- Title:
Grant of awards under the EIP - Time:
07:01:05 - Date:
7 Apr 2021 - Category:
Director/PDMR dealings - ID:
5940U
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 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 (i) £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
Grant of awards under the EIP07:01:057 Apr 2021Director/PDMR dealings5940U