Grant of Awards under the MRP and EIP

21 March 2018

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

Grant of awards under the IGas Energy plc Management Retention Plan and

Executive Incentive Plan

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 has determined that annual bonuses in excess of £30,000 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 Directors and PDMRs of nil cost options over ordinary shares of the Company of nominal value 0.002 pence per share on 21 March 2018 under the rules of the Company's MRP, which was adopted by the Board on 7 September 2016:

Name of Director/PDMR	Position	Number of ordinary shares subject to base award
Stephen Bowler	Chief Executive Officer	33,431
John Blaymires	Chief Operating Officer	23,256
Julian Tedder	Chief Finance Officer	19,623

The awards under MRP are subject to malus and clawback and may not be exercised or disposed of until 17 January 2019.

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 our business plan the Board has also approved a grant of awards under the Company's EIP - the third such award since EIP was adopted by the Board in 2016. 

As a result, the Company announces the following grant to the following Directors and PDMRs, equating to 100% of each Director and PDMR's salary, of nil cost options over ordinary shares of the Company of nominal value 0.002 pence per share on 21 March 2018 under EIP, which was adopted by the Board on 16 March 2016:

Name of Director/PDMR	Position	Number of ordinary shares subject to base award
Stephen Bowler	Chief Executive Officer	396,667
John Blaymires	Chief Operating Officer	317,333
Julian Tedder	Chief Finance Officer	289,000

The options granted under the EIP will take the form of a base award over the number of ordinary shares specified above and will only vest if certain share price appreciation targets, based off a 90p starting point, are achieved according to the following criteria:

Share Price Appreciation		Payout	Share Price Range (£)
<8% pa for 3 years		0%	<£1.13
8% - 11% for 3 years		25%	£1.13 - £1.25
12% - 15% for 3 years		50%	£1.26 - £1.39
16% - 19% for 3 years		75%	£1.40 -  £1.54
20% - 24% for 3 years		100%	£1.55 - £1.74
25% - 29% for 3 years		150%	£1.75 - £1.96
> 30% for 3 years		200%	£1.97 and above

The performance condition is based on the Company's share price in the vesting period from 16 October 2017 to the third anniversary of the grant.  No shares under the option vest if the share price is less than £1.13 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, COO and CFO under the EIP in any one year is 200% of salary. 

Each individual's base 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 will be 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 EU Market Abuse Regulation No 596/2014:

1.	Details  of Director/ PDMR / person closely associated
a)	Name	(i)           Stephen Bowler (ii)          John Blaymires (iii)         Julian Tedder
2.	Reason for the notification
a)	Position / status	(i)           Chief Executive Officer (ii)          Chief Operating Officer (iii)         Chief Financial Officer   [For PCAs, state that the notification concerns a PCA and the name and position of the relevant PDMR.]
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 Instrument	ISIN for IGas Energy plc: GB00BZ042C28
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)           £nil (i)           33,431 (ii)          £nil (ii)          23,256 (iii)         £nil (iii)         19,623
e)	Aggregated information -     Aggregated volume -     Price	N/A
f)	Date of the transaction	21 March 2018
g)	Place of the transaction	Outside a trading venue

 

1.	Details  of Director/ PDMR / person closely associated
a)	Name	(iv)         Stephen Bowler (v)          John Blaymires (vi)         Julian Tedder
2.	Reason for the notification
a)	Position / status	(iv)         Chief Executive Officer (v)          Chief Operating Officer (vi)         Chief Financial Officer   [For PCAs, state that the notification concerns a PCA and the name and position of the relevant PDMR.]
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 Instrument	ISIN for IGas Energy plc: 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 (iv)         £nil (iv)         396, 667 (v)          £nil (v)          317,333 (vi)         £nil (vi)         289,000
e)	Aggregated information -     Aggregated volume -     Price	N/A
f)	Date of the transaction	21 March 2018
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

Julian Tedder, Chief Financial 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/George Price

 

Canaccord Genuity (Joint Corporate Broker)                         

Tel: +44 (0)20 7523 8000

Henry Fitzgerald-O'Connor

 

Vigo Communications                                                                     

Tel: +44 (0)20 7830 9700

Patrick d'Ancona/Chris McMahon