RNS Number : 5940U
Igas Energy PLC
07 April 2021

7 April 2021


IGas Energy plc

 (the "Company" or the "Group")


Grant of awards under the IGas Energy plc Executive Incentive Plan ("EIP")


Recognising the continuing need to have a strong retention and motivational share plan in place for key members of staff to deliver against the Company's business plan, the Board has approved a grant of awards under the Company's EIP - the sixth such award since EIP was adopted by the Board in 2016.


As a result, the Company announces the following grant of nil cost options over ordinary shares of the Company of nominal value 0.002 pence per share on 7 April 2021 under EIP, adopted by the Board on 16 March 2016:


Name of Director




Number of ordinary shares subject to base award


Stephen Bowler

Chief Executive Officer



The option granted under the EIP will take the form of a base award over the number of ordinary shares specified above and will vest three years from the grant date if the following share price targets are achieved according to the following criteria:


Share Price Target




£0.35 after 3 years


1/3 of the base award


£0.40 after 3 years


2/3 of the base award


£0.50 after 3 years


3/3 of the base award



The performance condition is based on the Company's share price at 7 April 2024.  No shares under the option vest if the share price is less than £0.35 per share at the end of the performance period.


The options are subject to malus and clawback provisions contained in the rules of the EIP however for the avoidance of doubt, the maximum number of shares which can be awarded to the CEO under the EIP in any one year is 200% of salary. 


The award may become exercisable on the third anniversary of the date of grant of the options, subject to continued employment.


Further details of the EIP are included in the Company's Directors' Remuneration Report.


The information set out below is provided in accordance with the requirements of Regulation 19(3) of the UK Market Abuse Regulation No 596/2014:



Details of Director/ PDMR / person closely associated




(i)             Stephen Bowler


Reason for the notification


Position / status

(i)             Chief Executive Officer



Initial notification /amendment

Initial notification


Details of the issuer



IGas Energy plc





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


Description of the financial instrument

Ordinary shares of 0.002p each


Identification code of the Financial Instrument

ISIN for IGas Energy plc: GB00BZ042C28


Nature of the transaction

Grant of nil cost options by the Company under the Company's EIP


Price(s) and volume(s)

                       Price     Volume

(i)             £nil        725,000


Aggregated information


-     Aggregated volume

-     Price


Date of the transaction



Place of the transaction

Outside a trading venue


This notification is made pursuant to rule 17 and Schedule 5 of the AIM Rules for Companies.


For further information please contact:

IGas Energy plc                                                                           Tel: +44 (0)20 7993 9899

Stephen Bowler, Chief Executive 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/Virginia Bull 


Canaccord Genuity (Joint Corporate Broker)                       Tel: +44 (0)20 7523 8000

Henry Fitzgerald-O'Connor/James Asensio


Vigo Communications                                                               Tel: +44 (0)20 7390 0230

Patrick d'Ancona/Chris McMahon/Charlie Neish





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