Grant of Share Options

RNS Number : 2583J

Baron Oil PLC

03 December 2018

 

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

03 December 2018

Baron Oil Plc

("Baron Oil" or "the Company")

Grant of Share Options

Baron Oil (AIM: BOIL) announces that further to the announcement dated 27 November 2018, the Company has now issued 10,000,000 Share Options to Andrew Yeo, Non-Executive Director.

The Share Options have an exercise price of 0.44p, being the mid-market closing price on 30 November 2018 and, as with the existing Share Options, vest immediately and have an exercise period of 3 years from the date of grant.  

Following the issue of these Share Options and those issued on 27 November 2018, the number of Share Options in issue is as follows:

Holder	2018 Options	Exercise Price (p)*	Pre-2018 Options	Exercise Price (p)	Total Options	% of Fully Diluted Shares**
Malcolm Butler	10,000,000	0.435	20,000,000	0.350	30,000,000	2.07
Geoff Barnes	10,000,000	0.435	10,500,000	0.350	20,500,000	1.42
Andrew Yeo	10,000,000	0.440	-	-	10,000,000	0.69
William Colvin	-	-	10,500,000	0.350	10,500,000	0.73
Total	30,000,000		41,000,000		71,000,000	4.91
*closing mid-market price of Ordinary Shares the day before grant				**Issued Share Capital 1,376,409,576

The issue of the Share Options is a related party transaction under Rule 13 of the AIM Rules for Companies.

The independent directors, being Malcolm Butler and Geoff Barnes, having consulted the Company's Nominated Adviser, consider that the terms of the issue of the Share Options to Andrew Yeo are fair and reasonable insofar as the shareholders of the Company are concerned.

PDMR Notification

1.	Details of the person discharging managerial responsibilities/person closely associated
(a)	Full name of person Dealing	Andrew Yeo
2.	Reason for notification
(b)	Position/status	Non-executive director
(c)	Initial notification/ Amendment	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
(d)	Name of entity	Baron Oil Plc
(e)	LEI	213800MBSOS9UZ5SW712
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 of 0.025 pence each in the Company
(b)	Identification code	GB00B01QGH57
(c)	Nature of the transaction	Grant of options over ordinary shares
(d)	Price(s) and volume(s)	Prices(s) Volume(s) 0.44 pence 10,000,000
(e)	Aggregated information: - Aggregated volume - Price	Single transaction as in 4(d) above Prices(s) Volume(s) 0.44 pence 10,000,000
(f)	Date of transaction	03 December 2018
(g)	Place of transaction	Outside a trading venue

For further information, please contact:

Baron Oil Plc	[phone]
Malcolm Butler, Chairman & Chief Executive Officer
SP Angel Corporate Finance LLP	[phone]
Nominated Adviser and Joint Broker
Lindsay Mair, Richard Hail, Richard Redmayne

 

END

 

 

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