RE: Fully LOADED!8 Mar 2021 19:01
Please refer to previous RNS it is a reduction to satisfy use and prevents using treasury shares are creating more and dilution.
Block Energy plc, the development and production company focused on Georgia, announces that a director, William McAvock, and an employee have exercised nil-cost options ("Options") to acquire 653,517 and 295,231 ordinary shares of 0.25 pence each respectively.
The Options had been acquired as a result of the Company's salary and fees sacrifice scheme that was announced on 7 April 2020, whereby directors and employees of the Company agreed to receive 40 per cent of their salaries/fees in nil-cost options in lieu of cash.
948,748 of the shares held in the Block Energy plc Employee Benefit Trust ("EBT") will be used to satisfy some of the exercise. Following the exercise of the Options, the remaining number of shares held by the EBT will be 36,646,658, representing 5.94 per cent of the current total issued share capital.
Following the exercise, Mr McAvock holds 653,517 shares in the Company, representing 0.10 per cent of the Company's issued share capital.