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

IogAnnouncement

03/04/2020 07:00

RNS Number : 6613I
  
Independent Oil & Gas PLC
  
03 April 2020
  
 

3 April 2020
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 company focused on becoming a substantial UK gas producer, announces that certain Directors and other members of the management and technical teams have accepted all or part of their salaries and fees as options over Ordinary Shares in the Company ("Options") for periods between 1 September 2019 and 29 February 2020. 
 
Salary/Fee Sacrifice Options 
As further detailed in the table below, such personnel have accepted 1p Options in lieu of salaries or fees due in the relevant periods. All these Options have a five-year term from the effective date of 1 April 2020 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 full period from 1 September 2019 to 29 February 2020 was 18.24p. Where services have been provided or salary or fees sacrificed 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 403,104 new Options have been issued for this period, with an exercise price of 1p each, representing 0.08% per cent of the Company's current issued share capital. 
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)
Rupert Newall (CFO)
James Chance (Head of Corporate Finance & IR)
 


+44 (0) 20 7036 1400




finnCap Ltd
Christopher Raggett (Corporate Finance)
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



About IOG:
 
IOG owns and operates a 50% stake in substantial low risk, high value gas reserves in the UK Southern North Sea. The Company's Core Project targets a gross 2P peak production rate of 140 MMcfe/d (c. 24,000 Boe/d) from gross 2P gas Reserves of 302 Bcfe¹ + 2C gas Contingent Resources of 108 Bcfe², via an efficient hub strategy. In addition to the independently verified 2P reserves at Blythe, Elgood, Southwark, Nailsworth and Elland and 2C Contingent Resources at Goddard, IOG also has independently verified best estimate gross unrisked prospective gas resources of 73 Bcfe² at Goddard. Alongside this IOG has management estimated mid-case recoverable gas volumes of 40 Bcfe and 100 Bcfe at the Harvey and Redwell licences and continues to pursue value accretive acquisitions to generate significant shareholder returns. 
 
1ERC Equipoise Competent Persons Report: October 2017, adjusted by Management to account for updated project timing and compression 
2ERC Equipoise Competent Persons Report: October 2018  
 
Notes:
 
Salaries and Fees Converted into 1p Options
 
For the period 1 September 2019 to 29 February 2020 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 April 2020, final exercise date of 28 February 2025 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*


62,460


19.35p


1p


01-Sep-19 - 31-Oct-19




Rupert Newall*


56,214


19.35p


1p


01-Sep-19 - 31-Oct-19




Mark Hughes*


42,473


19.35p


1p


01-Sep-19 - 31-Oct-19




Esa Ikaheimonen*


39,974


19.35p


1p


01-Sep-19 - 31-Oct-19




Esa Ikaheimonen*


114,152


17.06p


1p


01-Nov-19 - 29-Feb-20




Neil Hawkings*


9,994


19.35p


1p


01-Sep-19 - 31-Oct-19




James Chance


42,473


19.35p


1p


01-Sep-19 - 31-Oct-19




Others


35,364


19.23p


1p


01-Sep-19 - 30-Nov-19




Total


403,104


 



* 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


62,460








d)


Aggregated information: 
·      Aggregated volume
·      Price


n/a




e)


Date of the transaction


1 April 2020 




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


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


56,214








d)


Aggregated information: 
·      Aggregated volume
·      Price


n/a




e)


Date of the transaction


1 April 2020




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


42,473








d)


Aggregated information: 
·      Aggregated volume
·      Price


n/a




e)


Date of the transaction


1 April 2020




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


154,126








d)


Aggregated information: 
·      Aggregated volume
·      Price


n/a




e)


Date of the transaction


1 April 2020




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


9,994








d)


Aggregated information: 
·      Aggregated volume
·      Price


n/a




e)


Date of the transaction


1 April 2020




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


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


42,473








d)


Aggregated information: 
·      Aggregated volume
·      Price


n/a




e)


Date of the transaction


1 April 2020




f)


Place of the transaction


London Stock Exchange, AIM Market (XLON)



 
 


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