1 May 2019 12:54
1 May 2019
Independent Oil and Gas plc
Grant of Share Options to Incentivise Long Term Performance
Independent Oil and Gas plc ("IOG" or "the Company"), (AIM: IOG.L), the development and production focused oil and gas company, announces that it has today granted options over, in aggregate, 6,700,000 ordinary shares in the Company ("Ordinary Shares") to its directors, senior management and employees at an exercise price payable of 12.75 pence per Ordinary Share (the "Options"), being the middle market closing price on 30 April 2019, the latest practicable date prior to this announcement.
These option awards have been issued under the Company Share Option Plan ('CSOP') which replaces the cancelled Long Term Incentive Plan ('LTIP'), and cancels all options to have been granted under that plan scheduled in 2019 and 2020.
The new Options set out in the tables below for Directors, Executive Management and Employees are intended to reward long term performance and all vest after three years from date of grant and are subject to the satisfaction of certain performance conditions including Sanction of Phase 1 of the Southern North Sea Development Project. Subject to vesting and such performance conditions being met, the new Options are exercisable for up to ten years from the date of grant and will lapse if not exercised by such date.
Executive Directors
The following new Options have been granted to Executive Directors of the Company:
Name | Position | Number of New Options Granted | Exercise Price per Ordinary Share (pence) | Vesting Period |
Exercise Period | Total Options Held Following This Grant |
Andrew Hockey | CEO | 1,600,000 | 12.75 | 3 years | 10 years | 3,688,767 |
Mark Hughes | COO | 1,000,000 | 12.75 | 3 years | 10 years | 2,162,193 |
Senior Management and Employees
The following new Options have been granted to Senior Management and Employees:
Name | Position | Number of New Options Granted | Exercise Price per Ordinary Share (pence) | Vesting Period |
Exercise Period | Total Options Held Following This Grant |
Rupert Newall | Head of Corporate Finance | 1,200,000 | 12.75 | 3 years |
10 years | 1,294,911 |
James Chance | CFO | 1,000,000 | 12.75 | 3 years |
10 years
| 3,116,729 |
Employees | 300,000 | 12.75 | 3 years | 10 Years | 300,000 |
Non-Executive Directors
The following new Options have been granted to Non-Executive Directors of the Company:
Name | Position | Number of New Options Granted | Exercise Price per Ordinary Share (pence) | Vesting Period |
Exercise Period | Total Options Held Following This Grant |
Fiona MacAulay | Chair | 1,000,000 | 12.75 | 3 years | 10 years | 1,000,000 |
Esa Ikaheimonen | Senior NED | 600,000 | 12.75 | 3 years | 10 years | 600,000 |
Fiona MacAulay, Chair of IOG commented: -
"The Company's CSOP is designed to retain and incentivise key members of IOG's Board, management team and employees to ensure that they preside over a proactive health, safety and environment focused culture, ensure key project milestones are met and deliver share price growth for all our shareholders and stakeholders over the coming years. Importantly the vesting criteria for these awards include the Sanction of Phase 1 of our exciting Southern North Sea development project."
-ENDS-
The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.
Enquiries:
Independent Oil & Gas PLC Andrew Hockey (CEO) James Chance (CFO)Rupert Newall (Head of Corporate Finance) | +44 (0) 20 3879 0510 |
finnCap Ltd (Nominated Adviser and Joint Bookrunner) Christopher Raggett, Simon Hicks (Corporate Finance) Camille Gochez (Corporate Broking)
| +44 (0) 20 7220 0500 |
Peel Hunt LLP (Joint Bookrunner) Richard Crichton David McKeown
| +44 (0) 20 7418 8900 |
Vigo Communications Patrick d'Ancona Chris McMahon Simon Woods
| +44 (0) 20 7390 0230 |
Notes:
Person Discharging Managerial Responsibilities ("PDMR") Notification Forms
1. | Details of the person discharging managerial responsibilities/person closely associated | ||
(a) | Name | Fiona MacAulay | |
2. | Reason for the notification | ||
(a) | Position/status | Non-Executive Chair | |
(b) | Initial notification/ Amendment | Initial notification | |
3. | Details of the issuer | ||
(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 | Independent Oil & Gas plc Ordinary Shares of 1p each | |
(b) | Identification code of the Financial Instrument | ISIN: GB00BF49WF64 | |
(c) | Nature of the transaction | Grant of Options over ordinary shares of 1 pence each in the Company | |
(d) | Price(s) and volume(s) | Price(s) | Volume(s) |
12.75p | 1,000,000 | ||
(e) | Aggregated information - Aggregated volume - Price |
n/a | |
(f) | Date of the transaction | 1 May 2019 | |
(g) | 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 | CEO | |
(b) | Initial notification/ Amendment | Initial notification | |
3. | Details of the issuer | ||
(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 | Independent Oil & Gas plc Ordinary Shares of 1p each | |
(b) | Identification code of the Financial Instrument | ISIN: GB00BF49WF64 | |
(c) | Nature of the transaction | Grant of Options over ordinary shares of 1 pence each in the Company | |
(d) | Price(s) and volume(s) | Price(s) | Volume(s) |
12.75p | 1,600,000 | ||
(e) | Aggregated information - Aggregated volume - Price |
n/a | |
(f) | Date of the transaction | 1 May 2019 | |
(g) | 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 | COO | |
(b) | Initial notification/ Amendment | Initial notification | |
3. | Details of the issuer | ||
(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 | Independent Oil & Gas plc Ordinary Shares of 1p each | |
(b) | Identification code of the Financial Instrument | ISIN: GB00BF49WF64 | |
(c) | Nature of the transaction | Grant of Options over ordinary shares of 1 pence each in the Company | |
(d) | Price(s) and volume(s) | Price(s) | Volume(s) |
12.75p | 1,000,000 | ||
(e) | Aggregated information - Aggregated volume - Price |
n/a | |
(f) | Date of the transaction | 1 May 2019 | |
(g) | 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 | CFO (PDMR) | |
(b) | Initial notification/ Amendment | Initial notification | |
3. | Details of the issuer | ||
(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 | Independent Oil & Gas plc Ordinary Shares of 1p each | |
(b) | Identification code of the Financial Instrument | ISIN: GB00BF49WF64 | |
(c) | Nature of the transaction | Grant of Options over ordinary shares of 1 pence each in the Company | |
(d) | Price(s) and volume(s) | Price(s) | Volume(s) |
12.75p | 1,000,000 | ||
(e) | Aggregated information - Aggregated volume - Price |
n/a | |
(f) | Date of the transaction | 1 May 2019 | |
(g) | 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 | ||
(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 | Independent Oil & Gas plc Ordinary Shares of 1p each | |
(b) | Identification code of the Financial Instrument | ISIN: GB00BF49WF64 | |
(c) | Nature of the transaction | Grant of Options over ordinary shares of 1 pence each in the Company | |
(d) | Price(s) and volume(s) | Price(s) | Volume(s) |
12.75p | 600,000 | ||
(e) | Aggregated information - Aggregated volume - Price |
n/a | |
(f) | Date of the transaction | 1 May 2019 | |
(g) | 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 (PDMR) | |
(b) | Initial notification/ Amendment | Initial notification | |
3. | Details of the issuer | ||
(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 | Independent Oil & Gas plc Ordinary Shares of 1p each | |
(b) | Identification code of the Financial Instrument | ISIN: GB00BF49WF64 | |
(c) | Nature of the transaction | Grant of Options over ordinary shares of 1 pence each in the Company | |
(d) | Price(s) and volume(s) | Price(s) | Volume(s) |
12.75p | 1,200,000 | ||
(e) | Aggregated information - Aggregated volume - Price |
n/a | |
(f) | Date of the transaction | 1 May 2019 | |
(g) | Place of the transaction | London Stock Exchange, AIM Market (XLON) | |