Grant of Awards under the MRP and EIP

RNS Number : 2860J

Igas Energy PLC

09 April 2020

 

9 April 2020

IGas Energy plc (the "Company" or the "Group")

Grant of awards under the IGas Energy plc Management Retention Plan and

Executive Incentive Plan

In order to better align the interests of Directors, Persons Discharging Managerial Responsibilities ("PDMRs") and other key employees of the Group with those of shareholders, the Board of the Company has again determined that annual bonuses in excess of £30,000 will be paid to recipients in a combination of both cash and restricted stock.

Management Retention Plan ("MRP")

The Company announces the following grant to the following Director and PDMR of nil cost options over ordinary shares of the Company of nominal value 0.002 pence per share on 9 April 2020 under the rules of the Company's MRP, which was adopted by the Board in 2015:

Name of Director/PDMR	Position	Number of ordinary shares subject to base award
Stephen Bowler	Chief Executive Officer	161,777
Julian Tedder	Chief Financial Officer	109,203

The awards under MRP are subject to malus and clawback and may not be exercised or disposed of until 22 January 2021.

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 our business plan the Board has also approved a grant of awards under the Company's EIP - the fifth such award since EIP was adopted by the Board in 2016.

As a result, the Company announces the following grant to the following Director and PDMR, based on a 30 day VWAP and equating to 100% of each Director and PDMR's salary, of nil cost options over ordinary shares of the Company of nominal value 0.002 pence per share on 9 April 2020 under EIP, which was adopted by the Board on 16 March 2016:

Name of Director/PDMR	Position	Number of ordinary shares subject to base award
Stephen Bowler	Chief Executive Officer	1,277,685
Julian Tedder	Chief Financial Officer	930,878

The options granted under the EIP will take the form of a base award over the number of ordinary shares specified above and will only vest if certain share price appreciation targets, based off a 28.5p starting point, are achieved according to the following criteria:

Share Price Appreciation	Payout	Share Price Range (£)
<8% pa for 3 years	0%	<£0.36
8% - 11% for 3 years	25%	£0.36 - £0.39
12% - 15% for 3 years	50%	£0.40 - £0.43
16% - 19% for 3 years	75%	£0.44 - £0.48
20% - 24% for 3 years	100%	£0.49 - £0.55
25% - 29% for 3 years	150%	£0.56 - £0.62
> 30% for 3 years	200%	£0.63 and above

The performance condition is based on the Company's share price in the vesting period to 8 April 2023. No shares under the option vest if the share price is less than £0.36 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 and CFO under the EIP in any one year is 200% of salary. 

Each individual's base 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 EU Market Abuse Regulation No 596/2014:

1	Details of Director/ PDMR / person closely associated
a)	Name	(i)  Stephen Bowler (ii)  Julian Tedder
2	Reason for the notification
a)	Position / status	(i)  Chief Executive Officer (ii)  Chief Financial Officer [For PCAs, state that the notification concerns a PCA and the name and position of the relevant PDMR.]
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 MRP
d)	Price(s) and volume(s)	Price  Volume (i)  £nil  161,777 (ii)  £nil  109,203
e)	Aggregated information	N/A
	-  Aggregated volume
	-  Price
f)	Date of the transaction	9-Apr-20
g)	Place of the transaction	Outside a trading venue

1	Details of Director/ PDMR / person closely associated
a)	Name	(i)  Stephen Bowler (ii)  Julian Tedder
2	Reason for the notification
a)	Position / status	(i)  Chief Executive Officer (ii)  Chief Financial Officer [For PCAs, state that the notification concerns a PCA and the name and position of the relevant PDMR.]
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  1,277,685 (ii)  £nil  930,878
e)	Aggregated information	N/A
	-  Aggregated volume
	-  Price
f)	Date of the transaction	9-Apr-20
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

Julian Tedder, Chief Financial Officer

Ann-marie Wilkinson, Director of Corporate Affairs

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

Sara Hale/Jeremy Ellis/Tejas Padalkar 

BMO Capital Markets (Joint Corporate Broker)                   Tel: [phone]

Tom Rider/Neil Elliot/Jeremy Low/Tom Hughes

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

Henry Fitzgerald-O'Connor/James Asensio

Vigo Communications                                                               Tel: [phone]

Patrick d'Ancona/Chris McMahon 

 

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