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Latest Share Chat

Employee Benefit Trust Share Subscription

22 Feb 2024 16:37

RNS Number : 1700E
UK Oil & Gas PLC
22 February 2024
 

UK Oil & Gas PLC

 

("UKOG" or the "Company")

 

 

Employee Benefit Trust Share Subscription

 

UK Oil & Gas PLC (London AIM: UKOG) announces that, further to the establishment of the Company's Employee Benefit Trust ("EBT") in September 2014, and in keeping with similar schemes operated by AIM listed entities, the directors have agreed to top-up the Company's EBT ordinary shareholding to its original level of 10% of the Company's issued share capital. Details of the EBT and the related employee share incentive plan ("SIP") are given in the Company's prior RNS of 29th September 2014.

 

Consequently, the Company's EBT trustees, Altum Trustees Ltd ("Trustees"), have today subscribed for 3,005,000,000 ordinary shares in the Company ("EBT Shares") at a price per share of £0.0001, being the Company's nominal share value and which represents 10% of the Company's enlarged share capital following the allotment of the EBT Shares. The Company has entered into a loan agreement with the Trustees to fund the subscription of the EBT Shares by the Trustees.

 

The EBT Shares shall be held in the EBT on trust pending the transfer upon vesting (or exercise, as the case may be) of any awards granted by the Company's Remuneration Committee to eligible employees and directors under the terms and vesting criteria of the Company's SIP. Details of the grant of any future awards of EBT Shares will be notified upon determination by the Company's Remuneration Committee of the beneficiaries of such awards, however no such determination has been made for the time being.

 

Admission

 

Application has been made for EBT Shares, numbering 3,005,000,000 ordinary shares in total, to be admitted to trading on AIM ("Admission"). Admission is expected to take place at 8.00 a.m. on or around 27 February 2024.

 

Following Admission, the total voting rights in the Company will be 32,539,926,104 ordinary shares and Shareholders may use this figure as the denominator by which they are required to notify their interest in, or change to their interest in, the Company under the FCA's Disclosure, Guidance and Transparency Rules.

 

For further information, please contact:

UK Oil & Gas plc

Stephen Sanderson / Guzyal Mukhametzhanova Tel: 01483 941493

 

WH Ireland Ltd (Nominated Adviser and Broker)

James Joyce / Andrew de Andrade / James Bavister Tel: 020 7220 1666

 

Communications

Brian Alexander Tel: 01483 941493

 

 

The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014, as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018. Upon publication of this announcement, this information is now considered to be in the public domain.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
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