TIDMIGAS

RNS Number : 6837C

Igas Energy PLC

12 October 2022

12 October 2022

IGas Energy plc (AIM: IGAS) ("IGas" or "the Company")

Grant of awards under the IGas Energy plc Management Retention Plan

and to the Interim Executive Chairman

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 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 (the "Shares") on 12 October 2022 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 the award 
                          Chief Financial 
 Frances Ward              Officer           127,473 
 
 

This award is subject to malus and clawback and may not be exercised or disposed of until 28 January 2023.

Award to the Interim Executive Chairman

Following his appointment as Interim Executive Chairman on 14 September 2022 and recognising the need to have a strong retention and motivational share plan in place for the Interim Executive Chairman, the Board has also approved a grant of stock options by way of three tranches to Christopher Hopkinson as follows:

Tranche 1: An Option over 250,000 Shares with an exercise price of 0.002 pence per Share (being the nominal value of a Share);

Tranche 2: An Option over a further 500,000 Shares with an exercise price of 89.8p per Share (equal to the closing middle market quotation of a Share on 14 September 2022); and

Tranche 3: An Option over a further 500,000 Shares with an exercise price of 89.8p per Share.

The award of options to the Interim Executive Chairman shall ordinarily vest, subject to any dealing restrictions at that time, on 14 September 2023 subject to (in the case of Tranche 2) the volume-weighted average closing middle market quotation for the 30-day period ending on 13 September 2023 being at least 115% of the exercise price applicable to Tranche 2 and (in the case of Tranche 3) the volume-weighted average closing middle market quotation for the 30-day period ending on 13 September 2023 being at least 130% of the exercise price applicable to Tranche 3.

 
 Name of Director/PDMR   Position            Number of ordinary shares 
                                              subject to award 
 Christopher Hopkinson   Interim Executive   Tranche 1: 250,000 
                          Chairman            Tranche 2: 500,000 
                                              Tranche 3: 500,000 
 

The information set out below is provided in accordance with the requirements of Article 19 of the UK Market Abuse Regulation:

 
 1    Details of Director/ PDMR / person closely associated 
 a)   Name                        Christopher Hopkinson 
     --------------------------  --------------------------------------- 
 2    Reason for the notification 
     ------------------------------------------------------------------- 
 a)   Position / status           Interim Executive Chairman 
     --------------------------  --------------------------------------- 
 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 of the          Ordinary shares of 0.002p each 
       financial instrument 
     --------------------------  --------------------------------------- 
 b)   Identification code         ISIN for IGas Energy plc: GB00BZ042C28 
       of the Financial 
       Instrument 
     --------------------------  --------------------------------------- 
 c)   Nature of the transaction   Grant of options by the Company to the 
                                   Executive Chairman 
     --------------------------  --------------------------------------- 
 d)   Price(s) and volume(s)       Price / Volume 
                                    Tranche 1: 0.002p / 250,000 
                                    Tranche 2: 89.8p / 500,000 
                                    Tranche 3: 89.8p / 500,000 
     --------------------------  --------------------------------------- 
 e)   Aggregated information      N/A 
     --------------------------  --------------------------------------- 
      - Aggregated volume 
     --------------------------  --------------------------------------- 
      - Price 
     --------------------------  --------------------------------------- 
 f)   Date of the transaction     12/10/2022 
     --------------------------  --------------------------------------- 
 g)   Place of the transaction    Outside a trading venue 
     --------------------------  --------------------------------------- 
 
 
 1    Details of Director/ PDMR / person closely associated 
 a)   Name                        Frances Ward 
     --------------------------  ----------------------------------------- 
 2    Reason for the notification 
     --------------------------------------------------------------------- 
 a)   Position / status           Chief Financial Officer 
     --------------------------  ----------------------------------------- 
 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 of the          Ordinary shares of 0.002p each 
       financial instrument 
     --------------------------  ----------------------------------------- 
 b)   Identification code         ISIN for IGas Energy plc: GB00BZ042C28 
       of the Financial 
       Instrument 
     --------------------------  ----------------------------------------- 
 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 / 127,473 
     --------------------------  ----------------------------------------- 
 e)   Aggregated information      N/A 
     --------------------------  ----------------------------------------- 
      - Aggregated volume 
     --------------------------  ----------------------------------------- 
      - Price 
     --------------------------  ----------------------------------------- 
 f)   Date of the transaction     12/10/2022 
     --------------------------  ----------------------------------------- 
 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

Chris Hopkinson, Interim Executive Chairman

Ann-marie Wilkinson, Director of Corporate Affairs

   Investec Bank plc (NOMAD and Joint Corporate Broker)                       Tel: +44 (0)20 7597 5970 

Chris Sim/Virginia Bull/Jeremy Ellis

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

Henry Fitzgerald-O'Connor/James Asensio

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

Patrick d'Ancona/Finlay Thomson/Kendall Hill

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