REG - Independent Oil &Gas - Conversion of Directors' Salaries & Notice of AGM <Origin Href="QuoteRef">IOG.L</Origin>

IogAnnouncement

17/03/2015 07:02

RNS Number : 5974H
Independent Oil & Gas PLC
17 March 2015
17 March 2015
Independent Oil and Gas plc
Conversion of Directors' Salaries and Notification of AGM
Independent Oil and Gas plc ("IOG"), (AIM: IOG.L), the North Sea focused Oil and Gas Company announces that, consistent with previous salary sacrifice transactions, certain Directors and members of IOG's technical team have accepted the majority of their salaries and fees in options in the Company. The new options issued relate to salary and fee sacrifices covering the period from 1 September 2013 to 28 February 2015.
All of the options have a three year term and are converted at the volume weighted average share price over the period to which they relate. Further details of the new option grants are contained in the tables at the end of this announcement. 
The conversion of salaries and fees into options is to manage the Company's cost base and minimise the cash impact on the business. A total of 1,755,713 new options have been issued at an exercise price of 1p each, representing 2.5 per cent of the current issued share capital. In addition, the 6,873,946 options awarded at the time of AIM Admission in September 2013 have been standardised to a three year term. The expiry date of these options already awarded is now 30 September 2016. 
IOG continues to seek potential asset acquisitions that could provide near term revenue and various forms of potential fund raising with a focus on funding at an asset level. If a successful transaction or transactions can be completed it is anticipated that the salary sacrifices would no longer be necessary.
The AGM will be held on 26 June 2015 at 3pm at IOG's registered office at One America Square, Crosswall, London, EC3N 2SG.
-ENDS-
Enquiries:
Independent Oil and Gas plc
Mark Routh (CEO)
Peter Young (CFO)
+44 (0) 20 3051 9632
finnCap Ltd 
Matt Goode/Christopher Raggett (Corporate Finance)
+44 (0) 20 7220 0500
Camarco
Billy Clegg / Georgia Mann
+44 (0) 20 3757 4980
Notes:
Salaries and Fees Converted into Options
Pursuant to an agreement between Mehdi Varzi and the Company dated September 2013, new AIM Admission Bonus Options have been awarded with a final exercise date of 30September 2016 at the following conversion price:-
Name 
Quantity
Conversion price (p)
Mehdi Varzi
230,029
27.17
Effective date of grant: 1 March 2015.
For the period 1 September 2013 to 28 February 2014 the Fees sacrificed were converted into options with a final exercise date of 28 February 2017 at the following conversion price:-
Name 
Quantity
Conversion price (p)
Richard Jameson3
36,189
30.53
Colin Jones4
5,568
30.53
Total
41,757
Effective date of grant: 1 March 2015.
For the period 1 March 2014 to 31 August 2014 the Fees sacrificed were converted into options with a final exercise date of 31 August 2017 at the following conversion price:-
Name 
Quantity
Conversion price (p)
Richard Jameson3
36,471
30.30
Colin Jones4
95,385
30.30
Total
131,856
Effective date of grant: 1 March 2015.
For the period 1 September 2014 to 28 February 2015 the Salaries/Fees sacrificed were converted into options with a final exercise date of 28 February 2018 at the following conversion prices:-
Name 
Quantity
Conversion price (p)
Mark Routh 
638,361
10.86
Peter Young 
172,717
10.86
Marie-Louise Clayton1
138,173
10.86
Michael Jordan2
69,087
10.86
Paul Murray
138,173
10.86
Mehdi Varzi
54,623
15.84
Richard Jameson3
101,788
10.86
Colin Jones4
23,489
10.86
John Boyle5
15,660
10.86
Total
1,352,071
Effective date of grant: 1 March 2015.
Where services have been provided for only part of a 6 month period the volume weighted average share price has been adjusted accordingly.
Footnotes:
1. These options have been granted to Clayton Consulting Partners Limited, a company in which Marie-Louise Clayton is a majority shareholder and a director.
2. These options have been granted to Acura Oil & Gas Limited, a company in which Michael Jordan is the majority shareholder and director.
3. These options have been granted to RJM Energy Limited, a company in which Richard Jameson is the majority shareholder and director.
4. These options have been granted toInternational Petroleum Exploitation A.S., a company in which Colin Jones is the majority shareholder and director.
5. These options have been granted toLBJ Resources LLC, a company in which John Boyle is the majority shareholder and director.

This information is provided by RNS
The company news service from the London Stock Exchange
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