REG - Independent Oil &Gas - Conversion of Salaries/Fees into Share Options

IogAnnouncement

05/04/2019 07:05

RNS Number : 2168V
Independent Oil & Gas PLC
05 April 2019
 


 
5 April 2019
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 September 2018 and 28 February 2019.
All these Options have a five-year term from 1 March 2019 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 2018 to 28 February 2019 was calculated to be 21.30p.  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 628,496 new Options have been issued for this period, each with an exercise price of 1p each, representing 0.49% 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




Vigo Communications
Patrick d'Ancona
Chris McMahon
Simon Woods


+44 (0) 20 7390 0230



 




 
Notes:
 
Salaries and Fees Converted into 1p Options
 
For the period 1 September 2018 to 28 February 2019 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 1 March 2019, final exercise date of 29 February 2024 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*


146,730


21.30p


1p


01-Sep-18 - 28-Feb-19




Rupert Newall


94,911


14.82p


1p


01-Dec-18 - 28-Feb-19




James Chance


99,776


21.30p


1p


01-Sep-18 - 28-Feb-19




Mark Hughes*


99,776


21.30p


1p


01-Sep-18 - 28-Feb-19




Charles Hendry*


35,215


21.30p


1p


01-Sep-18 - 28-Feb-19




Martin Ruscoe*


46,954


21.30p


1p


01-Sep-18 - 28-Feb-19




Others


62,258


21.30p


1p


01-Sep-18 - 28-Feb-19




Others


42,876


28.35p


1p


01-Sep-18 - 31 Dec-18




Total


628,496


 



* 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


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


146,730








d)


Aggregated information:
·      Aggregated volume
·      Price


n/a




e)


Date of the transaction


5 April 2019




f)


Place of the transaction


London Stock Exchange, AIM Market (XLON)



 



1.


Details of the person discharging managerial responsibilities / person closely associated




a)


Name


Rupert Newall




2.


Reason for the Notification




a)


Position/status


Head of Corporate Finance




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


94,911








d)


Aggregated information:
·      Aggregated volume
·      Price


n/a




e)


Date of the transaction


5 April 2019




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


99,776








d)


Aggregated information:
·      Aggregated volume
·      Price


n/a




e)


Date of the transaction


5 April 2019




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


99,776








d)


Aggregated information:
·      Aggregated volume
·      Price


n/a




e)


Date of the transaction


5 April 2019




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


35,215








d)


Aggregated information:
·      Aggregated volume
·      Price


n/a




e)


Date of the transaction


5 April 2019




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


46,954








d)


Aggregated information:
·      Aggregated volume
·      Price


n/a




e)


Date of the transaction


5 April 2019




f)


Place of the transaction


London Stock Exchange, AIM Market (XLON)



 




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