Last checked at 27 Nov 2018 12:38
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.
27 November 2018
Baron Oil Plc
("Baron Oil" or "the Company")
Grant of Share Options
Baron Oil (AIM: BOIL) announces that the Company has issued 10,000,000 Share Options to each of Malcolm Butler, Chairman and Chief Executive Officer, and Geoff Barnes, Finance Director and Company Secretary.
The Share Options have an exercise price of 0.435p, being the mid-market closing price on 26 November 2018 and, as with the existing Share Options, vest immediately and have an exercise period of 3 years from the date of grant.
The Company is considering issuing Share Options to Andrew Yeo, non-executive director, and a further announcement will be made in due course, if appropriate.
Following the issue of these Share Options, the number of Share Options in issue is as follows:
Holder | New Options | Exercise Price* | Existing Options | Exercise Price | Total Options | % of Fully Diluted Shares** |
Malcolm Butler | 10,000,000 | 0.435p | 20,000,000 | 0.35p | 30,000,000 | 2.09% |
Geoff Barnes | 10,000,000 | 0.435p | 10,500,000 | 0.35p | 20,500,000 | 1.43% |
Andrew Yeo | - | - | - | - | - | - |
William Colvin | - | - | 10,500,000 | 0.35p | 10,500,000 | 0.73% |
Total | 20,000,000 | 41,000,000 | 61,000,000 | 4.24% | ||
*closing mid-market price of Ordinary Shares the day before grant | **Issued Share Capital 1,376,409,576 | |||||
The issue of the Share Options is a related party transaction under Rule 13 of the AIM Rules for Companies.
Andrew Yeo, being the independent director and having consulted the Company's Nominated Adviser, considers that the terms of the issue of the Share Options to Malcolm Butler and Geoff Barnes are fair and reasonable insofar as the shareholders of the Company are concerned.
PDMR Notification
1. | Details of the person discharging managerial responsibilities/person closely associated | |||||
(a) | Full name of person Dealing | Malcolm Butler | ||||
2. | Reason for notification | |||||
(b) | Position/status | Chairman and Chief Executive Officer | ||||
(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 | Options over ordinary shares of 0.025 pence each in the Company | ||||
(b) | Identification code | GB00B01QGH57 | ||||
(c) | Nature of the transaction | Grant of options over ordinary shares | ||||
(d) | Price(s) and volume(s) |
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(e) | Aggregated information: - Aggregated volume - Price | Single transaction as in 4(d) above
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(f) | Date of transaction | 27 November 2018
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(g) | Place of transaction | Outside a trading venue | ||||
1. | Details of the person discharging managerial responsibilities/person closely associated | |||||
(a) | Full name of person Dealing | Geoffrey Barnes | ||||
2. | Reason for notification | |||||
(a) | Position/status | Finance Director and Company Secretary | ||||
(b) | Initial notification/ Amendment | Initial notification | ||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
(a) | Name of entity | Baron Oil Plc | ||||
(b) | 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 | |||||
(c) | Description of the financial instrument, type of instrument | Options over ordinary shares of 0.025 pence each in the Company | ||||
(d) | Identification code | GB00B01QGH57 | ||||
(e) | Nature of the transaction | Grant of options over ordinary shares | ||||
(f) | Price(s) and volume(s) |
| ||||
(g) | Aggregated information: - Aggregated volume - Price | Single transaction as in 4(d) above
| ||||
(h) | Date of transaction | 27 November 2018
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(i) | Place of transaction | Outside a trading venue | ||||
For further information, please contact:
Baron Oil Plc | +44 (0)1892 838 948 |
Malcolm Butler, Chairman & Chief Executive Officer | |
SP Angel Corporate Finance LLP | +44 (0)20 3470 0470 |
Nominated Adviser and Joint Broker | |
Lindsay Mair, Richard Hail, Richard Redmayne |