Last checked at 12 Oct 2018 14:16
12 October 2018
i3 Energy plc
("i3" or the "Company")
Issue of Share Options
i3 Energy plc announces that it today has issued a total of 2,917,037 share options ("Options") to Directors and key management in accordance with the rules of the Company's Share Option Plan. The issue of Options to Directors is a related party transaction for the purposes of Rule 13 of the AIM Rules for Companies.
The exercise price of the new Options will be £0.635 per share, the closing price of the Company's ordinary shares as at 11 October 2018. The Options are for ten years and will vest as follows:
· 33.33% on issuance,
· 33.33% upon successful execution of a farmout agreement or at 12 months (whichever occurs first); and
· 33.33% upon Field Development Plan ("FDP") approval or at 24 months (whichever occurs first).
Number of Options today issued to Directors:
Majiq Shafiq | 1,000,000 |
Graham Heath | 179,209 |
Richard Ames | 100,000 |
Neill Carson | 100,000 |
In relation to this transaction, David Knox is considered to be 'independent' for the purposes of AIM Rule 13 in consideration of the issue of the Options. Having consulted with WH Ireland Limited, the Company's Nominated Adviser ("Nomad"), the independent director David Knox considers that the terms of the transaction are fair and reasonable insofar as Shareholders are concerned.
Following this announcement, the Company has in issue 41,017,438 ordinary shares of £0.0001 each, 5,000 deferred shares of £10.00 each, 3,082,052 share options with an exercise price of £0.55, 2,917,037 Options with an exercise price of £0.635.
ENDS
CONTACT DETAILS:
| i3 Energy plc | |||
| Majid Shafiq (CEO) / Graham Heath (CFO) | c/o Camarco Tel: +44 (0) 203 757 4980
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| WH Ireland Limited (Nomad and Joint Broker) | |||
| James Joyce, James Sinclair-Ford | Tel: +44 (0) 207 220 1666 | ||
| GMP FirstEnergy (Joint Broker) | |||
| Jonathan Wright, David van Erp | Tel: +44 (0) 207 448 0200
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| Canaccord Genuity Limited (Joint Broker) Henry Fitzgerald- O'Connor, James Asensio
| Tel: +44 (0) 207 523 8000
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| Camarco Georgia Edmonds, Jane Glover, James Crothers |
Tel: +44 (0) 203 757 4980 | ||
Notes to Editors: i3 is an oil and gas development company initially focused on the North Sea. The Company's core asset is the Greater Liberator Area, located in Blocks 13/23d and 13/23c, containing 11 MMBO of 2P Reserves and 22 MMBO of 2C Contingent Resources and 47 MMBO of mid-case Prospective Resources. The Greater Liberator Area consists of the Liberator oil field discovered by well 13/23d-8 and the Liberator West extension, both of which i3 hold a 100% working interest in.
The Company's strategy is to acquire high quality, low risk producing and development assets, to broaden its portfolio and grow its reserves and production.
The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014.
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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) | Name | Maid Shafiq | ||||
2 | Reason for the notification | |||||
a) | Position/status | CEO | ||||
b) | Initial notification/ Amendment | Initial | ||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | i3 Energy PLC | ||||
b) | LEI | 213800949OZA9QA9FS17 | ||||
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 | Share options
| ||||
b) | Nature of the transaction | Share Option Plan | ||||
c) | Price(s) and volume(s) |
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d) | Aggregated information - Aggregated volume - Price |
1,000,000 £0.635 | ||||
e) | Date of the transaction | 12/10/2018 | ||||
f) | Place of the transaction | Off market | ||||
1 | Details of the person discharging managerial responsibilities/person closely associated | |||||
a) | Name | Graham Heath | ||||
2 | Reason for the notification | |||||
a) | Position/status | CFO | ||||
b) | Initial notification/ Amendment | Initial | ||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | i3 Energy PLC | ||||
b) | LEI | 213800949OZA9QA9FS17 | ||||
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 | Share options
| ||||
b) | Nature of the transaction | Share Option Plan | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information - Aggregated volume - Price |
179,209 £0.635 | ||||
e) | Date of the transaction | 12/10/2018 | ||||
f) | Place of the transaction | Off market | ||||
1 | Details of the person discharging managerial responsibilities/person closely associated | |||||
a) | Name | Richard Ames | ||||
2 | Reason for the notification | |||||
a) | Position/status | Non-Executive Director | ||||
b) | Initial notification/ Amendment | Initial | ||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | i3 Energy PLC | ||||
b) | LEI | 213800949OZA9QA9FS17 | ||||
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 | Share options
| ||||
b) | Nature of the transaction | Share Option Plan | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information - Aggregated volume - Price |
100,000 £0.635 | ||||
e) | Date of the transaction | 12/10/2018 | ||||
f) | Place of the transaction | Off market | ||||
1 | Details of the person discharging managerial responsibilities/person closely associated | |||||
a) | Name | Neill Carson | ||||
2 | Reason for the notification | |||||
a) | Position/status | Non-Executive Director | ||||
b) | Initial notification/ Amendment | Initial | ||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | i3 Energy PLC | ||||
b) | LEI | 213800949OZA9QA9FS17 | ||||
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 | Share options
| ||||
b) | Nature of the transaction | Share Option Plan | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information - Aggregated volume - Price |
100,000 £0.635 | ||||
e) | Date of the transaction | 12/10/2018 | ||||
f) | Place of the transaction | Off market | ||||