REG - Independent Oil &Gas - Share Options to Incentivise Long Term Performance

IogAnnouncement

01/05/2019 12:55

RNS Number : 7688X
Independent Oil & Gas PLC
01 May 2019
 


1 May 2019
Independent Oil and Gas plc
 
Grant of Share Options to Incentivise Long Term Performance
 
Independent Oil and Gas plc ("IOG" or "the Company"), (AIM: IOG.L), the development and production focused oil and gas company, announces that it has today granted options over, in aggregate, 6,700,000 ordinary shares in the Company ("Ordinary Shares") to its directors, senior management and employees at an exercise price payable of 12.75 pence per Ordinary Share (the "Options"), being the middle market closing price on 30 April 2019, the latest practicable date prior to this announcement.
These option awards have been issued under the Company Share Option Plan ('CSOP') which replaces the cancelled Long Term Incentive Plan ('LTIP'), and cancels all options to have been granted under that plan scheduled in 2019 and 2020.
The new Options set out in the tables below for Directors, Executive Management and Employees are intended to reward long term performance and all vest after three years from date of grant and are subject to the satisfaction of certain performance conditions including Sanction of Phase 1 of the Southern North Sea Development Project. Subject to vesting and such performance conditions being met, the new Options are exercisable for up to ten years from the date of grant and will lapse if not exercised by such date.
 
Executive Directors
 
The following new Options have been granted to Executive Directors of the Company:



Name


Position


Number of New Options Granted


Exercise Price per Ordinary Share (pence)


Vesting Period


 
Exercise Period


Total Options Held Following This Grant




Andrew Hockey


CEO


1,600,000


12.75


3 years


10 years


3,688,767




Mark
Hughes


COO


1,000,000


12.75


3 years


10 years


2,162,193



 
Senior Management and Employees
 
The following new Options have been granted to Senior Management and Employees:



Name


Position


Number of New Options Granted


Exercise Price per Ordinary Share (pence)


Vesting Period


 
Exercise
Period


Total Options Held Following This Grant




Rupert Newall


Head of Corporate Finance


1,200,000


12.75


3 years


 
10 years


1,294,911




James Chance


CFO


1,000,000


12.75


3 years


 
10 years
 


3,116,729








Employees


300,000


12.75


3 years


10 Years


300,000



 
 
 
Non-Executive Directors
 
The following new Options have been granted to Non-Executive Directors of the Company:



Name


Position


Number of New Options Granted


Exercise Price per Ordinary Share (pence)


Vesting Period


 
Exercise
Period


Total Options Held Following This Grant




Fiona MacAulay


Chair


1,000,000


12.75


3 years


10 years


1,000,000




Esa Ikaheimonen


Senior NED


600,000


12.75


3 years


10 years


600,000



 
Fiona MacAulay, Chair of IOG commented: -
"The Company's CSOP is designed to retain and incentivise key members of IOG's Board, management team and employees to ensure that they preside over a proactive health, safety and environment focused culture, ensure key project milestones are met and deliver share price growth for all our shareholders and stakeholders over the coming years. Importantly the vesting criteria for these awards include the Sanction of Phase 1 of our exciting Southern North Sea development project."
 
-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 & Gas PLC
Andrew Hockey (CEO)
James Chance (CFO)

Rupert Newall (Head of Corporate Finance)


+44 (0) 20 3879 0510




finnCap Ltd (Nominated Adviser and Joint Bookrunner)
Christopher Raggett, Simon Hicks (Corporate Finance)
Camille Gochez (Corporate Broking)
 


+44 (0) 20 7220 0500




Peel Hunt LLP (Joint Bookrunner)
Richard Crichton
David McKeown
 


+44 (0) 20 7418 8900




Vigo Communications
Patrick d'Ancona
Chris McMahon
Simon Woods
 


+44 (0) 20 7390 0230



 
 
 
 
 
 
 
 
Notes:
 
 
Person Discharging Managerial Responsibilities ("PDMR") Notification Forms
 



1.


Details of the person discharging managerial responsibilities/person closely associated




(a)


Name


Fiona MacAulay       




2.


Reason for the notification




(a)


Position/status


Non-Executive Chair




(b)


Initial notification/ Amendment


Initial notification




3.


Details of the issuer




(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


Independent Oil & Gas plc Ordinary Shares of 1p each     




(b)


Identification code of the Financial Instrument


ISIN: GB00BF49WF64




(c)


Nature of the transaction


Grant of Options over ordinary shares of 1 pence each in the Company




(d)


Price(s) and volume(s)


Price(s)


Volume(s)












12.75p


1,000,000


















(e)


Aggregated information
-        Aggregated volume
-        Price


 
n/a




(f)


Date of the transaction


1 May 2019




(g)


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


CEO




(b)


Initial notification/ Amendment


Initial notification




3.


Details of the issuer




(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


Independent Oil & Gas plc Ordinary Shares of 1p each     




(b)


Identification code of the Financial Instrument


ISIN: GB00BF49WF64




(c)


Nature of the transaction


Grant of Options over ordinary shares of 1 pence each in the Company




(d)


Price(s) and volume(s)


Price(s)


Volume(s)












12.75p


1,600,000


















(e)


Aggregated information
-        Aggregated volume
-        Price


 
n/a




(f)


Date of the transaction


1 May 2019




(g)


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


COO




(b)


Initial notification/ Amendment


Initial notification




3.


Details of the issuer




(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


Independent Oil & Gas plc Ordinary Shares of 1p each     




(b)


Identification code of the Financial Instrument


ISIN: GB00BF49WF64




(c)


Nature of the transaction


Grant of Options over ordinary shares of 1 pence each in the Company




(d)


Price(s) and volume(s)


Price(s)


Volume(s)












12.75p


1,000,000


















(e)


Aggregated information
-        Aggregated volume
-        Price


 
n/a




(f)


Date of the transaction


1 May 2019




(g)


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


CFO (PDMR)




(b)


Initial notification/ Amendment


Initial notification




3.


Details of the issuer




(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


Independent Oil & Gas plc Ordinary Shares of 1p each     




(b)


Identification code of the Financial Instrument


ISIN: GB00BF49WF64




(c)


Nature of the transaction


Grant of Options over ordinary shares of 1 pence each in the Company




(d)


Price(s) and volume(s)


Price(s)


Volume(s)












12.75p


1,000,000


















(e)


Aggregated information
-        Aggregated volume
-        Price


 
n/a




(f)


Date of the transaction


1 May 2019




(g)


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




(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


Independent Oil & Gas plc Ordinary Shares of 1p each     




(b)


Identification code of the Financial Instrument


ISIN: GB00BF49WF64




(c)


Nature of the transaction


Grant of Options over ordinary shares of 1 pence each in the Company




(d)


Price(s) and volume(s)


Price(s)


Volume(s)












12.75p


600,000


















(e)


Aggregated information
-        Aggregated volume
-        Price


 
n/a




(f)


Date of the transaction


1 May 2019




(g)


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 (PDMR)




(b)


Initial notification/ Amendment


Initial notification




3.


Details of the issuer




(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


Independent Oil & Gas plc Ordinary Shares of 1p each     




(b)


Identification code of the Financial Instrument


ISIN: GB00BF49WF64




(c)


Nature of the transaction


Grant of Options over ordinary shares of 1 pence each in the Company




(d)


Price(s) and volume(s)


Price(s)


Volume(s)












12.75p


1,200,000


















(e)


Aggregated information
-        Aggregated volume
-        Price


 
n/a




(f)


Date of the transaction


1 May 2019




(g)


Place of the transaction


London Stock Exchange, AIM Market (XLON)



 
 
 




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END
 
 
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