REG - IOG PLC - Share Options to Incentivise Long Term Performance

IogAnnouncement

17/03/2022 07:15

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RNS Number : 0678F  IOG PLC  17 March 2022

17 March 2022

 

IOG plc

 

Grant of Share Options to Incentivise Long-Term Performance

 

IOG plc ("IOG", or "the Company"), (AIM: IOG.L), the Net Zero UK gas and
infrastructure operator focused on high return projects, announces that, under
its Company Share Option Plan, it has today granted options over, in
aggregate, 4,700,614 1p Ordinary Shares in the Company ("Ordinary Shares") to
its executive directors, senior management and all employees to incentivise
long-term performance (the "LTIP Options"). Following staff departures, the
total net new LTIP issuance is 268,917 options as 4,431,697 previously awarded
LTIP options have been or will be cancelled.

 

The new LTIP Options, which are set out in the tables below, are intended to
reward long term performance, across all levels of the Company, that delivers
value for all shareholders. Vesting occurs 3 years from award and is subject
to the following basket of 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.

 

Subject to vesting, the new LTIP Options are exercisable for up to ten years
from the date of grant and will lapse if not exercised by such date. As with
all previous LTIP awards, they will lapse if the relevant employee chooses to
leave the Company.

 

The aggregate total of 4,700,614 new LTIP Options represents 0.90% of the
total issued Ordinary Shares and 0.73% on a fully diluted basis.  However,
adjusting for the options that have been or will be cancelled due to staff
departures this represents 0.06% of the total issued Ordinary Shares.

 

Executive Directors

 

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

 Name           Position  Number of New Options Granted  Exercise Price per Ordinary Share (pence)  Exercise Period  Total LTIP Options Held Following This Grant
 Andrew Hockey  CEO       1,198,432                      1p                                         10 years         8,969,008
 Rupert Newall  CFO       907,903                        1p                                         10 years         5,570,461

 

Senior Management and Employees

 

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

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

                                                                                                                               Period
 David Gibson     COO                                446,688                        1p                                         10 years  1,140,710
 Robin Storey     General Counsel                    290,529                        1p                                         10 years  1,812,305
 James Chance     Head of Capital Markets & ESG      268,740                        1p                                         10 years  4,544,403
 Other Employees  Various                            1,588,322                      1p                                         10 years   6,832,863

 

 

The LTIP Options are distinct from those previously issued in lieu of salaries
or fees due in given periods ("Salary Sacrifice Options"), which were set by
the VWAP of 1p Ordinary Shares over the relevant period of salary sacrifice,
have a five-year term and are not linked to performance. The Company no longer
issues any Salary Sacrifice Options.

 

Fiona MacAulay, Chair of IOG, commented:

 

"The Company's Share Option Plan is designed to incentivise our employees at
all levels across the organisation to work effectively together towards key
targets that will deliver material value for shareholders. The performance
conditions include material share price appreciation on both an absolute basis
and relative to our industry peer group, the major operational milestones of
Phase 1, Phase 2 and FDP approval, and meeting independently assessed
emissions targets, which form an important part of our ESG credentials. This
year the increase in the number of LTIP options in issue will be minimal owing
to the cancellation of a number of previously issued awards."

 

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

 Andrew Hockey (CEO)

 Rupert Newall (CFO)

 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 / Chris McMahon / Oliver Clark

Person Discharging Managerial Responsibilities ("PDMR") Notification Forms

 

 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                                             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                                   1,198,432

 (e)  Aggregated information

      -           Aggregated volume                    n/a

      -           Price
 (f)  Date of the transaction                          17 March 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                                             Rupert Newall
 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                                   907,903

 (e)  Aggregated information

      -           Aggregated volume                    n/a

      -           Price
 (f)  Date of the transaction                          17 March 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                                             David Gibson
 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                                   446,688

 (e)  Aggregated information

      -           Aggregated volume                    n/a

      -           Price
 (f)  Date of the transaction                          17 March 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                                             James Chance
 2.   Reason for the notification
 (a)  Position/status                                  Head of Capital Markets and ESG
 (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                                   268,740

 (e)  Aggregated information

      -           Aggregated volume                    n/a

      -           Price
 (f)  Date of the transaction                          17 March 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                                             Robin Storey
 2.   Reason for the notification
 (a)  Position/status                                  General Counsel
 (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                                   290,529

 (e)  Aggregated information

      -           Aggregated volume                    n/a

      -           Price
 (f)  Date of the transaction                          17 March 2022
 (g)  Place of the transaction                         London Stock Exchange, AIM Market (XLON)

 

 

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