Grant of Awards Under EIP

RNS Number : 6252T
Igas Energy PLC
31 March 2016
 

IGas Energy plc (the "Company")

31 March 2016

Grant of awards under the IGas Energy plc Executive Incentive Plan

 

IGas announces that it has issued options under a long term incentive plan to the Executive Directors of the Company and certain other key employees of the group which will vest, subject to meeting certain criteria, three years from grant.

 

There was no ongoing long term incentive plan in place to align Executive Directors and key employees to the interests of shareholders and accordingly, the Remuneration Committee of the Board of IGas Energy plc (the "Company") has reviewed the current arrangements for the Executive Directors.  The Board recognises the need to have a strong retention and motivational share plan in place for the Executive Directors who are critical to executing the business strategy over the next phase of the Company's development.

 

As a result, the Company announces the following grant, equating to 75% of each Executive Directors salary, of nil cost options over ordinary shares of the Company of nominal value 10 pence per share on 30 March 2016 under the Company's Executive Incentive Plan (the "Plan"), which was adopted by the Board on 16 March 2016:

 

Name

Position

Number of ordinary shares subject to base award

 

 

 

Stephen Bowler

Chief Executive Officer

1,481,520

Julian Tedder

Chief Finance Officer

1,058,228

John Blaymires

Chief Operating Officer

1,185,216

 

The options granted under the Plan take the form of a base award over the number of ordinary shares specified above.  The number of ordinary shares over which the options vest may be increased by a multiple of up to two times the number of ordinary shares subject to the base award, if a specified ordinary share price is met at the vesting date.

 

The options are subject to malus and clawback provisions contained in the rules of the Plan however for the avoidance of doubt, the maximum number of shares which can be awarded to the CEO, CFO and COO is 2,963,040 2,116,456 and 2,370,432 respectively.  The 2 times multiplier will only apply if the ordinary share price at vesting is 75 pence per share or more.  

 

Each individual's base award will normally vest and become exercisable on the third anniversary of the date of grant of the options, subject to continued employment and with a provision for the Remuneration Committee to scale back the number of shares which vest if the Company's ordinary share price at vesting is in the Committee's opinion materially lower than the ordinary share price at grant.

 

Further details of the Plan will be included in the Company's Directors' Remuneration Report.

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

 

ENQUIRIES

 

For further information please contact:

 

IGas Energy plc

Stephen Bowler, Chief Executive Officer

Julian Tedder, Chief Financial Officer

Ann-marie Wilkinson, Head of Communications

 

Tel: +44 (0)20 7993 9899

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
MSCJMMBTMBMJTMF
UK 100

Latest directors dealings