Grant of awards under Executive Incentive Plan

RNS Number : 7290T

Igas Energy PLC

16 October 2017

 

16 October 2017

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

Grant of awards under the IGas Energy plc Executive Incentive Plan

IGas announces that it has issued options under a long term incentive plan to certain Directors, Persons Discharging Managerial Responsibilities ("PDMRs") and other key employees of the Group which will vest, subject to meeting certain criteria, up to three years from grant.

The Board recognises the need to have a strong retention and motivational share plan in place for key members of staff to deliver against our business plan.  The award, the first since the capital restructuring of the Company, aligns interests to those of shareholders over the medium term. The awards will only vest if certain share price appreciation targets, based off the capital restructuring price (equating to 90p following the share consolidation), are achieved.

As a result, the Company announces the following grant to the following Directors and PDMRs, 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 16 October 2017 under the Company's Executive Incentive Plan (the "Plan"), 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	388,889
John Blaymires	Chief Operating Officer	311,111
Julian Tedder	Chief Finance Officer	283,333

The options granted under the Plan will take the form of a base award over the number of ordinary shares specified above. 

The number of ordinary shares over which the options vest will depend upon the share price performance of the Company over the vesting period.

The options will vest according to the following criteria:

Share Price Appreciation		Payout	Share Price Range (£)
<8% pa for 3 years		0%	<£1.13
8% - 11% for 3 years		25%	£1.13 - £1.25
12% - 15% for 3 years		50%	£1.26 - £1.39
16% - 19% for 3 years		75%	£1.40 -  £1.54
20% - 24% for 3 years		100%	£1.55 - £1.74
25% - 29% for 3 years		150%	£1.75 - £1.96
> 30% for 3 years		200%	£1.97 and above

The options are subject to malus and clawback provisions contained in the rules of the Plan however for the avoidance of doubt, the maximum number of shares which can be awarded to the CEO, COO 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 Plan will be included in the Company's Directors' Remuneration Report.

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

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)          John Blaymires (iii)         Julian Tedder
2.	Reason for the notification
a)	Position / status	(i)           Chief Executive Officer (ii)          Chief Operating Officer (iii)         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 long term incentive plan.  Subject to a performance condition and malus and clawback provisions. The performance condition is based on the Company's share price in the vesting period from 16 October 2017 to the third anniversary of the grant, with 25% of the total award vesting at a price of £1.13 - £1.25 per share; or 50% of the total award vesting at a price of £1.26 - £1.39 per share; or 75% of the total award vesting at a price of £1.40 - £1.54 per share; or 100% of the total award vesting at a price of £1.55 - £1.74 per share; or 150% of the total award vesting at a price of £1.75 - £1.96 per share; or 200% of the total award vesting at a price of £1.97 and above. No shares under the option vest if the share price is less than £1.13 per share at the end of the performance period.
d)	Price(s) and volume(s)	Price Volume (i)           £nil (i)           388,889 (ii)          £nil (ii)          311,111 (iii)         £nil (iii)         283,333
e)	Aggregated information -     Aggregated volume -     Price	N/A
f)	Date of the transaction	16 October 2017
g)	Place of the transaction	Outside a trading venue

 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

George Price

Canaccord Genuity (Joint Corporate Broker)

Tel: [phone]

Henry Fitzgerald-O'Connor

 

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