Block Energy plc has ended its salary sacrifice scheme, which involved the award of options instead of wages or fees, following the company’s improved finances.
CAPITAL
The scheme was introduced in April 2020 after the Brent price collapsed and “operational issues” due to the global Covid-19 pandemic.
Block aimed to preserve capital and ensure completion and integration of the Schlumberger transaction of its assets in Georgia.
FINAL AWARD
The scheme’s final award on 5 April 2023, the company issued nil-cost options over a total of 3,702,501 ordinary shares of 0.25p each to directors and employees.
The options were granted in lieu of cash payment for 40% of salaries and up to 50% of directors’ fees.
PDMRs
Of the total number of options granted, 2,097,933 options were granted to PDMRs including chief executive officer Paul Haywood (697,908), non-executive chairman Philip Dimmock (724,602) and non-executive director Jeremy Asher (675,423).
In accordance with the agreements, recipients may exercise options immediately upon grant.
On 5 April 2023, Mr Dimmock and Mr Asher exercised nil-cost options to acquire 724,602 and 675,423 ordinary shares of 0.25 pence each, respectively.
On admission of the 1,876,413 ordinary shares, Block’s issued share capital will comprise 689,551,104 ordinary shares, each with one voting right.
The company holds no shares in treasury.
SHARES ALLOTMENTS
On the same date, the company allotted 476,388 ordinary shares of 0.25p each to two service providers in lieu of cash with a total value of £4,782.93.
A further such 298,805 ordinary shares to a value of £3,000 were allotted to a company controlled by Ken Seymour (Block’s chief operating officer and a PDMR) as payment for services in March 2023.
The company also allotted 5,613,122 such shares to current and former employees following the exercise of nil cost options.