Block Energy plc issued nil-cost options over a total of 2,429,948 ordinary shares of 0.25p each to its directors, employees and consultants.
CASH CONSERVATION
The options were issued in lieu of cash payment for 40% of salaries and consultants’ fees and up to 50% of directors’ fees.
This is in accordance with the cash conservation measures announced in April 2020.
The move also follows the options and subsequent agreements with the employees, consultants and non-executive directors (NEDs) for fees to be paid in nil-cost options in lieu of cash payment.
OPTIONS EXERCISE
Non-executive chairman Philip Dimmock exercised nil cost options to acquire 140,983 ordinary shares of 0.25 pence each and entered into an agreement to exercise future options immediately upon grant, as well as NED Jeremy Asher (96,125) and NED Kenneth Seymour (96,125).
A consultant exercised nil cost options to acquire 712,378 ordinary shares of 0.25 pence each.
Of the total numbers of options issued, 1,264,222 were issued to PDMRs:
| PDMR | Position | Number of Options granted | Resulting total options held over ordinary shares |
| Paul Haywood | Chief Executive Officer | 493,441 | 17,500,023 |
| William McAvock | Chief Financial Officer | 352,457 | 10,972,316 |
| Chris Boffey | Chief Legal Officer | 85,091 | 688,573 |
| Philip Dimmock | Non-Executive Chairman | 140,983 | 928,612 |
| Jeremy Asher | Non-Executive Director | 96,125 | 0 |
| Kenneth Seymour | Non-Executive Director | 96,125 | 0 |
SERVICE PROVIDERS
Additionally, the company allotted 233,232 ordinary shares of 0.25p each to two service providers in lieu of cash settlement for services provided to the company with a total value of £3,033.