REG - Independent Oil &Gas - Conversion of Salaries and Fees into Share Options <Origin Href="QuoteRef">IOG.L</Origin>

IogAnnouncement

29/09/2017 10:06

RNS Number : 2350S
Independent Oil & Gas PLC
29 September 2017
29 September 2017
Independent Oil and Gas plc
Conversion of Salaries and 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 past and present members of the IOG management and technical teams have accepted all or part of their salaries and fees in options over Ordinary Shares in the Company ("Options").
Salary/Fee Sacrifice Options
As further detailed in the table at the end of this announcement, such personnel have accepted 1p Options in lieu of salaries and fees due between 1 March 2017 and 31 August 2017.
All these Options have a five-year term from 1 September 2017 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 2017 to 31 August 2017 was calculated to be 16.78p. 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 851,630 new Options have been issued for this period, each with an exercise price of 1p each, representing 0.78% per cent of the Company's current issued share capital.
-ENDS-
The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.
Enquiries:
Independent Oil and Gas plc
Mark Routh (CEO)
James Chance(CFO)
+44 (0) 20 3879 0510
finnCap Ltd 
Christopher Raggett/ Anthony Adams (Corporate Finance)
+44 (0) 20 7220 0500
Camarco
Georgia Edmonds/Tom Huddart
+44 (0) 20 3757 4980


Notes:
Salaries and Fees Converted into 1p Options
For the period 1 March 2017 to 31 August 2017 the partial Salaries/Fees sacrificed by the Company directors named below and othermembers of the IOG management and technical teams were converted into 1p options, date of grant 1 September 2017, final exercise date of 31 August 2022 at the following VWAP reference prices: -
Name
Number of Ordinary Shares under option
VWAP Reference price (pence)
Exercise price (pence)
Salary/Fee Sacrifice Period
Mark Routh
147,507
16.78
1p
01-Mar-17 - 31-Aug-17
Andrew Hockey
110,800
16.92
1p
01-Apr-17 - 31-Aug-17
James Chance
89,398
16.78
1p
01-Mar-17 - 31-Aug-17
Andrew Hay
52,149
16.78
1p
01-Mar-17 - 31-Aug-17
Martin Ruscoe
44,699
16.78
1p
01-Mar-17 - 31-Aug-17
Charles Hendry
39,745
16.85
1p
21-Mar-17 - 31-Aug-17
Others
367,332
16.98
1p
01-Mar-17 - 31-Aug-17
Total
851,630



Note: Where services have been provided for only part of a 6-month period the VWAP has been adjusted accordingly as above.
1.
Details of the person discharging managerial responsibilities / person closely associated
a)
Name
Mark Routh
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
The grant of Options over Ordinary Shares
Identification code
GB00BF49WF64
b)
Nature of the transaction
Grant of Options over Ordinary Shares
c)
Price(s) and volume(s)
Price(s)
Volume(s)
1p
147,507
d)
Aggregated information: 
 Aggregated volume
 Price
n/a
e)
Date of the transaction
1 September 2017
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
Deputy 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
The grant of Options over Ordinary Shares
Identification code
GB00BF49WF64
b)
Nature of the transaction
Grant of Options over Ordinary Shares
c)
Price(s) and volume(s)
Price(s)
Volume(s)
1p
110,800
d)
Aggregated information: 
 Aggregated volume
 Price
n/a
e)
Date of the transaction
1 September 2017
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
The grant of Options over Ordinary Shares
Identification code
GB00BF49WF64
b)
Nature of the transaction
Grant of Options over Ordinary Shares
c)
Price(s) and volume(s)
Price(s)
Volume(s)
1p
89,398
d)
Aggregated information: 
 Aggregated volume
 Price
n/a
e)
Date of the transaction
1 September 2017
f)
Place of the transaction
London Stock Exchange, AIM Market (XLON)

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