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DJ Block Energy Plc Share Incentive Plan

 
TIDMBLOK 
 
6 June 2017 
 
                               Block Energy plc 
 
                       ("Block Energy" or the "Company") 
 
       Establishment of Share Incentive Plan and Employee Benefit Trust 
 
Block Energy (AIM: BLOK) announces that it has established a share incentive 
plan ("SIP") effective as of 6 June 2017. The purpose of the SIP is to 
incentivise directors, employees and consultants of the Company, and its 
subsidiaries by the award of ordinary shares in the capital of the Company 
("Ordinary Shares") for no cost. Ordinary Shares under this plan will not 
exceed 10 per cent. of the Company's current issued share capital without the 
prior approval of shareholders of the Company. 
 
The Company advises that it has also established an employee benefit trust 
called the Block Energy Employee Benefit Trust ("EBT") to implement the use of 
the SIP. The EBT is a discretionary trust which will acquire shares with funds 
provided by the Company for the benefit of directors, employees and consultants 
of the Company and its subsidiaries. 
 
Accordingly, the Company was notified today by the trustees of the EBT that 
they intend to subscribe 37,984,105 new ordinary shares of 0.05p each in the 
Company, at par value per share at an aggregate cost to the Company of GBP 
189,920, such shares representing 10% of the current issued share capital of 
the Company.  The shares held in the EBT are intended to be used to satisfy 
future awards made by the Company's Remuneration Committee under the SIP. It is 
intended that any individual awards under the scheme will be subject to vesting 
and performance conditions. 
 
Application will be made for the 37,984,105 new ordinary shares of 0.05p each, 
which when issued will rank pari passu with the existing ordinary shares in 
issue, to be admitted to trading on the NEX Growth Market with effect from 6 
June 2017. 
 
Following Admission, the Company's issued share capital will consist of 
417,825,153 ordinary shares with a nominal value of 0.05p each, with voting 
rights ("Ordinary Shares"), The Company does not hold any Ordinary Shares in 
Treasury. 
 
The above figure of 417,825,153 ordinary shares may be used by shareholders in 
the Company as the denominator for the calculations by which they will 
determine if they are required to notify their interest in, or a change to 
their interest in, the share capital of the Company under the Financial Conduct 
Authority's Disclosure and Transparency Rules. 
 
The Directors of the Issuer accept responsibility for this announcement. 
 
For further information contact: 
 
Block Energy plc 
Executive Director              Tel:  020 3053 3631 
Paul Haywood                    Paul @blockenergy.co.uk 
 
Peterhouse Corporate Finance    Tel +44 020 7469 0930 
 
Guy Miller 
 
 
 
END 
 

(END) Dow Jones Newswires

June 06, 2017 10:48 ET (14:48 GMT)