31 Oct 2019 09:00
31 October 2019
Independent Oil and Gas plc
Conversion of Salaries/Fees into Share Options
Independent Oil and Gas plc ("IOG" or "the Company"), (AIM: IOG.L), the development and production focused oil and gas company, announces that certain Directors and other members of the IOG management and technical teams have accepted all or part of their salaries and fees as options over Ordinary Shares in the Company ("Options").
Salary/Fee Sacrifice Options
As further detailed in the table below, such personnel have accepted 1p Options in lieu of salaries or fees due between 1 March 2019 and 31 August 2019.
All these Options have a five-year term from 1 September 2019 and are issued by reference to the volume weighted average price per Ordinary Share ("VWAP") over the period to which they relate. The VWAP over the period from 1 March 2019 to 31 August 2019 was calculated to be 15.98p. Where services have been provided for only part of that 6-month period the VWAP has been adjusted accordingly.
The conversion of salaries and fees into Options is consistent with previous salary and fee sacrifice transactions. A total of 1,223,611 new Options have been issued for this period, each with an exercise price of 1p each, representing 0.26% per cent of the Company's current issued share capital.
Including these Options, the aggregate total salaries and fees sacrificed by IOG personnel during the five-year duration of the scheme now stands at £1.36m.
-ENDS-
Certain information communicated in this announcement was, prior to its publication, inside information for the purposes of Article 7 of Regulation 596/2014.
Enquiries:
Independent Oil and Gas plc Andrew Hockey (CEO) James Chance (CFO) Rupert Newall (Head of Corporate Finance) | +44 (0) 20 3879 0510 |
finnCap Ltd Christopher Raggett, Simon Hicks (Corporate Finance) Camille Gochez (Corporate Broking) | +44 (0) 20 7220 0500 |
Peel Hunt LLP Richard Crichton, David McKeown | +44 (0) 20 7418 8900 |
Vigo Communications Patrick d'Ancona, Chris McMahon, Simon Woods | +44 (0) 20 7390 0230 |
Notes:
Salaries and Fees Converted into 1p Options
For the period 1 March 2019 to 31 August 2019 the Salaries/Fees sacrificed by the Company directors named below and other members of the IOG management and technical teams were converted into 1p options, effective date of grant 1 September 2019, final exercise date of 31 August 2024 at the following VWAP reference prices:
Name | Number of Ordinary Shares under option | VWAP Reference price (pence) | Exercise price (pence) | Salary/Fee Sacrifice Period |
Andrew Hockey* | 267,740 | 15.98p | 1p | 01-Mar-19 - 31-Aug-19 |
Rupert Newall | 240,966 | 15.98p | 1p | 01-Mar-19 - 31-Aug-19 |
James Chance | 104,036 | 15.98p | 1p | 01-Mar-19 - 31-Aug-19 |
Mark Hughes* | 182,063 | 15.98p | 1p | 01-Mar-19 - 31-Aug-19 |
Esa Ikaheimonen* | 136,606 | 15.91p | 1p | 14-Mar-19 - 31-Aug-19 |
Neil Hawkings* | 18,061 | 17.63p | 1p | 24-May-19 - 31-Aug-19 |
Others | 140,189 | 14.37p | 1p | 01-Mar-19 - 23-Apr-19 |
Others | 133,950 | 15.98p | 1p | 01-Mar-19 - 31-Aug-19 |
Total | 1,223,611 |
| ||
* Directors
Where services have been provided for only part of a 6-month period the VWAP has been adjusted accordingly as above.
Option Details for any Person Discharging Managerial Responsibilities ("PDMR") / persons closely associated.
1. | Details of the person discharging managerial responsibilities / person closely associated | |||||
a) | Name | Andrew Hockey | ||||
2. | Reason for the Notification | |||||
a) | Position/status | Chief Executive Officer | ||||
b) | Initial notification/Amendment | Initial notification | ||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | Independent Oil and Gas plc | ||||
b) | LEI | 2138005OA2NLZS2NRT74 | ||||
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 | Share Options over Ordinary Shares | ||||
Identification code | GB00BF49WF64 | |||||
b) | Nature of the transaction | Grant of Share Options over Ordinary Shares | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information: ·; Aggregated volume ·; Price | n/a | ||||
e) | Date of the transaction | 30 October 2019 | ||||
f) | Place of the transaction | London Stock Exchange, AIM Market (XLON) | ||||
1. | Details of the person discharging managerial responsibilities / person closely associated | |||||
a) | Name | Rupert Newall | ||||
2. | Reason for the Notification | |||||
a) | Position/status | Head of Corporate Finance | ||||
b) | Initial notification/Amendment | Initial notification | ||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | Independent Oil and Gas plc | ||||
b) | LEI | 2138005OA2NLZS2NRT74 | ||||
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 | Share Options over Ordinary Shares | ||||
Identification code | GB00BF49WF64 | |||||
b) | Nature of the transaction | Grant of Share Options over Ordinary Shares | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information: ·; Aggregated volume ·; Price | n/a | ||||
e) | Date of the transaction | 30 October 2019 | ||||
f) | Place of the transaction | London Stock Exchange, AIM Market (XLON) | ||||
1. | Details of the person discharging managerial responsibilities / person closely associated | |||||
a) | Name | James Chance | ||||
2. | Reason for the Notification | |||||
a) | Position/status | Chief Financial Officer | ||||
b) | Initial notification/Amendment | Initial notification | ||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | Independent Oil and Gas plc | ||||
b) | LEI | 2138005OA2NLZS2NRT74 | ||||
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 | Share Options over Ordinary Shares | ||||
Identification code | GB00BF49WF64 | |||||
b) | Nature of the transaction | Grant of Share Options over Ordinary Shares | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information: ·; Aggregated volume ·; Price | n/a | ||||
e) | Date of the transaction | 30 October 2019 | ||||
f) | Place of the transaction | London Stock Exchange, AIM Market (XLON) | ||||
1. | Details of the person discharging managerial responsibilities / person closely associated | |||||
a) | Name | Mark Hughes | ||||
2. | Reason for the Notification | |||||
a) | Position/status | Chief Operating Officer | ||||
b) | Initial notification/Amendment | Initial notification | ||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | Independent Oil and Gas plc | ||||
b) | LEI | 2138005OA2NLZS2NRT74 | ||||
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 | Share Options over Ordinary Shares | ||||
Identification code | GB00BF49WF64 | |||||
b) | Nature of the transaction | Grant of Share Options over Ordinary Shares | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information: ·; Aggregated volume ·; Price | n/a | ||||
e) | Date of the transaction | 30 October 2019 | ||||
f) | Place of the transaction | London Stock Exchange, AIM Market (XLON) | ||||
1. | Details of the person discharging managerial responsibilities / person closely associated | |||||
a) | Name | Esa Ikaheimonen | ||||
2. | Reason for the Notification | |||||
a) | Position/status | Non-Executive Director | ||||
b) | Initial notification/Amendment | Initial notification | ||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | Independent Oil and Gas plc | ||||
b) | LEI | 2138005OA2NLZS2NRT74 | ||||
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 | Share Options over Ordinary Shares | ||||
Identification code | GB00BF49WF64 | |||||
b) | Nature of the transaction | Grant of Share Options over Ordinary Shares | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information: ·; Aggregated volume ·; Price | n/a | ||||
e) | Date of the transaction | 30 October 2019 | ||||
f) | Place of the transaction | London Stock Exchange, AIM Market (XLON) | ||||
1. | Details of the person discharging managerial responsibilities / person closely associated | |||||
a) | Name | Neil Hawkings | ||||
2. | Reason for the Notification | |||||
a) | Position/status | Non-Executive Director | ||||
b) | Initial notification/Amendment | Initial notification | ||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | Independent Oil and Gas plc | ||||
b) | LEI | 2138005OA2NLZS2NRT74 | ||||
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 | Share Options over Ordinary Shares | ||||
Identification code | GB00BF49WF64 | |||||
b) | Nature of the transaction | Grant of Share Options over Ordinary Shares | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information: ·; Aggregated volume ·; Price | n/a | ||||
e) | Date of the transaction | 30 October 2019 | ||||
f) | Place of the transaction | London Stock Exchange, AIM Market (XLON) | ||||