16 Oct 2017 15:09
16 October 2017
IGas Energy plc (the "Company" or the "Group")
Grant of awards under the IGas Energy plc Executive Incentive Plan
IGas announces that it has issued options under a long term incentive plan to certain Directors, Persons Discharging Managerial Responsibilities ("PDMRs") and other key employees of the Group which will vest, subject to meeting certain criteria, up to three years from grant.
The Board recognises the need to have a strong retention and motivational share plan in place for key members of staff to deliver against our business plan. The award, the first since the capital restructuring of the Company, aligns interests to those of shareholders over the medium term. The awards will only vest if certain share price appreciation targets, based off the capital restructuring price (equating to 90p following the share consolidation), are achieved.
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 16 October 2017 under the Company's Executive Incentive Plan (the "Plan"), 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 | 388,889 |
John Blaymires | Chief Operating Officer | 311,111 |
Julian Tedder | Chief Finance Officer | 283,333 |
The options granted under the Plan will take the form of a base award over the number of ordinary shares specified above.
The number of ordinary shares over which the options vest will depend upon the share price performance of the Company over the vesting period.
The options will vest according to the following criteria:
Share Price Appreciation | Payout | Share Price Range (£) | |
0% | |||
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 options are subject to malus and clawback provisions contained in the rules of the Plan 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 Plan will be included in the Company's Directors' Remuneration Report.
This notification is made pursuant to rule 17 and Schedule 5 of the AIM Rules for Companies.
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 long term incentive plan. Subject to a performance condition and malus and clawback provisions. 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, with 25% of the total award vesting at a price of £1.13 - £1.25 per share; or 50% of the total award vesting at a price of £1.26 - £1.39 per share; or 75% of the total award vesting at a price of £1.40 - £1.54 per share; or 100% of the total award vesting at a price of £1.55 - £1.74 per share; or 150% of the total award vesting at a price of £1.75 - £1.96 per share; or 200% of the total award vesting at a price of £1.97 and above. No shares under the option vest if the share price is less than £1.13 per share at the end of the performance period.
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d) | Price(s) and volume(s) |
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e) | Aggregated information - Aggregated volume - Price | N/A
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f) | Date of the transaction | 16 October 2017 | ||||||||
g) | Place of the transaction | Outside a trading venue | ||||||||
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