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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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 14.89 | 14.80 | 14.98 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMIGAS
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:
Hot Features
Premium
Name of Director/PDMR Position Number of ordinary shares subject to base award
Chief Executive
Stephen Bowler Officer 388,889
Chief Operating
John Blaymires Officer 311,111
Chief Finance
Julian Tedder 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 Share Price Appreciation Payout Range (GBP) ---------------- ------- <8% pa for 3 years 0% <GBP1.13 -------------- ------- ------------- 8% - 11% for GBP1.13 3 years 25% - GBP1.25 ---------------- ------- ------------- 12% - 15% for GBP1.26 3 years 50% - GBP1.39 ---------------- ------- ------------- 16% - 19% for GBP1.40 3 years 75% - GBP1.54 ---------------- ------- ------------- 20% - 24% for GBP1.55 3 years 100% - GBP1.74 ---------------- ------- ------------- 25% - 29% for GBP1.75 3 years 150% - GBP1.96 ---------------- ------- ------------- > 30% for 3 GBP1.97 years 200% 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 / (i) Chief Executive Officer
status (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 Initial notification
/amendment
========================= =============================================
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 Ordinary shares of 0.002p each
of the financial
instrument
========================= =============================================
b) Identification ISIN for IGas Energy plc: GB00BZ042C28
code of the
Financial
Instrument
========================= =============================================
c) Nature of Grant of nil cost options by
the transaction 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 GBP1.13
- GBP1.25 per share; or 50%
of the total award vesting at
a price of GBP1.26 - GBP1.39
per share; or 75% of the total
award vesting at a price of
GBP1.40 - GBP1.54 per share;
or 100% of the total award vesting
at a price of GBP1.55 - GBP1.74
per share; or 150% of the total
award vesting at a price of
GBP1.75 - GBP1.96 per share;
or 200% of the total award vesting
at a price of GBP1.97 and above.
No shares under the option vest
if the share price is less than
GBP1.13 per share at the end
of the performance period.
========================= =============================================
d) Price(s) and Price Volume
volume(s) ------------------ -------------------
(i) GBPnil (i) 388,889
------------------ -------------------
(ii) GBPnil (ii) 311,111
------------------ -------------------
(iii) GBPnil (iii) 283,333
------------------ -------------------
========================= =============================================
e) Aggregated N/A
information
* Aggregated volume
* Price
========================= =============================================
f) Date of the 16 October 2017
transaction
========================= =============================================
g) Place of the Outside a trading venue
transaction
========================= =============================================
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
George Price
Canaccord Genuity (Joint Corporate Broker)
Tel: +44 (0)20 7523 8000
Henry Fitzgerald-O'Connor
This information is provided by RNS
The company news service from the London Stock Exchange
END
DSHUNRSRBVARAAA
(END) Dow Jones Newswires
October 16, 2017 10:09 ET (14:09 GMT)
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