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Share Name Share Symbol Market Type Share ISIN Share Description
Igas Energy Plc LSE:IGAS London Ordinary Share GB00BZ042C28 ORD 0.002P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.55 -2.26% 23.75 23.50 24.00 24.00 24.00 24.00 44,110 16:35:16
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers 40.9 -59.1 -41.3 - 29

Igas Energy PLC Grant of Awards under the MRP and EIP

09/04/2020 7:05am

UK Regulatory (RNS & others)


Igas Energy (LSE:IGAS)
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TIDMIGAS

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 GBP30,000 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 
                                           (GBP) 
 <8% pa for 3 years           0%         <GBP0.36 
                           -------  ------------------ 
 8% - 11% for 3 years        25%     GBP0.36 - GBP0.39 
                           -------  ------------------ 
 12% - 15% for 3 years       50%     GBP0.40 - GBP0.43 
                           -------  ------------------ 
 16% - 19% for 3 years       75%     GBP0.44 - GBP0.48 
                           -------  ------------------ 
 20% - 24% for 3 years       100%    GBP0.49 - GBP0.55 
                           -------  ------------------ 
 25% - 29% for 3 years       150%    GBP0.56 - GBP0.62 
                           -------  ------------------ 
 > 30% for 3 years           200%    GBP0.63 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 GBP0.36 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      Ordinary shares of 0.002p 
       instrument                        each 
     --------------------------------  ------------------------------------------------ 
 b)   Identification code of the        ISIN for IGas Energy plc: 
       Financial Instrument              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) GBPnil 161,777 
                                                                    (ii) GBPnil 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      Ordinary shares of 0.002p 
       instrument                        each 
     --------------------------------  ------------------------------------ 
 b)   Identification code of the        ISIN for IGas Energy plc: 
       Financial Instrument              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) GBPnil 1,277,685 
                                              (ii) GBPnil 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: +44 (0)20 7993 9899

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: +44 (0)20 7597 5970 

Sara Hale/Jeremy Ellis/Tejas Padalkar

   BMO Capital Markets (Joint Corporate Broker)                   Tel: +44 (0)20 7653 4000 

Tom Rider/Neil Elliot/Jeremy Low/Tom Hughes

   Canaccord Genuity (Joint Corporate Broker)                        Tel: +44 (0)20 7523 8000 

Henry Fitzgerald-O'Connor/James Asensio

Vigo Communications Tel: +44 (0)20 7390 0230

Patrick d'Ancona/Chris McMahon

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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