24 Jul 2013 07:00
24 July 2013
IGas Energy plc ("IGas" or the "Company")
IGas Energy Share Incentive Plan
On 18 April 2013, application was made to the London Stock Exchange for a block listing totalling 700,000 ordinary shares of 10p each under the IGas Energy Plc Share Incentive Plan ("SIP").
The SIP, established by the Company on 30 January 2013 and subsequently approved by HM Revenue & Customs on 5 February 2013 (HMRC Reference No. A109372) is a tax efficient incentive plan pursuant to which all Company employees are able to subscribe for up to £125 (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.
Accordingly, a total of 70,934 shares have been allotted to employees under the SIP, with reference to the mid-market opening price for the measurement period of 83p.
The Executive Directors subscribed for their full entitlement under the monthly Subscription and, accordingly, have been allotted shares under the SIP as set out below:
Andrew Austin 904
Stephen Bowler 904
John Blaymires 904
Following the Initial Subscription, the Executive Directors' shareholdings are as follows:
Andrew Austin 10,665,962
Stephen Bowler 76,709
John Blaymires 26,709
ENQUIRIES
For further information please contact:
IGas Energy plc Tel: +44 (0)20 7993 9899
Andrew Austin, Chief Executive Officer
Stephen Bowler, Chief Financial Officer
Jefferies International Limited Tel: +44 (0)20 7029 8000
Sara Hale
Graham Hertrich