Igas Energy PLC Additional Listing (4394M)

TIDMIGAS

RNS Number : 4394M

Igas Energy PLC

28 July 2017

28 July 2017

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

Additional Listing

The Company announces that an application has been made to the London Stock Exchange for total of 59,352 Ordinary Shares of 0.002p each to trade on the AIM market of London Stock Exchange ("AIM") under the IGas Energy plc Share Incentive Plan ("SIP").

The number of shares to be issued under the SIP has been calculated with reference to the mid-market closing price of 69.38p on 21 July 2017, being the latest practicable date under the SIP. The shares shall rank equally with the existing issued shares of the Company. It is expected that admission to AIM will become effective on or around 02 August 2017.

Details of the Directors subscription and allocation under the SIP for the first quarter of 2017 are set out below.

 
 Director          Share subscription   Matching      Resulting        Resulting 
                    under the            Allocation    Voting Rights    Voting Rights 
                    SIP                                                 (%) 
----------------  -------------------  ------------  ---------------  --------------- 
 Stephen 
  Bowler           648                  648           59,270           0.05% 
----------------  -------------------  ------------  ---------------  --------------- 
 John Blaymires    648                  648           40,108           0.03% 
----------------  -------------------  ------------  ---------------  --------------- 
 Julian 
  Tedder           648                  648           121,867          0.10% 
----------------  -------------------  ------------  ---------------  --------------- 
 

The issued share capital of the Company following the above detailed issue of shares will be 121,407,561. The total number of voting rights in IGas will be 121,407,561, which should be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in IGas under the Financial Conduct Authority's Disclosure and Transparency Rules.

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

Vigo Communications

Tel: [phone]

Patrick d'Ancona/Chris McMahon

About the IGas SIP

In 2013, the Company adopted an Inland Revenue approved Share Investment Plan for all employees of the Group. The scheme is a tax efficient incentive plan pursuant to which all Company employees are eligible to subscribe for up to GBP150 (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.

Under the SIP, during the vesting period the recipient retains the voting rights and dividend rights associated with the matching allocation shares however, is unable to sell the shares until the vesting criteria have been fulfilled. The matching allocation shares will be issued to the Company's Employee Benefit Trust and held until vesting conditions have been met. The participant retains the full rights over any subscription shares.

This information is provided by RNS

The company news service from the London Stock Exchange

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July 28, 2017 06:20 ET (10:20 GMT)