28 Apr 2017 15:10
28 April 2017
IGas Energy plc ("IGas" or the "Company")
Additional Listing
The Company announces that application has been made to the London Stock Exchange for total of 956,464 Ordinary Shares of 0.0001p each to trade on the AIM market of London Stock Exchange ("AIM") under the IGas Energy plc Share Incentive Plan ("SIP").
The number of shares to be issued under the SIP has been calculated in accordance with the SIP rules and with reference to the mid-market closing price of 4.60p on 21 April 2017. The 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 04 May 2017.
Details of the Directors subscription and allocation under the SIP for the first quarter of 2017 are set out below.
Director | Share subscription under the SIP | Matching Allocation | Resulting Voting Rights | Resulting Voting Rights (%) |
Stephen Bowler | 9,784 | 9,784 | 1,159,488 | 0.05% |
John Blaymires | 9,782 | 9,782 | 776,233 | 0.03% |
Julian Tedder | 9,783 | 9,783 | 2,411,426 | 0.10% |
The issued share capital of the Company following the above detailed issue of shares will be 2,426,964,198. The total number of voting rights in IGas will be 2,426,964,198, 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.
ENQUIRIES
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, Head of Communications
Investec Bank plc
Tel: +44 (0)20 7597 4000
Sara Hale
Jeremy Ellis
Canaccord Genuity
Tel: +44 (0)20 7523 8000
Henry Fitzgerald-O'Connor
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.
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.