Conversion of Salaries/Fees into Share Options

RNS Number : 2505J
Independent Oil & Gas PLC
03 December 2018
 

 

3 December 2018

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, in exchange for 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 2018 and 31 August 2018.

All these Options have a five-year term from 1 September 2018 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 2018 to 31 August 2018 was calculated to be 24.28p.  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 534,420 new Options have been issued for this period, each with an exercise price of 1p each, representing 0.42% per cent of the Company's current issued share capital.

 

-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)

+44 (0) 20 3879 0510

finnCap Ltd

Christopher Raggett

Anthony Adams

+44 (0) 20 7220 0500

Peel Hunt LLP

Richard Crichton

David McKeown

+44 (0) 20 7418 8900

Camarco

Georgia Edmonds/ Tom Huddart/ Monique Perks

+44 (0) 20 3757 4980

 



 

Notes:

 

Salaries and Fees Converted into 1p Options

 

For the period 1 March 2018 to 31 August 2018 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 3 September 2018, final exercise date of 31 August 2023 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*

128,700

24.28p

1p

01-Mar-18 - 31-Aug-18

Mark Routh*

110,553

24.28p

1p

01-Mar-18 - 31-Aug-18

James Chance

80,652

24.28p

1p

01-Mar-18 - 31-Aug-18

Mark Hughes*

62,417

25.18p

1p

18-Apr-18 - 31-Aug-18

Charles Hendry*

30,888

24.28p

1p

01-Mar-18 - 31-Aug-18

Martin Ruscoe*

30,888

24.28p

1p

01-Mar-18 - 31-Aug-18

Others

90,322

24.28p

1p

01-Mar-18 - 31-Aug-18

Total

534,420

 

* Directors

 

Note:  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

Mark Routh

2.

Reason for the Notification

a)

Position/status

Chairman

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

110,553

d)

Aggregated information:

·      Aggregated volume

·      Price

n/a

e)

Date of the transaction

3 December 2018

f)

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

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

128,700

d)

Aggregated information:

·      Aggregated volume

·      Price

n/a

e)

Date of the transaction

3 December 2018

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

80,652

d)

Aggregated information:

·      Aggregated volume

·      Price

n/a

e)

Date of the transaction

3 December 2018

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

62,417

d)

Aggregated information:

·      Aggregated volume

·      Price

n/a

e)

Date of the transaction

3 December 2018

f)

Place of the transaction

London Stock Exchange, AIM Market (XLON)

 

1.

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Charles Hendry

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

30,888

d)

Aggregated information:

·      Aggregated volume

·      Price

n/a

e)

Date of the transaction

3 December 2018

f)

Place of the transaction

London Stock Exchange, AIM Market (XLON)

 



 

 

1.

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Martin Ruscoe

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

30,888

d)

Aggregated information:

·      Aggregated volume

·      Price

n/a

e)

Date of the transaction

3 December 2018

f)

Place of the transaction

London Stock Exchange, AIM Market (XLON)

 


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