Additional Listing Director/PDMR Shareholding

RNS Number : 3733X

Igas Energy PLC

29 April 2019

 

 29 April 2019

IGas Energy plc ("IGas" or the "Company")

Additional Listing Director/PDMR Shareholding

The Company announces that an application has been made to the London Stock Exchange for a total of 71,679 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 73p on 18 April 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 02 May 2019.

Details of the subscription and allocation under the SIP by Persons Discharging Managerial Responsibility ("PDMR") for the quarter are set out below.  

PDMR	Share subscription under the SIP	Matching Allocation	Resulting Voting Rights	Total Resulting Voting Rights (%)
Stephen Bowler	616	1,232	1,848	0.06%
Julian Tedder	616	1,232	1,848	0.11%

The issued share capital of the Company following the above detailed issue of shares will be 122,194,546 Ordinary Shares; the number of deferred shares remains 303,305,534. The total number of voting rights in IGas will be 122,194,546 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:

1.	Details  of PDMR / person closely associated
a)	Name	(i)           Stephen Bowler (ii)          Julian Tedder
2.	Reason for the notification
a)	Position / status	(i)           Chief Executive Officer (ii)          Chief Financial Officer
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	Acquisition of Ordinary Shares in IGas under SIP by the SIP Trustees pursuant to the SIP
d)	Price(s) and volume(s)	Price Volume (i)           £0.73 (i)           1,848 (ii)          £0.73 (ii)          1,848
e)	Aggregated information -     Aggregated volume -     Price	N/A
f)	Date of the transaction	26 April 2019
g)	Place of the transaction	London Stock Exchange, AIM

ENQUIRIES

For further information please contact:

IGas Energy plc	Tel: [phone]
Stephen Bowler, Chief Executive Officer
Julian Tedder, Chief Financial Officer
Ann-marie Wilkinson, Director of Corporate Affairs
Investec Bank plc	Tel: [phone]
Sara Hale
Jeremy Ellis
Canaccord Genuity
Henry Fitzgerald-O'Connor	Tel: [phone]

APPENDIX

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.

 

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