6 Oct 2020 12:00
6 October 2020
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 company focused on becoming a substantial UK gas producer, announces that certain Directors and other members of the management and technical teams have accepted all or part of their salaries and fees as options over Ordinary Shares in the Company ("Salary/Fee Sacrifice Options") for periods between 1 March 2020 and 31 August 2020.
Salary/Fee Sacrifice Options
As further detailed in the table below, such personnel have accepted 1p Options in lieu of salaries or fees due in the relevant periods. All these Options have a five-year term from the effective date of 6 October 2020 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 2020 to 31 August 2020 was 12.72p. Where services have been provided or salary or fees sacrificed 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 757,125 new Options have been issued for this period, with an exercise price of 1p each, representing 0.16% per cent of the Company's current issued share capital.
Options to Incentivise Long Term Performance
Separately, the Company has today also granted options over 52,563 1p Ordinary Shares to new employees to reward long term performance under the Company Share Option Plan ("CSOP Options"). These options all vest three years from the date of grant subject to a compound annual Total Shareholder Return of 10% being achieved. Subject to vesting and such performance conditions being met, they are exercisable for up to ten years from the date of grant and will lapse if not exercised by such date. A total of 52,563 new CSOP Options have been issued, with an exercise price of 1p each, representing 0.01% per cent of the Company's current issued share capital.
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) Rupert Newall (CFO) James Chance (Head of Corporate Finance & IR)
| +44 (0) 20 7036 1400 |
finnCap Ltd Christopher Raggett (Corporate Finance) Simon Hicks (Corporate Finance)
| +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 |
About IOG:
IOG owns and operates a 50% stake in substantial low risk, high value gas reserves in the UK Southern North Sea. The Company's Core Project targets a gross 2P peak production rate of 140 MMcfe/d (c. 24,000 Boe/d) from gross 2P gas Reserves of 302 Bcfe¹ + 2C gas Contingent Resources of 108 Bcfe², via an efficient hub strategy. In addition to the independently verified 2P reserves at Blythe, Elgood, Southwark, Nailsworth and Elland and 2C Contingent Resources at Goddard, IOG also has independently verified best estimate gross unrisked prospective gas resources of 73 Bcfe² at Goddard. Alongside this IOG has management estimated mid-case recoverable gas volumes of 40 Bcfe and 100 Bcfe at the Harvey and Redwell licences and continues to pursue value accretive acquisitions to generate significant shareholder returns. In September 2020 IOG was also offered four further Southern North Sea blocks adjacent to its existing portfolio which it had applied for in the 32nd Offshore Licensing Round.
1ERC Equipoise Competent Persons Report: October 2017, adjusted by Management to account for updated project timing and compression
2ERC Equipoise Competent Persons Report: October 2018
Notes:
Salaries and Fees Converted into 1p Options
For the period 1 March 2020 to 31 August 2020 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 6 October 2020, final exercise date of 5 October 2025 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* | 103,248 | 12.72p | 1p | 01-Mar-20 - 31-Aug-20 |
Rupert Newall* | 78,218 | 12.72p | 1p | 01-Mar-20 - 31-Aug-20 |
Mark Hughes* | 71,961 | 12.72p | 1p | 01-Mar-20 - 31-Aug-20 |
Fiona MacAulay* | 34,416 | 12.72p | 1p | 01-Mar-20 - 31-Aug-20 |
Esa Ikaheimonen* | 234,627 | 12.72p | 1p | 01-Mar-20 - 31-Aug-20 |
Neil Hawkings* | 14,079 | 12.72p | 1p | 01-Mar-20 - 31-Aug-20 |
James Chance | 68,832 | 12.72p | 1p | 01-Mar-20 - 31-Aug-20 |
Others | 151,743 | 12.72p | 1p | 01-Mar-20 - 31-Aug-20 |
Total | 757,125 |
| ||
* 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 | 6 October 2020 | ||||
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 | 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 | 6 October 2020 | ||||
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 | 6 October 2020 | ||||
f) | Place of the transaction | London Stock Exchange, AIM Market (XLON) | ||||
1. | Details of the person discharging managerial responsibilities / person closely associated | |||||
a) | Name | Fiona MacAulay | ||||
2. | Reason for the Notification | |||||
a) | Position/status | Chair | ||||
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 | 6 October 2020 | ||||
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 | 6 October2020 | ||||
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 | 6 October 2020 | ||||
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 | 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 | 6 2020 | ||||
f) | Place of the transaction | London Stock Exchange, AIM Market (XLON) | ||||
Company Share Option Plan Options
Name | Position | Number of New Options Granted | Exercise Price per Ordinary Share (pence) | Vesting Period |
Exercise Period | Total Options Held Following This Grant |
Various | Employees | 52,563 | 1p | 3 years | 10 years | n/a |