2 Sep 2022 11:45
2 September 2022
IOG plc
Issue of Equity and PDMR Shareholding
IOG plc ("IOG", or "the Company"), (AIM: IOG.L), the Net Zero UK gas and infrastructure operator focused on high return projects, has issued a total of 174,846 ordinary shares of 1 penny each in the capital of the Company ("Ordinary Shares") following the exercise of options over Ordinary Shares ("Options") by James Chance, a PDMR of the Company.
On 31 August 2022, a notice was submitted by James Chance, to exercise 174,846 Options pursuant to a Salary Sacrifice Share Option agreement (the "Exercise"). The Options were issued in 2017 and 2018 and were due to expire shortly. To fund the costs and personal tax liabilities crystallised by the Exercise, James Chance has sold a total of 80,000 Ordinary Shares at a weighted average price of 28.50p per Ordinary Share. On Admission, James Chance will be beneficially interested in a total of 832,199 Ordinary Shares, representing approximately 0.16% of the share capital of the Company on Admission.
Issue of Equity
The Company has applied to the London Stock Exchange for admission of 174,846 new Ordinary Shares to trading on AIM ("Admission"). Admission is expected to occur on 7 September 2022. Following Admission there will be 524,389,274 Ordinary Shares in issue.
Accordingly, this number may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company under the FCA's Disclosure Guidance and Transparency Rules.
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 Capital Markets & ESG | ||||||||
b) | Initial notification/Amendment | Initial notification | ||||||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||||
a) | Name | IOG 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 | Options over ordinary shares Ordinary Shares | ||||||||
Identification code | GB00BF49WF64 | |||||||||
b) | Nature of the transaction | Exercise of options over ordinary shares Sale of ordinary shares | ||||||||
c) | Price(s) and volume(s) | Exercise of options over ordinary shares
Sale of ordinary shares
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d) | Aggregated information: · Aggregated volume · Price | See 4(c)
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e) | Date of the transaction | 31 August 2022 | ||||||||
f) | Place of the transaction | London Stock Exchange, AIM Market (XLON) | ||||||||
Enquiries:
IOG plc Andrew Hockey (CEO) Rupert Newall (CFO) James Chance (Head of Capital Markets & ESG) | +44 (0) 20 7036 1400 |
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finnCap Ltd Christopher Raggett / Simon Hicks | +44 (0) 20 7220 0500 |
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Peel Hunt LLP Richard Crichton / David McKeown | +44 (0) 20 7418 8900 |
Vigo Consulting Patrick d'Ancona / Finlay Thomson
| +44 (0) 20 7390 0230 |
About IOG:
IOG is a Net Zero UK gas and infrastructure operator focused on high-return projects. The Company's operations are currently concentrated around its offshore and onshore Saturn Banks infrastructure in the UK Southern North Sea. Phase 1 of its Saturn Banks Project, which started production in March 2022, entails the commercialisation of the Blythe, Elgood and Southwark gas fields through this infrastructure. Phase 2 of the Saturn Banks Project entails the Nailsworth, Goddard and Elland gas discoveries, which are subject to future investment decisions and expected to be commercialised through the same export infrastructure. The Company also holds further licences with additional assets including the Abbeydale, Panther and Grafton gas discoveries, the Kelham North, Kelham Central, Thornbridge and Thornbridge Deep prospects, and part of the Orrell gas discovery. Currently, all IOG's licences are held 50:50 with its joint venture partner CalEnergy Resources (UK) Limited and operated by IOG. In addition, the Company continually evaluates further opportunities for accretive portfolio additions to help generate additional shareholder returns. Further details are available at www.iog.co.uk.