News Oil & Gas

Block issues share options to directors and PDMRs

Block Energy plc said it had issued nil-cost options over a total of 1,767,513 ordinary shares of 0.25p each to directors/PDMRs and employees as part of cash conservation measures.

CASH CONSERVATION

The options were issued on 1 November in lieu of cash payment for 40% of salaries and up to 50% of directors’ fees for the month of October 2021.

The move is in accordance with the company’s cash conservation measures announced in April 2020.

PDMRPositionNumber of
Options granted
Resulting total options
held over ordinary shares
Paul Haywood Chief Executive Officer356,52215,803,227
William McAvockChief Financial Officer254,6589,760,320
Philip DimmockNon-Executive Chairman 101,863584,797
Charles Valceschini Non-Executive Director69,452500,021
Jeremy AsherNon-Executive Director69,452146,453
Kenneth SeymourNon-Executive Director69,452107,803
Of the total numbers of options issued, 921,399 options were issued to directors/PDMRs (Block Energy)

The company also allotted 262,403 ordinary shares of 0.25p each to two service providers in lieu of cash with a total value of £5,533.