The Company announces that an application has been made to the London Stock Exchange for a total of 73,503 Ordinary Shares of 0.002p each (the "SIP Shares") to trade on the AIM market of London Stock Exchange ("AIM") under the IGas Energy plc Share Incentive Plan ("SIP"). Subject to admission, the SIP Shares will be held by Equiniti Share Plan Trustees Limited (the "SIP Trustees").
The number of shares to be issued under the SIP has been calculated with reference to the mid-market closing price of 59.50p on 19th July 2019, in accordance with the rules of the SIP. The SIP 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 06 August 2019.
Details of the subscription and allocation under the SIP by Persons Discharging Managerial Responsibility ("PDMR") for the quarter are set out below.
Share subscription under the SIP
Resulting Voting Rights
Total Resulting Voting Rights (%)
The issued share capital of the Company following the above detailed issue of shares will be 122,268,049 Ordinary Shares; the number of deferred shares remains 303,305,534. The total number of voting rights in IGas will be 122,268,049 Ordinary Shares, 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.
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:
Details of PDMR / person closely associated
(i) Stephen Bowler
(ii) Julian Tedder
Reason for the notification
Position / status
(i) Chief Executive Officer
(ii) Chief Financial Officer
Initial notification /amendment
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
Acquisition of Ordinary Shares in IGas under SIP by the SIP Trustees pursuant to the SIP
Price(s) and volume(s)
- Aggregated volume
Date of the transaction
01 August 2019
Place of the transaction
London Stock Exchange, AIM
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 Tel: +44 (0)20 7597 5970
Canaccord GenuityTel: +44 (0)20 7523 8000
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. Shares issued under the SIP are held by the SIP Trustees.
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.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
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