TIDMSOS
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 No. Existing
granted 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 +44 (0) 20 7496 3000
Alma PR Limited (Financial PR) +44 (0) 20 3405 0205
Susie Hudson / Sam Modlin / Molly Gretton sosandar@almapr.co.uk
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 Initial Notification
/Amendment
--------------------------- ----------------------------------------------------
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 Options over Ordinary Shares of 0.1p
financial instrument, each
type of instrument
Identification code
--------------------------- ----------------------------------------------------
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 Exercise price
Shares of 15.1 pence 6,744,371
----------------- -----------
Grant of
new nil
cost options
over Ordinary
Shares GBPnil 9,725,971
----------------- -----------
--------------------------- ----------------------------------------------------
d) Aggregated information N/A
- Aggregated volume
- Price
--------------------------- ----------------------------------------------------
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 Initial Notification
/Amendment
--------------------------- --------------------------------------------------
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 Options over Ordinary shares of 0.1p
financial instrument, each
type of instrument
Identification code
--------------------------- --------------------------------------------------
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 Exercise
over Ordinary price of
Shares 15.1 pence 6,744,371
-------------- -----------
Grant of
new nil
cost options
over Ordinary
Shares GBPnil 9,725,971
-------------- -----------
--------------------------- --------------------------------------------------
d) Aggregated information N/A
- Aggregated volume
- Price
--------------------------- --------------------------------------------------
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 Initial Notification
/Amendment
--------------------------- -----------------------------------------------
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 Options over Ordinary shares of 0.1p
financial instrument, each
type of instrument
Identification code
--------------------------- -----------------------------------------------
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 GBPnil 720,000
----------- -----------
--------------------------- -----------------------------------------------
d) Aggregated information N/A
- Aggregated volume
- Price
--------------------------- -----------------------------------------------
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 Initial Notification
/Amendment
--------------------------- -----------------------------------------------------
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 Options over Ordinary shares of 0.1p
financial instrument, each
type of instrument
Identification code
--------------------------- -----------------------------------------------------
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 Exercise price
Shares of 15.1 pence 106,187
----------------- -----------
Cancellation
of Existing
Options
over Ordinary Exercise price
Shares of 29.2 pence 293,813
----------------- -----------
Grant of
new nil
cost options
over Ordinary
Shares GBPnil 720,000
----------------- -----------
--------------------------- -----------------------------------------------------
d) Aggregated information N/A
- Aggregated volume
- Price
--------------------------- -----------------------------------------------------
e) Date of the transaction 18 June 2021
--------------------------- -----------------------------------------------------
f) Place of the transaction Outside a trading venue
--------------------------- -----------------------------------------------------
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END
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June 21, 2021 02:00 ET (06:00 GMT)
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