Igas Energy PLC Grant of Awards (6837C)
October 12 2022 - 8:57AM
UK Regulatory
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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