3 Dec 2018 12:20
3 December 2018
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, in exchange for 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 2018 and 31 August 2018.
All these Options have a five-year term from 1 September 2018 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 2018 to 31 August 2018 was calculated to be 24.28p. 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 534,420 new Options have been issued for this period, each with an exercise price of 1p each, representing 0.42% per cent of the Company's current issued share capital.
-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) | +44 (0) 20 3879 0510 |
finnCap Ltd Christopher Raggett Anthony Adams | +44 (0) 20 7220 0500 |
Peel Hunt LLP Richard Crichton David McKeown | +44 (0) 20 7418 8900 |
Camarco Georgia Edmonds/ Tom Huddart/ Monique Perks | +44 (0) 20 3757 4980 |
Notes:
Salaries and Fees Converted into 1p Options
For the period 1 March 2018 to 31 August 2018 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 3 September 2018, final exercise date of 31 August 2023 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* | 128,700 | 24.28p | 1p | 01-Mar-18 - 31-Aug-18 |
Mark Routh* | 110,553 | 24.28p | 1p | 01-Mar-18 - 31-Aug-18 |
James Chance | 80,652 | 24.28p | 1p | 01-Mar-18 - 31-Aug-18 |
Mark Hughes* | 62,417 | 25.18p | 1p | 18-Apr-18 - 31-Aug-18 |
Charles Hendry* | 30,888 | 24.28p | 1p | 01-Mar-18 - 31-Aug-18 |
Martin Ruscoe* | 30,888 | 24.28p | 1p | 01-Mar-18 - 31-Aug-18 |
Others | 90,322 | 24.28p | 1p | 01-Mar-18 - 31-Aug-18 |
Total | 534,420 |
| ||
* Directors
Note: 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 | Mark Routh | ||||
2. | Reason for the Notification | |||||
a) | Position/status | Chairman | ||||
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 | 3 December 2018 | ||||
f) | Place of the transaction | London Stock Exchange, AIM Market (XLON) | ||||
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 | 3 December 2018 | ||||
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 | 3 December 2018 | ||||
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 | 3 December 2018 | ||||
f) | Place of the transaction | London Stock Exchange, AIM Market (XLON) | ||||
1. | Details of the person discharging managerial responsibilities / person closely associated | |||||
a) | Name | Charles Hendry | ||||
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 | 3 December 2018 | ||||
f) | Place of the transaction | London Stock Exchange, AIM Market (XLON) | ||||
1. | Details of the person discharging managerial responsibilities / person closely associated | |||||
a) | Name | Martin Ruscoe | ||||
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 | 3 December 2018 | ||||
f) | Place of the transaction | London Stock Exchange, AIM Market (XLON) | ||||