Block Energy plc has awarded bonuses of 22,607,850 nil cost options, of which 20,945,032 are to directors or persons discharging managerial responsibilities, over ordinary shares of 0.25p each.
AWARDS
The awards, under the company’s performance-related bonus scheme for senior executives, are made in February for the previous year.
The awards can be in cash, shares or by the issue of nil cost options.
Block said that, after a review of performance, a director, two PDMRs and a member of staff received awards.
Under its long-term incentive plan, the company issued options over 8,301,887 ordinary shares of 0.25p each to a PDMR.
Chief executive Paul Haywood received 14,861,751 bonus options resulting in his total options held of 76,809,783.
Chief operating officer Guram Maisuradze received 2,416,627 bonus options, giving him a total 7,416,627 options.
Commercial manager Fergus Robson was granted 3,666,654 bonus options and 8,301,887 LTIP options (12,963,566).
On 29 May, Block also allotted a total 2,264,648 new ordinary shares to two service providers in lieu of cash for services to the company with a total value of £24,000.
The company additionally allotted 6,455,477 new ordinary shares to the Intertrust Employee Benefit Trustee Ltd as trustee of the Block Energy plc Employee Benefit Trust.
The new ordinary shares, issued at par value of 0.25p, are to satisfy current and future grants of share incentives to employees under the company’s long-term incentive plan.
Following admission of the 8,720,125 ordinary shares, Block’s issued share capital will comprise 733,395,937 ordinary shares, each with one voting right. The company holds no shares in treasury.