Grant of Awards

RNS Number : 6837C

Igas Energy PLC

12 October 2022

 

12 October 2022

IGas Energy plc (AIM: IGAS) ("IGas" or "the Company")

Grant of awards under the IGas Energy plc Management Retention Plan

 and to the Interim Executive Chairman

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 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 (the "Shares") on 12 October 2022 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 the award
Frances Ward	Chief Financial Officer	127,473

This award is subject to malus and clawback and may not be exercised or disposed of until 28 January 2023.

Award to the Interim Executive Chairman

Following his appointment as Interim Executive Chairman on 14 September 2022 and recognising the need to have a strong retention and motivational share plan in place for the Interim Executive Chairman, the Board has also approved a grant of stock options by way of three tranches to Christopher Hopkinson as follows:

Tranche 1:  An Option over 250,000 Shares with an exercise price of 0.002 pence per Share (being the nominal value of a Share);

Tranche 2:  An Option over a further 500,000 Shares with an exercise price of 89.8p per Share (equal to the closing middle market quotation of a Share on 14 September 2022); and

Tranche 3:  An Option over a further 500,000 Shares with an exercise price of 89.8p per Share.

The award of options to the Interim Executive Chairman shall ordinarily vest, subject to any dealing restrictions at that time, on 14 September 2023 subject to (in the case of Tranche 2) the volume-weighted average closing middle market quotation for the 30-day period ending on 13 September 2023 being at least 115% of the exercise price applicable to Tranche 2 and (in the case of Tranche 3) the volume-weighted average closing middle market quotation for the 30-day period ending on 13 September 2023 being at least 130% of the exercise price applicable to Tranche 3.

Name of Director/PDMR	Position	Number of ordinary shares subject to award
Christopher Hopkinson	Interim Executive Chairman	Tranche 1: 250,000 Tranche 2: 500,000 Tranche 3: 500,000

The information set out below is provided in accordance with the requirements of Article 19 of the UK Market Abuse Regulation:

1	Details of Director/ PDMR / person closely associated
a)	Name	Christopher Hopkinson
2	Reason for the notification
a)	Position / status	Interim Executive Chairman
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 options by the Company to the Executive Chairman
d)	Price(s) and volume(s)	Price  / Volume Tranche 1: 0.002p / 250,000 Tranche 2:  89.8p / 500,000 Tranche 3: 89.8p / 500,000
e)	Aggregated information	N/A
	- Aggregated volume
	- Price
f)	Date of the transaction	12/10/2022
g)	Place of the transaction	Outside a trading venue

1	Details of Director/ PDMR / person closely associated
a)	Name	Frances Ward
2	Reason for the notification
a)	Position / status	Chief Financial 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 MRP
d)	Price(s) and volume(s)	Price /  Volume
		(i)  £nil / 127,473
e)	Aggregated information	N/A
	- Aggregated volume
	- Price
f)	Date of the transaction	12/10/2022
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]

Chris Hopkinson, Interim Executive Chairman

Ann-marie Wilkinson, Director of Corporate Affairs

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

Chris Sim/Virginia Bull/Jeremy Ellis

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

Henry Fitzgerald-O'Connor/James Asensio

Vigo Consulting                                                                                                 Tel: [phone]

Patrick d'Ancona/Finlay Thomson/Kendall Hill

 

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