Director Share Purchase

RNS Number : 7741X

Igas Energy PLC

16 January 2014

 

16 January 2014

IGas Energy plc

("IGas" or the "Company")

Director Share Purchase and Finance Facility

IGas (LSE: IGAS), one of the leading producers of onshore hydrocarbons in the UK, has received notification that the Chief Executive Officer, Andrew Austin, has purchased 300,000 ordinary shares in the Company ("Ordinary Shares") at a price of 135.38p pence each.

To fund the acquisition of shares Andrew Austin has entered into a loan facility, and has transferred up to 7.5 million shares as security.  Andrew Austin is required to redeem the shares at maturity when the loan is repaid at the end of the three year term and it is his full intention to do so.  Under the terms of the facility the lender is contractually prohibited from short selling or voting the shares during the term of the loan.  The loan facility has been arranged by Meridian Equity Partners and the funding provided by Equities First Holdings, a securities-based capital provider for institutional and individual clients.

Following this purchase, Andrew Austin is interested in 10,967,075 Ordinary Shares representing 5.41 per cent of the issued ordinary share capital of the Company.  The total issued share capital of the Company comprises 202,633,228 ordinary shares of 10 pence each.

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For further information please contact:

IGas Energy plc	Tel: [phone]
Andrew Austin, Chief Executive Officer Stephen Bowler, Chief Financial Officer Ann-marie Wilkinson, Head of Communications
Jefferies International Limited	Tel: [phone]
Sara Hale  Canaccord Genuity Tim Redfern	Tel: [phone]

MHP

Rupert Trefgarne                                                       Tel: [phone]

 

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