Share Incentive Plan

RNS Number : 9935J

Igas Energy PLC

24 July 2013

 

24 July 2013

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

IGas Energy Share Incentive Plan

On 18 April 2013, application was made to the London Stock Exchange for a block listing totalling 700,000 ordinary shares of 10p each under the IGas Energy Plc Share Incentive Plan ("SIP").

The SIP, established by the Company on 30 January 2013 and subsequently approved by HM Revenue & Customs on 5 February 2013 (HMRC Reference No. A109372) is a tax efficient incentive plan pursuant to which all Company employees are able to subscribe for up to £125 (or 10% of salary, if less) worth of IGas ordinary shares per month. On a three-monthly basis, the Company matches employees' monthly subscriptions on a 1-to-1 basis and, subject to the Company having met pre-defined quarterly production targets, will increase the matching element for that quarter to 2-to-1. To receive their allocation of matching shares, employees must ordinarily remain employed by the Company for a period of 3 years.

Accordingly, a total of 70,934 shares have been allotted to employees under the SIP, with reference to the mid-market opening price for the measurement period of 83p.

The Executive Directors subscribed for their full entitlement under the monthly Subscription and, accordingly, have been allotted shares under the SIP as set out below:

Andrew Austin               904

Stephen Bowler             904

John Blaymires              904

Following the Initial Subscription, the Executive Directors' shareholdings are as follows:

Andrew Austin               10,665,962

Stephen Bowler             76,709

John Blaymires              26,709

ENQUIRIES

For further information please contact:

IGas Energy plc                                                                                     Tel: [phone]

Andrew Austin, Chief Executive Officer

Stephen Bowler, Chief Financial Officer

Jefferies International Limited                                                            Tel: [phone]

Sara Hale 

Graham Hertrich

 

END

 

 

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