3 May 2013 16:11
03 May 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.
In addition to the monthly subscription, the SIP offered employees the ability to make an initial one-off subscription in March 2013 for up to £1,500 worth of IGas ordinary shares, which the Company matched on a 2-for-1 basis (the "Initial Subscription").
Accordingly, a total of 475,002 shares have been allotted to employees under the Initial Subscription, with reference to the mid-market closing price of 77.5p on 19 April 2013.
The Executive Directors subscribed for their full entitlement under the Initial Subscription and, accordingly, have been allotted shares under the SIP as set out below:
Andrew Austin 5,805
Stephen Bowler 5,805
John Blaymires 5,805
Following the Initial Subscription, the Executive Directors' shareholdings are as follows:
Andrew Austin 10,665,058
Stephen Bowler 75,805
John Blaymires 25,805
In addition, each of the Executive Directors has committed to subscribe for their full monthly entitlement under the SIP.
Following the Initial Subscription, the total issued share capital of the Company has increased to 187,010,641. The total number of voting rights in IGas is 187,010,641, 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.
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