News Oil & Gas

Corcel issues 3.5m SIP shares

Corcel plc has issued 3,556,362 ordinary shares of £0.0001 each in the company under its share incentive plan for the 2023-24 tax year.

The scheme was agreed in the Trustees meetings on 2 April and 8 May 2024.

The SIP allows eligible employees to have monthly salary deductions to be held by the SIP Trustees until the end of the holding period of each tax year and invested in the company.

Prices for shares issued were the mid-market closing price of £0.0033 as at 1 April 2023 for the partnership and matching shares issue and of £0.00375 as at 28 March 2024 for the free shares issue.

Corcel issued 545,454 partnership shares, 1,090,908 matching shares and 1,920,000 free shares.

Following admission, the company’s issued share capital will comprise 1,958,300,515 ordinary shares, each with one voting right. Corcel holds no shares in treasury.