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

IogAnnouncement

01/03/2018 10:10

RNS Number : 3874G
Independent Oil & Gas PLC
01 March 2018
1 March 2018
Independent Oil and Gas plc
Conversion of Salaries/Fees into Share Options and Long-Term Incentive Plans
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") in the last six months. In addition, certain Directors and members of the IOG management team have been awarded options over Ordinary Shares in the Company pursuant to the Company's Long-Term Incentive Plan ("LTIP") policy.
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 September 2017 and 28 February 2018.
All these Options have a five-year term from 1 March 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 September 2017 to 28 February 2018 was calculated to be 20.94p. 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 483,166 new Options have been issued for this period, each with an exercise price of 1p each, representing 0.40% per cent of the Company's current issued share capital.
Long Term Incentive Plans
Further to the LTIP policy adopted by the Company at the time of AIM admission in 2013, the Company has today awarded LTIP options to Andrew Hockey, CEO and James Chance, CFO to incentivise them to deliver growth in the IOG share price over the next three years. Apart from the target exercise prices, the Performance Conditions which must be satisfied before the options may be exercised are that the option holders must deliver, measure, control and manage, at all times, a health and safety statement and policy, an environmental management statement and policy and a proactive, Group-wide health, safety and environment focused culture. The number of options granted by date, the target exercise prices, the expiry dates and the approximate premiums to the closing IOG share price on 28 February 2018 are detailed below.
Andrew Hockey, CEO
Number of Shares under Option
Date of Grant
Exercise Price
Premium to closing price on 28 February 2018
Expiry date of Service Period
Expiry date of Option Period
1
1,600,000
1 March 2018
0.20
22%
1 March 2021
1 March 2028
2
1,600,000
1 March 2019
0.24
47%
1 March 2022
1 March 2029
3
1,600,000
1 March 2020
0.30
83%
1 March 2023
1 March 2030
James Chance, CFO
Number of Shares under Option
Date of Grant
Exercise Price
Premium to closing price on 28 February 2018
Expiry date of Service Period
Expiry date of Option Period
1
1,000,000
1 March 2018
0.20
22%
1 March 2021
1 March 2028
2
1,000,000
1 March 2019
0.24
47%
1 March 2022
1 March 2029
3
1,000,000
1 March 2020
0.30
83%
1 March 2023
1 March 2030
A total of 2,600,000 new LTIP Options have been issued today, with an exercise price of 20p each which represents 2.16% per cent of the Company's current issued share capital.
A total of 7,800,000 new LTIP Options are to be awarded over the next three years which represents 6.49% per cent of the Company's current issued share capital.
Mark Routh, Chairman of IOG commented: -
"I am pleased to incentivise key members of IOG's management team to ensure that they reside over a proactive Group-wide health, safety and environment focused culture and deliver share price growth for all our shareholders and stakeholders over the coming years."
-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
Andrew Hockey (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 September 2017 to 28 February 2018 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 March 2018, final exercise date of 1 March 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
Mark Routh*
112,791
20.94p
1p
01-Sep-17 - 28-Feb-18
Andrew Hockey*
102,537
20.94p
1p
01-Sep-17 - 28-Feb-18
James Chance
85,448
20.94p
1p
01-Sep-17 - 28-Feb-18
Andrew Hay
35,819
20.09p
1p
01-Sep-17 - 13-Feb-18
Martin Ruscoe*
34,179
20.94p
1p
01-Sep-17 - 28-Feb-18
Charles Hendry*
34,179
20.94p
1p
01-Sep-17 - 28-Feb-18
Others
78,213
20.94p
1p
01-Sep-17 - 28-Feb-18
Total
483,166
* 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")
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 / 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
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
112,791
d)
Aggregated information:
 Aggregated volume
 Price
n/a
e)
Date of the transaction
1 March 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
Deputy Chief Executive Officer/ 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
102,537
d)
Aggregated information:
 Aggregated volume
 Price
n/a
e)
Date of the transaction
1 March 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
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
85,448
d)
Aggregated information:
 Aggregated volume
 Price
n/a
e)
Date of the transaction
1 March 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
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
34,179
d)
Aggregated information:
 Aggregated volume
 Price
n/a
e)
Date of the transaction
1 March 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
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
34,179
d)
Aggregated information:
 Aggregated volume
 Price
n/a
e)
Date of the transaction
1 March 2018
f)
Place of the transaction
London Stock Exchange, AIM Market (XLON)
PDMR Options granted under the Company's Long-Term Incentive Plans
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
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)
20p-30p
4,800,000
d)
Aggregated information:
 Aggregated volume
 Price
n/a
e)
Date of the transaction
1 March 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
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)
20p-30p
3,000,000
d)
Aggregated information:
 Aggregated volume
 Price
n/a
e)
Date of the transaction
1 March 2018
f)
Place of the transaction
London Stock Exchange, AIM Market (XLON)

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