Block Energy plc said it had issued nil-cost options over a total of 1,164,570 ordinary shares of 0.25p each to directors/PDMRs* and employees.
CASH CONSERVATION
The options were issued in lieu of cash payment for 40% of salaries and up to 50% of directors’ fees for the month of September 2021.
The company said that this was in accordance with the cash conservation measures announced in April 2020 and subsequent agreements with the non-executive directors for 50% of directors’ fees to be paid in nil-cost options in lieu of cash payment.
The number of shares was calculated by dividing the amount of monthly salary or fee to be paid in options by the volume weighted average price of the ordinary shares during the month of September 2021.
| PDMR | Position | Number of options granted | Resulting total options held over ordinary shares |
| Paul Haywood | Chief Executive Officer | 236,974 | 15,446,705 |
| William McAvock | Chief Financial Officer | 169,267 | 9,505,662 |
| Philip Dimmock | Non-Executive Chairman | 67,707 | 482,934 |
| Charles Valceschini | Non-Executive Director | 46,164 | 430,569 |
| Jeremy Asher | Non-Executive Director | 43,961 | 77,001 |
| Kenneth Seymour | Non-Executive Director | 38,351 | 38,351 |
Block Energy added that it had also allotted 746,668 ordinary shares of 0.25p each to four service providers in lieu of cash settlement for services totalling £20,148 to the company.
*people discharging managerial responsibilities