STAR ENERGY GROUP PLC

Board/Management Information • Jul 14, 2015

National Storage Mechanism | Additional information

You don't have Javascript enabled. For full functionality this page requires javascript to be enabled.

RNS Number : 9282S

Igas Energy PLC

14 July 2015

14 July 2015

IGas Energy Plc

("IGas" or the "Company")

Grant of Share Incentive Awards

To recognise the changing requirements of the business and the restructuring of the management team IGas' Remuneration Committee has reviewed the current incentive arrangements for the Executive Directors.  The Remuneration Committee recognises an immediate need to have a strong retention mechanism 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 of nil cost options to the Executive Directors on 13 July 2015 under the Company's Executive Director Retention Plan (the "Plan"), which was adopted by the Board on 13 July 2015:

Name	Position	Number of ordinary shares subject to nil cost option
Stephen Bowler	Chief Executive Officer	3,500,000
John Blaymires	Chief Operating Officer	3,000,000

The Plan is an exceptional share arrangement used only to facilitate the grant of the nil cost options set out above.  It is not intended that the Plan will be used to grant any further awards over the next stage of the Company's development.   The options issued under the Plan will vest and become exercisable on the first anniversary of the date of grant of the retention award subject to the Executive Directors continued employment with the Group and will be subject to a one year holding period following the date of vesting. Options will normally remain exercisable for seven years following the date of vesting.

The Company also announces that, in conjunction with the grant of the new Retention Plan share awards, the Executive Directors have waived their rights to the following awards granted to them on under the Company's 2014 Value Creation Plan adopted by the Board of Directors and the Company's 2011 Long Term Incentive Plan :-

2014 Value Creation Plan
Name		Position	Number of Performance Units
Stephen Bowler		Chief Executive Officer	21
John Blaymires		Chief Operating Officer	21
2011 LTIP
Name	Position			Number of ordinary shares subject to nil cost option
Stephen Bowler	Chief Executive Officer			767,424
John Blaymires	Chief Operating Officer			481,721

-ENDS-

This information is provided by RNS

The company news service from the London Stock Exchange

END

MSCDGGDRUDBBGUX