Grant of awards under the EIP

RNS Number : 5940U

Igas Energy PLC

07 April 2021

 

7 April 2021

IGas Energy plc

 (the "Company" or the "Group")

Grant of awards under the IGas Energy plc Executive Incentive Plan ("EIP")

Recognising the continuing need to have a strong retention and motivational share plan in place for key members of staff to deliver against the Company's business plan, the Board has approved a grant of awards under the Company's EIP - the sixth such award since EIP was adopted by the Board in 2016.

As a result, the Company announces the following grant of nil cost options over ordinary shares of the Company of nominal value 0.002 pence per share on 7 April 2021 under EIP, adopted by the Board on 16 March 2016:

Name of Director	Position	Number of ordinary shares subject to base award
Stephen Bowler	Chief Executive Officer	725,000

The option granted under the EIP will take the form of a base award over the number of ordinary shares specified above and will vest three years from the grant date if the following share price targets are achieved according to the following criteria:

Share Price Target	Payout
£0.35 after 3 years	1/3 of the base award
£0.40 after 3 years	2/3 of the base award
£0.50 after 3 years	3/3 of the base award

The performance condition is based on the Company's share price at 7 April 2024.  No shares under the option vest if the share price is less than £0.35 per share at the end of the performance period.

The options are subject to malus and clawback provisions contained in the rules of the EIP however for the avoidance of doubt, the maximum number of shares which can be awarded to the CEO under the EIP in any one year is 200% of salary. 

The award may become exercisable on the third anniversary of the date of grant of the options, subject to continued employment.

Further details of the EIP are included in the Company's Directors' Remuneration Report.

The information set out below is provided in accordance with the requirements of Regulation 19(3) of the UK Market Abuse Regulation No 596/2014:

1	Details of Director/ PDMR / person closely associated
a)	Name	(i)  Stephen Bowler
2	Reason for the notification
a)	Position / status	(i)  Chief Executive Officer
b)	Initial notification /amendment	Initial notification
3	Details of the issuer
a)	Name	IGas Energy plc
b)	LEI	213800S8WP2L294NR559
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 0.002p each
b)	Identification code of the Financial Instrument	ISIN for IGas Energy plc: GB00BZ042C28
c)	Nature of the transaction	Grant of nil cost options by the Company under the Company's EIP
d)	Price(s) and volume(s)	Price  Volume (i)  £nil  725,000
e)	Aggregated information	N/A
	-  Aggregated volume
	-  Price
f)	Date of the transaction	7-Apr-21
g)	Place of the transaction	Outside a trading venue

This notification is made pursuant to rule 17 and Schedule 5 of the AIM Rules for Companies.

For further information please contact:

IGas Energy plc                                                                            Tel: [phone]

Stephen Bowler, Chief Executive Officer

Ann-marie Wilkinson, Director of Corporate Affairs

Investec Bank plc (NOMAD and Joint Corporate Broker)   Tel: [phone]

Sara Hale/Jeremy Ellis/Virginia Bull 

Canaccord Genuity (Joint Corporate Broker)                        Tel: [phone]

Henry Fitzgerald-O'Connor/James Asensio

Vigo Communications                                                               Tel: [phone]

Patrick d'Ancona/Chris McMahon/Charlie Neish

 

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