Block operates a performance related scheme ("Scheme") for senior executives within the Company. Awards under the Scheme are determined by the Renumeration Committee ("RemCom") and typically made in February for the previous year. Awards can be made in cash, shares or by the issue of nil-cost options at the discretion of the RemCom.
After a review of performance against established Key Performance Indicators, the RemCom has determined that for the financial year ended 3 December 2024 ("FY2024"), bonus awards are to be awarded to a Director, two PDMRs and four members of staff. Following consultations with the Director, the PDMRs and the members of staff, the RemCom has elected to settle the bonuses by way of issue of 35,912,008 ordinary shares of 0.25p each ("Ordinary Shares") and 10,548,289 nil-cost options over Ordinary Shares ("Options"). The number of Ordinary Shares and Options has been determined by dividing the respective bonus by the Volume Weighted Average Price ("VWAP") of the Company's Ordinary Shares for January 2025 which equals 0.7385p per Ordinary Share.
Exercise of Options
On 6 February 2025, Paul Haywood, Chief Executive Officer and Director exercised nil-cost options to acquire 1,058,640 Ordinary Shares of 0.25p each and Fergus Robson, Commercial Manager and PDMR exercised nil-cost options to acquire 995,025 Ordinary Shares of 0.25p each.
2,053,665 of the shares held in the Block Energy plc Employee Benefit Trust ("EBT") will be used to satisfy the exercise of the nil-cost options. Following this exercise, the remaining number of shares held by the EBT will be 70,567,687, representing 9.17% of the current issued share capital.
Application will be made for the admission to trading on AIM ("Admission") for the 35,912,008 ordinary shares. The ordinary shares will rank pari passu in all respects with the existing ordinary shares of the Company. Admission is expected at 8.00 a.m. on or around 12 February 2025.
Total Voting Rights
Following Admission, the Company's issued share capital will comprise 769,307,945 ordinary shares with one voting right each. As the Company does not hold any shares in Treasury, the total number of voting rights in the Company is also 769,307,945 and this figure of ordinary shares may be used by shareholders 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 FCA's Disclosure Guidance and Transparency Rules.
