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 |
£0.35 after 3 years | 1/3 of the base award |
£0.40 after 3 years | 2/3 of the base award |
£0.50 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 £0.35 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 instrument | Ordinary shares of 0.002p each | |||
b) | Identification code of the Financial | ISIN for IGas Energy plc: | |||
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) | (i) | Price | Volume | |
£nil | 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 |
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.comor visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
END
DSHFFFVLSEIRIIL
Attachments
- Original document
- Permalink
Disclaimer
IGas Energy plc published this content on 07 April 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 April 2021 13:09:06 UTC.