Employee Benefit Trust Share Subscription
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, 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 62,087,925 ordinary shares in the Company ("EBT Shares") at a price per share of £0.000001, 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 62,087,925 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 10 May 2024.
Following Admission, the total voting rights in the Company will be 3,875,842,538 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.
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