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

IogAnnouncement

31/10/2019 09:00

RNS Number : 7697R
Independent Oil & Gas PLC
31 October 2019
 


 
31 October 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 as 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 March 2019 and 31 August 2019.
 
All these Options have a five-year term from 1 September 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 March 2019 to 31 August 2019 was calculated to be 15.98p. 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 1,223,611 new Options have been issued for this period, each with an exercise price of 1p each, representing 0.26% per cent of the Company's current issued share capital.
 
Including these Options, the aggregate total salaries and fees sacrificed by IOG personnel during the five-year duration of the scheme now stands at £1.36m.
 
 
-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)
Rupert Newall (Head of Corporate Finance)


+44 (0) 20 3879 0510




finnCap Ltd
Christopher Raggett, Simon Hicks (Corporate Finance)
Camille Gochez (Corporate Broking)


+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 March 2019 to 31 August 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 September 2019, final exercise date of 31 August 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*


267,740


15.98p


1p


01-Mar-19 - 31-Aug-19




Rupert Newall


240,966


15.98p


1p


01-Mar-19 - 31-Aug-19




James Chance


104,036


15.98p


1p


01-Mar-19 - 31-Aug-19




Mark Hughes*


182,063


15.98p


1p


01-Mar-19 - 31-Aug-19




Esa Ikaheimonen*


136,606


15.91p


1p


14-Mar-19 - 31-Aug-19




Neil Hawkings*


18,061


17.63p


1p


24-May-19 - 31-Aug-19




Others


140,189


14.37p


1p


01-Mar-19 - 23-Apr-19




Others


133,950


15.98p


1p


01-Mar-19 - 31-Aug-19




Total


1,223,611


 



* Directors
 
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


267,740








d)


Aggregated information:
·      Aggregated volume
·      Price


n/a




e)


Date of the transaction


30 October 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


240,966








d)


Aggregated information:
·      Aggregated volume
·      Price


n/a




e)


Date of the transaction


30 October 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


104,036








d)


Aggregated information:
·      Aggregated volume
·      Price


n/a




e)


Date of the transaction


30 October 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


182,063








d)


Aggregated information:
·      Aggregated volume
·      Price


n/a




e)


Date of the transaction


30 October 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


Esa Ikaheimonen




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


136,606








d)


Aggregated information:
·      Aggregated volume
·      Price


n/a




e)


Date of the transaction


30 October 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


Neil Hawkings




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


18,061








d)


Aggregated information:
·      Aggregated volume
·      Price


n/a




e)


Date of the transaction


30 October 2019




f)


Place of the transaction


London Stock Exchange, AIM Market (XLON)



 




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