RNS14 Dec 2017 08:24
Management Share Incentive Scheme
Thu, 14th Dec 2017 08:20
RNS Number : 3407Z
Anglo African Oil & Gas PLC
14 December 2017
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Anglo African Oil & Gas PLC / Index: AIM / Epic: AAOG / Sector: Oil & Gas
14 December 2017
ANGLO AFRICAN OIL & GAS PLC ('AAOG' or the 'Company')
Management Share Incentive Scheme
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Anglo African Oil & Gas plc, an independent oil and gas developer, announces that the Company's Remuneration Committee has, after taking external advice, cancelled the Management Incentive Scheme for senior management as detailed in the Company's Admission Document and replaced this with a new Management Share Incentive Scheme (the "New MSIS"). This follows the lapsing of the time for the registration of the original options. All terms and conditions, including as to vesting conditions, amounts and exercise price of the options issued under the New MSIS are identical to those that were to be issued under the original scheme.
In line with the Management Incentive Scheme at the time of the Company's Admission to AIM, options issued under the New MSIS will generally not vest until daily total oil production at the Company's 56 per cent-owned Tilapia oilfield in the Republic of the Congo reaches certain production milestones measured over a consecutive 30-day period: one-third at 1,000 bopd; one-third at 2,500 bopd; one-third at 5,000 bopd.Â
It is intended that, as far as possible, options will be granted as enterprise management incentive ("EMI") options within Schedule 5 to the Income Tax (Earnings and Pensions) Act 2003. Â EMI options have potential tax advantages for both employer and employee.Â
In respect of the Directors of the Company, below are details of the existing options that will lapse and the replacement option awards under the New MSIS:Â
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MSIS options at Admission
New MSIS options
Name
No. of options
Exercise price
No. of options
Exercise price
David Sefton
3,189,033
20p
3,189,033
20p
Alex MacDonald
3,189,033
20p
3,189,033
20p
Oleg Schkoda
3,189,033
20p
-
-
James Cane:
2,698,412
20p
2,698,412
20p
The total number of options awarded to the directors will reduce from 12,265,511 to 9,076,478 under the New MSIS.
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.
**ENDS**