10 Mar 2014 16:00
10 March 2014
Hardy Oil and Gas plc
("Hardy", "the Company")
Issue of Restricted Shares
Hardy Oil and Gas plc (LSE: HDY), the oil and gas exploration and production company focused in India, announces that on 10 March 2014 it authorised the issue of an aggregate of 75,000 ordinary shares of US$0.01 each in the capital of the Company ("Ordinary Shares") to its Non-Executive Directors, including the Chairman.
Hardy's remuneration policy provides for all non-executive directors to be issued Ordinary Shares equivalent to 25 per cent of their annual cash fee on an annual basis. The Ordinary Shares are issued in consideration for services rendered in 2013 at a price of 74 pence per Ordinary Share, being the closing price on the day prior to issue.
The Ordinary Shares are subject to Restricted Shares Agreements whereby such Ordinary Shares will be restricted for a period of three years from the date of issue and, save in certain circumstances, will be released if the non-executive director remains a director throughout the three year period.
Set out below is a table showing the number of Ordinary Shares of Hardy issued to each of the non-executive directors (including the chairman):
Name | Number of Ordinary Shares Issued | Number of Ordinary Shares beneficially interested in following the issue | Percentage of the issued share capital beneficially interested in following the issue |
Alasdair Locke (Chairman) | 33,784 | 883,503 | 1.21% |
Peter Milne | 16,892 | 155,430 | 0.21% |
Pradip Shah | 12,162 | 698,886 | 0.96% |
Yogeshwar Sharma | 12,162 | 2,674,600 | 3.66% |
Total | 75,000 | 4,412,419 | 6.03% |
Application will be made to the UK Listing Authority and to the London Stock Exchange for the new Ordinary Shares, to be admitted to the Official List maintained by the UK Listing Authority, and to be admitted to trading by the London Stock Exchange on its market for listed securities.
Immediately following admission the total issued share capital of the Company will be 73,148,416 Ordinary Shares, each with equal voting rights.
For further information please visit www.hardyoil.com or contact:
Hardy Oil and Gas plc | 012 2461 2900 |
Ian MacKenzie, Chief Executive Officer Richard Galvin, Treasurer & Corporate Affairs Executive | |
Arden Partners plc | 020 7614 5917 |
Steve Douglas | |
James Felix | |
Tavistock Communications | 020 7920 3150 |
Simon Hudson Conrad Harrington |
NOTES TO THE EDITORS
Hardy Oil and Gas plc is an upstream oil and gas company focused in India. Its portfolio includes a blend of exploration, appraisal, and production assets. Hardy's goal is to evaluate and exploit its asset base with a view to creating significant value for its shareholders.
Hardy Oil and Gas plc is the operator of the PY-3 oil field (shut-in July 2011) located offshore India's east coast in the Cauvery basin. Hardy also has interests in three offshore exploration blocks in India's Saurashtra, Cauvery, and Krishna Godavari basins.
Hardy is incorporated under the laws of the Isle of Man and headquartered in Aberdeen, UK. Ordinary shares of Hardy were admitted to the Official List and the London Stock Exchange's market for listed securities effective 20 February 2008 under the symbol HDY.
The Company's Indian assets are held through the wholly owned subsidiary Hardy Exploration & Production (India) Inc, located in Chennai, India.
For further information please refer to our website at www.hardyoil.com