REG - IOG PLC - Board change and grant of LTIP Options

IogAnnouncement

11/11/2022 11:02

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RNS Number : 1609G  IOG PLC  11 November 2022

11 November 2022

 

IOG plc

 

Board change and grant of long-term incentive share options

 

IOG plc ("IOG", or "the Company"), (AIM: IOG.L), the Net Zero UK gas and
infrastructure operator focused on high return projects, is pleased to confirm
the appointment of Dougie Scott, who joined as Chief Operating Officer on 20
October 2022, to the board of directors of the Company.

 

Confirmation of Board Appointment

 

The following information regarding the appointment of Douglas Stewart Scott
(aged 53) is required to be disclosed under Schedule 2(g) of the AIM Rules for
Companies:

 

 Current directorships and/or partnerships  Former directorships and/or partnerships

                                            (within the last five years)
 N/A                                        INEOS 120 Energy Limited

                                            INEOS 120 Exploration Limited

                                            INEOS 120 Power Limited

                                            INEOS Clipper South B Limited

                                            INEOS Clipper South C Limited

                                            INEOS E&P (Siri) UK Limited

                                            INEOS E&P (UK) Limited

                                            INEOS E&P services (UK) Limited

                                            INEOS Offshore BCS Limited

                                            INEOS UK E&P Holdings Limited

                                            INEOS UK SNS Limited

                                            INEOS Upstream Holdings Limited

                                            INEOS Upstream Limited

                                            INEOS Upstream Services Limited

 

Mr Scott is beneficially interested in a total of 192,289 Ordinary Shares in
IOG and, as per below, a total of 1,690,141 options over Ordinary Shares in
IOG.

 

There are no further disclosures to be made under Schedule 2(g) of the AIM
Rules for Companies.

 

Long-Term Incentive Options

 

The Company Share Option Plan ("CSOP") is designed to reward employees at all
levels of the Company for performance that delivers value for shareholders,
through the award of long-term incentive options ("LTIP Options"). The CSOP
has been specifically put in place to build alignment with shareholders,
incentivizing employees to work effectively together to deliver key corporate
objectives and achieve the best outcomes for shareholders.

 

All LTIP Options are subject to a three-year vesting period from the date of
award and lapse if the relevant employee chooses to leave the Company. They
are also subject to a range of further vesting conditions specified at the
time of award and likewise will lapse if these conditions are not met.

 

Under its CSOP, the Company has today granted LTIP Options over, in aggregate,
1,829,199 1p Ordinary Shares in the Company ("Ordinary Shares") to certain
executive directors, senior management and employees who joined after the LTIP
Option awards announced on 17 March 2022. This represents 0.35% of the total
issued Ordinary Shares and 0.29% on a fully diluted basis.

 

In addition to the three-year period, vesting of LTIP Options awarded in 2022
is subject to the following performance conditions:

 

-       40% upon achievement of a compound annual Total Shareholder
Return ("TSR") of 12.5% over the three-year LTIP period

-       Up to 20% calibrated against relative TSR against a basket of
peer group companies over the three-year LTIP period, with the full 20%
vesting only in the event of first quartile performance

-       25% on achieving first gas from both Southwark and Nailsworth
plus FDP approval on a further asset

-       15% on meeting emissions targets over the three-year LTIP
period.

 

The following new LTIP Options have been granted to executive directors,
senior management and employees of the Company:

 Name             Position  Number of New Options Granted  Exercise Price per Ordinary Share (pence)  Exercise  Total LTIP Options Held Following This Grant

                                                                                                      Period
 Dougie Scott     COO       1,690,141                      1p                                         10 years  1,690,141
 John Arthur      CFO       80,000                         1p                                         10 years  80,000
 Other Employees  Various   59,058                         1p                                         10 years   N/A

 

Fiona MacAulay, Chair of IOG, commented:

 

"We are delighted to have brought in someone of Dougie's calibre and
experience to the COO role and we now formally welcome him as a board member
and executive director. He has already made a strong start and I have no doubt
that he will play an instrumental leadership role in delivering the Company's
strategy over the coming years."

 

This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law
by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is
disclosed in accordance with the company's obligations under Article 17 of
MAR.

 

Enquiries:

 

 IOG plc                                            +44 (0) 20 7036 1400

 Rupert Newall (CEO)

 James Chance (Head of Capital Markets & ESG)

 finnCap Ltd                                        +44 (0) 20 7220 0500

 Christopher Raggett / Simon Hicks

 Peel Hunt LLP                                      +44 (0) 20 7418 8900

 Richard Crichton / David McKeown

 Vigo Consulting                                    +44 (0) 20 7390 0230

 Patrick d'Ancona / Finlay Thomson

Person Discharging Managerial Responsibilities ("PDMR") Notification Forms

 

 1.   Details of the person discharging managerial responsibilities/person closely
      associated
 (a)  Name                                             Dougie Scott
 2.   Reason for the notification
 (a)  Position/status                                  COO
 (b)  Initial notification/ Amendment                  Initial notification
 3.   Details of the issuer
 (a)  Name                                             IOG 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          IOG 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)
                                                       1p                                   1,690,141

 (e)  Aggregated information

      -           Aggregated volume                    n/a

      -           Price
 (f)  Date of the transaction                          11 November 2022
 (g)  Place of the transaction                         London Stock Exchange, AIM Market (XLON)

 

 1.   Details of the person discharging managerial responsibilities/person closely
      associated
 (a)  Name                                             John Arthur
 2.   Reason for the notification
 (a)  Position/status                                  CFO
 (b)  Initial notification/ Amendment                  Initial notification
 3.   Details of the issuer
 (a)  Name                                             IOG 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          IOG 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)
                                                       1p                                   80,000

 (e)  Aggregated information

      -           Aggregated volume                    n/a

      -           Price
 (f)  Date of the transaction                          11 November 2022
 (g)  Place of the transaction                         London Stock Exchange, AIM Market (XLON)

 

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