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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April 07, 2021 02:01 ET (06:01 GMT)

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