Last checked at 10 Nov 2020 07:00
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
10 November 2020
Baron Oil Plc
("Baron Oil", "Baron" or "the Company")
Grant of EMI Share Options
Baron Oil (AIM: BOIL), the AIM-quoted oil and gas exploration company focused on opportunities in SE Asia, Latin America and the UK, announces an initial grant of Enterprise Management Incentive (EMI) share options to Hugh Jonathan Ford, the Company's recently appointed Technical Director.
The EMI is an HMRC approved tax efficient option scheme that enables companies to attract and retain key staff by rewarding them with equity participation in the business. The scheme is open to all Baron employees who qualify under the HMRC rules.
Accordingly, the Company has today granted share options over a total of 75,000,000 ordinary shares of 0.025 pence each in the Company ("Share Options") to Hugh Jonathan Ford. These vested options have a 10 year life from the date of grant and an exercise price of 0.1p. This is a premium of 25% to the mid-market share price at the close on 9 November 2020 but also matches the Placing Price of the Baron funding round in Q1 2020, which included a £7,500 cash subscription by Mr Ford. This will increase the fully diluted option pool to 7.95%.
The FCA notification in respect of the above, made in accordance with the requirements of the EU Market Abuse Regulation, is appended below.
For further information, please contact:
Baron Oil Plc | +44 (0)20 7117 2849 |
Andy Yeo |
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Chief Executive Officer |
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Allenby Capital Limited | +44 (0)203 328 5656 |
Nominated Adviser and Joint Broker |
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Alex Brearley, Nick Harriss, Nick Athanas |
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Turner Pope Investments (TPI) Limited | +44 (0)20 3657 0050 |
Joint Broker |
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Andy Thacker, Zoe Alexander |
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Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them.
1. | Details of the person discharging managerial responsibilities/person closely associated | |||||
(a) | Full name of person Dealing | Hugh Jonathan Ford | ||||
2. | Reason for notification | |||||
(b) | Position/status | Director - Technical Director | ||||
(c) | Initial notification/ Amendment | Initial notification | ||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
(d) | Name of entity | Baron Oil Plc | ||||
(e) | LEI | 213800MBSOS9UZ5SW712 | ||||
4. | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||
(a) | Description of the financial instrument, type of instrument Identification code | Ordinary shares of 0.025 pence each in the Company Identification code (ISIN) for Baron Oil Plc ordinary shares: GB00B01QGH57 | ||||
(b) | Nature of the transaction | Grant of options over ordinary shares | ||||
(c) | Price(s) and volume(s) |
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(d) | Aggregated information: - Aggregated volume - Price | Single transaction as in 4(c) above
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(e) | Date of transaction | 10 November 2020 | ||||
(f) | Place of transaction | Outside a trading venue | ||||