TIDMIGAS

RNS Number : 4500X

Igas Energy PLC

26 April 2023

26 April 2023

IGas Energy plc ("IGas" or the "Company")

Additional Listing Director/PDMR Shareholding

The Company announces that an application has been made to the London Stock Exchange for a total of 203,988 Ordinary Shares of 0.002p each (the "SIP Shares") to trade on the AIM market of London Stock Exchange ("AIM") under the IGas Energy plc Share Incentive Plan ("SIP"). Subject to admission, the SIP Shares will be held by Equiniti Share Plan Trustees Limited (the "SIP Trustees").

The number of shares to be issued under the SIP has been calculated with reference to the mid-market closing price of 16.48p on 30 December 2022, in accordance with the rules of the SIP . The SIP Shares shall rank equally with the existing issued shares of the Company. It is expected that admission to AIM will become effective on or around 2 May 2023.

Details of the subscription and allocation under the SIP by Persons Discharging Managerial Responsibility ("PDMR") for the quarter are set out below.

 
 PDMR       Share subscription   Matching      Resulting Voting   Total Resulting 
             under the SIP        Allocation    Rights             Voting Rights 
                                                                   (%) 
 Frances 
  Ward      2,730                5460          8,190              0.08% 
           -------------------  ------------  -----------------  ---------------- 
 

The issued share capital of the Company following the above detailed issue of shares will be 127,398,918 Ordinary Shares; the number of deferred shares remains 303,305,534. The total number of voting rights in IGas will be 127,398,918 Ordinary Shares , which should be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in IGas under the Financial Conduct Authority's Disclosure and Transparency Rules.

Further details on the SIP are set out in the appendix to this announcement.

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

 
1.  Details of PDMR / person closely associated 
    =========================================================================== 
a)  Name                                         (i) Frances Ward 
    =========================  ================================================ 
2.  Reason for the notification 
    =========================================================================== 
a)  Position /                                   (i) Chief Financial Officer 
     status 
    =========================  ================================================ 
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                  Acquisition of Ordinary Shares in IGas under SIP 
     the transaction            by the SIP Trustees pursuant to the SIP 
    =========================  ================================================ 
d)  Price(s) and                Price                Volume 
     volume(s)                        (i) GBP0.1648        (i) 8,190 
                                                     --------------- 
    =========================  ================================================ 
e)   Aggregated                N/A 
      information 
       *    Aggregated volume 
 
 
       *    Price 
    =========================  ================================================ 
f)         Date of the         24 April 2023 
           transaction 
    =========================  ================================================ 
g)        Place of the         London Stock Exchange, AIM 
           transaction 
    =========================  ================================================ 
 

ENQUIRIES

For further information please contact:

   IGas Energy plc      Tel: +44 (0)20 7993 9899 

Chris Hopkinson, Interim Executive Chairman

Ann-marie Wilkinson, Chief Communications Officer

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

Chris Sim/Virginia Bull

   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

APPENDIX

About the IGas SIP

In 2013, the Company adopted an Inland Revenue approved Share Investment Plan for all employees of the Group. The scheme is a tax efficient incentive plan pursuant to which all Company employees are eligible to subscribe for up to GBP150 (or 10% of salary, if less) worth of IGas ordinary shares per month. On a three-monthly basis, the Company matches employees' monthly subscriptions on a 1-to-1 basis and, subject to the Company having met pre-defined quarterly production targets, will increase the matching element for that quarter to 2-to-1. To receive their allocation of matching shares, employees must ordinarily remain employed by the Company for a period of 3 years. Shares issued under the SIP are held by the SIP Trustees.

Under the SIP, during the vesting period the recipient retains the voting rights and dividend rights associated with the matching allocation shares however, is unable to sell the shares until the vesting criteria have been fulfilled. The matching allocation shares will be issued to the Company's Employee Benefit Trust and held until vesting conditions have been met. The participant retains the full rights over any subscription shares.

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END

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