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Independent Oil & Gas PLC

Conversion of Salaries / Fees into Share Options

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RNS Number : 7697R
Independent Oil & Gas PLC
31 October 2019
 

 

31 October 2019

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 as 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 2019 and 31 August 2019.

 

All these Options have a five-year term from 1 September 2019 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 2019 to 31 August 2019 was calculated to be 15.98p. 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 1,223,611 new Options have been issued for this period, each with an exercise price of 1p each, representing 0.26% per cent of the Company's current issued share capital.

 

Including these Options, the aggregate total salaries and fees sacrificed by IOG personnel during the five-year duration of the scheme now stands at £1.36m.

 

 

-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)

Rupert Newall (Head of Corporate Finance)

+44 (0) 20 3879 0510

finnCap Ltd

Christopher Raggett, Simon Hicks (Corporate Finance)

Camille Gochez (Corporate Broking)

+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

 

Notes:

 

Salaries and Fees Converted into 1p Options

 

For the period 1 March 2019 to 31 August 2019 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 1 September 2019, final exercise date of 31 August 2024 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*

267,740

15.98p

1p

01-Mar-19 - 31-Aug-19

Rupert Newall

240,966

15.98p

1p

01-Mar-19 - 31-Aug-19

James Chance

104,036

15.98p

1p

01-Mar-19 - 31-Aug-19

Mark Hughes*

182,063

15.98p

1p

01-Mar-19 - 31-Aug-19

Esa Ikaheimonen*

136,606

15.91p

1p

14-Mar-19 - 31-Aug-19

Neil Hawkings*

18,061

17.63p

1p

24-May-19 - 31-Aug-19

Others

140,189

14.37p

1p

01-Mar-19 - 23-Apr-19

Others

133,950

15.98p

1p

01-Mar-19 - 31-Aug-19

Total

1,223,611

 

* 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)

Price(s)

Volume(s)

1p

267,740

d)

Aggregated information:

·      Aggregated volume

·      Price

n/a

e)

Date of the transaction

30 October 2019

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

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)

Price(s)

Volume(s)

1p

240,966

d)

Aggregated information:

·      Aggregated volume

·      Price

n/a

e)

Date of the transaction

30 October 2019

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)

Price(s)

Volume(s)

1p

104,036

d)

Aggregated information:

·      Aggregated volume

·      Price

n/a

e)

Date of the transaction

30 October 2019

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)

Price(s)

Volume(s)

1p

182,063

d)

Aggregated information:

·      Aggregated volume

·      Price

n/a

e)

Date of the transaction

30 October 2019

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)

Price(s)

Volume(s)

1p

136,606

d)

Aggregated information:

·      Aggregated volume

·      Price

n/a

e)

Date of the transaction

30 October 2019

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)

Price(s)

Volume(s)

1p

18,061

d)

Aggregated information:

·      Aggregated volume

·      Price

n/a

e)

Date of the transaction

30 October 2019

f)

Place of the transaction

London Stock Exchange, AIM Market (XLON)

 


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END
 
 
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