Igas Energy PLC Grant of awards under the EIP (5940U)
April 07 2021 - 2:01AM
UK Regulatory
TIDMIGAS
RNS Number : 5940U
Igas Energy PLC
07 April 2021
7 April 2021
IGas Energy plc
(the "Company" or the "Group")
Grant of awards under the IGas Energy plc 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 the Company's business plan, the Board has approved
a grant of awards under the Company's EIP - the sixth such award
since EIP was adopted by the Board in 2016.
As a result, the Company announces the following grant of nil
cost options over ordinary shares of the Company of nominal value
0.002 pence per share on 7 April 2021 under EIP, adopted by the
Board on 16 March 2016:
Name of Director Position Number of ordinary
shares subject to
base award
Stephen Bowler Chief Executive Officer 725,000
The option granted under the EIP will take the form of a base
award over the number of ordinary shares specified above and will
vest three years from the grant date if the following share price
targets are achieved according to the following criteria:
Share Price Target Payout
GBP0.35 after 3 years 1/3 of the base award
GBP0.40 after 3 years 2/3 of the base award
GBP0.50 after 3 years 3/3 of the base award
The performance condition is based on the Company's share price
at 7 April 2024. No shares under the option vest if the share price
is less than GBP0.35 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
under the EIP in any one year is 200% of salary.
The 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 UK Market Abuse Regulation
No 596/2014:
1 Details of Director/ PDMR / person closely associated
a) Name (i) Stephen Bowler
-------------------------------- -----------------------------------------------
2 Reason for the notification
---------------------------------------------------------------------------------
a) Position / status (i) Chief Executive Officer
-------------------------------- -----------------------------------------------
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 725,000
-------------------------------- -----------------------------------------------
e) Aggregated information N/A
-------------------------------- -----------------------------------------------
- Aggregated volume
-------------------------------- -----------------------------------------------
- Price
-------------------------------- -----------------------------------------------
f) Date of the transaction 7-Apr-21
-------------------------------- -----------------------------------------------
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
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/Virginia Bull
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/Charlie Neish
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END
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