 
                                                                                  Direct and 
                                                             Resultant    indirect interests 
                                                            direct and           in Ordinary 
                 No of Ordinary                     indirect interests           Shares held 
                    Shares over                            in Ordinary       as a percentage 
                  which options                       Shares following      of the Company's 
                      have been   No of Ordinary          the exercise       issued ordinary 
 Director             exercised      Shares sold              and sale         share capital 
 Carl Cavers            752,522          248,319             5,155,543                 3.01% 
                ---------------  ---------------  --------------------  -------------------- 
 David Wilton           554,985          195,042               696,876                 0.40% 
                ---------------  ---------------  --------------------  -------------------- 
 Paul Porter            547,732          391,949             4,660,931                 2.72% 
                ---------------  ---------------  --------------------  -------------------- 
 

Subsequent to this exercise and sale, David Wilton transferred 359,943 Ordinary Shares to accounts held jointly with his wife, and 113,736 of such Ordinary Shares became subject to a trust in favour of other family members.

Employee option exercise and sale

Options granted to a number of other participants in the LTIP also vested and were exercised on 31 March and 490,436 Ordinary Shares necessary to satisfy these exercises were issued to the EBT on the same day. The EBT has also purchased shares from these individuals, at the price of 351.6889 pence per Ordinary Share, where they wished to sell to meet tax liabilities or otherwise.

EBT

Following these transactions, the EBT holds 1,554,077 Ordinary Shares to be held on the terms of the trust to satisfy the vesting of options under the LTIP in the future.

The notification below, made in accordance with the requirements of the EU Market Abuse Regulation (as retained in UK law), provides further detail.

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                                  Carl Cavers 
 
 2    Reason for the notification 
 a)   Position/status                       Chief Executive Officer 
 b)   Initial notification /Amendment       Initial notification 
 
 3    Details of the issuer, emission allowance market participant, 
       auction platform, auctioneer or auction monitor 
 a)   Name                                  Sumo Group plc 
 b)   LEI                                    213800LTZXJCG5QKIM14 
 
 
 
 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,         Ordinary shares of GBP0.01 
        type of instrument 
       Identification code                              SUMO 
 b)    Nature of transaction                            Option exercise 
 c)    Price(s) and volume(s)                           Price           Volume 
   nil                                                                  752,522 
 d)    Aggregated information                            N/A 
        - Aggregated volume 
        - Price 
 e)    Date of the transaction                          31 March 2021 
 f)    Place of the transaction                         Private transaction 
 
 
 1    Details of the person discharging managerial responsibilities 
       / person closely associated 
 a)   Name                                  Carl Cavers 
 
 2    Reason for the notification 
 a)   Position/status                       Chief Executive Officer 
 b)   Initial notification /Amendment       Initial notification 
 
 3    Details of the issuer, emission allowance market participant, 
       auction platform, auctioneer or auction monitor 
 a)   Name                                  Sumo Group plc 
 b)   LEI                                    213800LTZXJCG5QKIM14 
 
 
 
 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,      Ordinary shares of GBP0.01 
        type of instrument 
       Identification code                           SUMO 
 b)    Nature of transaction                         Sale of shares to meet 
                                                      tax liability among other 
                                                      things 
 c)    Price(s) and volume(s)                        Price            Volume 
                                                     351.6889p        248,319 
 d)    Aggregated information                         N/A 
        - Aggregated volume 
        - Price 
 e)    Date of the transaction                       31 March 2021 
 f)    Place of the transaction                      AIM 
 
 
 1    Details of the person discharging managerial responsibilities 
       / person closely associated 
 a)   Name                                  David Wilton 
 
 2    Reason for the notification 
 a)   Position/status                       Chief Financial Officer 
 b)   Initial notification /Amendment       Initial notification 
 
 3    Details of the issuer, emission allowance market participant, 
       auction platform, auctioneer or auction monitor 
 a)   Name                                  Sumo Group plc 
 b)   LEI                                    213800LTZXJCG5QKIM14 
 
 
 
 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,         Ordinary shares of GBP0.01 
        type of instrument 
       Identification code                              SUMO 
 b)    Nature of transaction                            Option exercise 
 c)    Price(s) and volume(s)                           Price           Volume 
   nil                                                                  554,985 
 d)    Aggregated information                            N/A 
        - Aggregated volume 
        - Price 
 e)    Date of the transaction                          31 March 2021 
 f)    Place of the transaction                         Private transaction 
 
 
 1    Details of the person discharging managerial responsibilities 
       / person closely associated 
 a)   Name                                  David Wilton 
                                             Helen Wilton 
                                             George Wilton 
 
 2    Reason for the notification 
 a)   Position/status                       Chief Financial Officer 
                                             PDMR's PCAs 
 b)   Initial notification /Amendment       Initial notification 
 
 3    Details of the issuer, emission allowance market participant, 
       auction platform, auctioneer or auction monitor 
 a)   Name                                  Sumo Group plc 
 b)   LEI                                    213800LTZXJCG5QKIM14 
 
 
 
 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                                      Ordinary shares of GBP0.01 
        financial instrument, 
        type of instrument 
       Identification code                                     SUMO 
 b)    Nature of transaction                                     Name of            Nature of transaction      Price       Volume 
  c)    Price(s) and volume(s)                                    PDMR/PCA 
                                                                                    Sale of shares 
                                                                      i. David       to meet tax liability 
                                                                       Wilton        among other things        351.6889p   195,042 
                                                                                   -------------------------  ----------  -------- 
                                                                                    Transfer of shares 
                                                                                     into joint accounts 
                                                                                     with Helen Wilton 
                                                                                     (direct interest 
                                                                      ii. David      becomes jointly 
                                                                       Wilton        held)                     351.6889    359,943 
                                                                                   -------------------------  ----------  -------- 
                                                                                    Creation of trust 
                                                                                     over direct interest 
                                                                                     in certain shares 
                                                                                     jointly held with 
                                                                                     Helen Wilton in 
                                                                                     favour of other 
                                                                                     family members 
                                                                                     including George 
                                                                                     Wilton (disposal 
                                                                      iii. David     of beneficial 
                                                                       Wilton        interest)                 351.6889    113,736 
                                                                                   -------------------------  ----------  -------- 
                                                                                    Acquisition of 
                                                                                     direct interest 
                                                                                     in shares in joint 
                                                                      iv. Helen      accounts with 
                                                                       Wilton        David Wilton              351.6889    359,943 
                                                                                   -------------------------  ----------  -------- 
                                                                                    Creation of trust 
                                                                                     over direct interest 
                                                                                     in shares jointly 
                                                                                     held with David 
                                                                                     Wilton in favour 
                                                                                     of other family 
                                                                                     members (disposal 
                                                                      v. Helen       of beneficial 
                                                                       Wilton        interest)                 351.6889    113,736 
                                                                                   -------------------------  ----------  -------- 
                                                                                    Acquisition of 
                                                                                     beneficial interest 
                                                                      vi. George     in shares pursuant 
                                                                       Wilton        to a trust arrangement    351.6889    113,736 
                                                                                   -------------------------  ----------  -------- 
 
 
 d)    Aggregated information                                   N/A 
        - Aggregated volume 
        - Price 
 e)    Date of the transaction                                 31 March 2021 
 f)    Place of the transaction                                AIM for transaction 4.b.i, private transactions 
                                                                for 4.b.ii - vi 
 
 
 1    Details of the person discharging managerial responsibilities 
       / person closely associated 
 a)   Name                                  Paul Porter 
 
 2    Reason for the notification 
 a)   Position/status                       Chief Operating Officer 
 b)   Initial notification /Amendment       Initial notification 
 
 3    Details of the issuer, emission allowance market participant, 
       auction platform, auctioneer or auction monitor 
 a)   Name                                  Sumo Group plc 
 b)   LEI                                    213800LTZXJCG5QKIM14 
 
 
 
 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,         Ordinary shares of GBP0.01 
        type of instrument 
       Identification code                              SUMO 
 b)    Nature of transaction                            Option exercise 
 c)    Price(s) and volume(s)                           Price           Volume 
   nil                                                                  547,732 
 d)    Aggregated information                            N/A 
        - Aggregated volume 
        - Price 
 e)    Date of the transaction                          31 March 2021 
 f)    Place of the transaction                         Private transaction 
 
 
 1    Details of the person discharging managerial responsibilities 
       / person closely associated 
 a)   Name                                  Paul Porter 
 
 2    Reason for the notification 
 a)   Position/status                       Chief Operating Officer 
 b)   Initial notification /Amendment       Initial notification 
 
 3    Details of the issuer, emission allowance market participant, 
       auction platform, auctioneer or auction monitor 
 a)   Name                                  Sumo Group plc 
 b)   LEI                                    213800LTZXJCG5QKIM14 
 
 
 
 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,      Ordinary shares of GBP0.01 
        type of instrument 
       Identification code                           SUMO 
 b)    Nature of transaction                         Sale of shares to meet 
                                                      tax liability among other 
                                                      things 
 c)    Price(s) and volume(s)                        Price            Volume 
                                                     351.6889p        391,949 
 d)    Aggregated information                         N/A 
        - Aggregated volume 
        - Price 
 e)    Date of the transaction                       31 March 2021 
 f)    Place of the transaction                      AIM 
 
 
Enquiries: 
 
Sumo Group plc                              Via Belvedere Communications 
Carl Cavers, Chief Executive Officer            Tel: +44(0) 7715 769 078 
David Wilton, Chief Financial Officer 
 
Zeus Capital Limited (Nominated Adviser 
 & Broker) 
Nick Cowles / Andrew Jones                     Tel: +44 (0) 161 831 1512 
Ben Robertson / John Goold                     Tel: +44 (0) 203 829 5000 
 
 Investec Corporate & Investment Banking 
  (Joint Broker) 
David Flin                                       Tel: +44(0)207 597 5970 
 
Belvedere Communications Limited 
Cat Valentine (cvalentine@belvederepr.com)     Tel: +44 (0) 7715 769 078 
Keeley Clarke (kclarke@belvederepr.com)        Tel: +44 (0) 7967 816 525 
Llew Angus (langus@belvederepr.com)            Tel: +44 (0) 7407 023 147 
                                                  SumoPR@belvederepr.com 
 

About Sumo Group - www.sumogroupplc.com

Sumo Group's businesses provide acclaimed development, design and publishing services to the video games and entertainment industries from studios in the UK, India, Canada, the US, and Poland.

Sumo Digital, as the Group's primary business, is one of the UK's largest independent developers of AAA-rated video games, having studios in Sheffield, Newcastle, Nottingham, Leamington Spa, Warrington and Pune, India. The business has acquired three studios since IPO, which operate under their own names, BAFTA award-winning The Chinese Room in Brighton, Red Kite Games in Leeds, Lab42 in Leamington Spa and PixelAnt Games in Wroclaw, Poland. Sumo Digital provides turnkey and co-development solutions to a global blue-chip client base.

Pipeworks is an innovative, well-established, and respected US video games developer based in Eugene, Oregon. It provides full development, co-development, and live operations to premier video game publishers and other partners.

Atomhawk is a multi-award-winning visual design company, with studios in Newcastle and in Vancouver (Canada), servicing the games, film, and visual effects industries.

Secret Mode is a video games publisher, focused on delivering fresh and new gaming experiences to players and building expansive and fulfilling communities around those games. It will publish titles developed within Sumo Group and also by independent developers.

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END

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April 01, 2021 09:16 ET (13:16 GMT)

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