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Independent Oil & Gas PLC

Share Options to Incentivise Long Term Performance

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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)

 

 

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
END
 
 
MSCABMBTMBAMBTL

Quick facts: Independent Oil & Gas PLC

Price: £0.20

Market: AIM
Market Cap: £66.56 m
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