Independent Oil & Gas PLC Conversion of Salaries and Fees into Share Options (8607U)

TIDMIOG

RNS Number : 8607U

Independent Oil & Gas PLC

23 January 2017

23 January 2017

Independent Oil and Gas plc

Conversion of Salaries and Fees into Share Options

Independent Oil and Gas plc ("IOG" or "the Company"), (AIM: IOG.L), the development and production focused oil and gas company, announces that certain Directors, and other past and present members of the IOG management and technical teams have accepted all or part of their salaries and fees in options over Ordinary Shares in the Company ("Options").

Salary Sacrifice Options

As further detailed in the table at the end of this announcement, such personnel have accepted Options in lieu of salaries and fees due between 1 March 2016 and 31 August 2016.

All of the Options have a five-year term from 1 September 2016 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 period from 1 March 2016 to 31 August 2016 was calculated to be 18.96p.

The conversion of salaries and fees into Options is consistent with previous salary sacrifice transactions. A total of 1,032,499 new Options have been issued, each with an exercise price of 1p each, representing 0.94% per cent of the Company's current issued share capital.

-ENDS-

Enquiries:

 
 Independent Oil and Gas plc 
  Mark Routh (CEO)                  [phone] 
  Peter Young (CFO)                  0510 
 finnCap Ltd 
  Matt Goode/Christopher Raggett    [phone] 
  (Corporate Finance)                0500 
 Camarco                            [phone] 
  Billy Clegg / Georgia Edmonds      4980 
 

Notes:

Salaries and Fees Converted into 1p Options

For the period 1 March 2016 to 31 August 2016 the Salaries/Fees sacrificed were converted into 1p options, date of grant 1 September 2016, final exercise date of 31 August 2021 at the following VWAP reference prices: -

 
   Director /       Number of     Reference      Salary/Fee 
      Other          Ordinary       price      Sacrifice Period 
                   Shares under    (pence) 
                      option 
---------------  --------------  ----------  ------------------ 
                                                 01-Mar-16 - 
     Other           440,108        18.96         31-Aug-16 
---------------  --------------  ----------  ------------------ 
                                                 01-Mar-16 - 
   Mark Routh        365,550        18.96         31-Aug-16 
---------------  --------------  ----------  ------------------ 
                                                 01-Mar-16 - 
 Martin Ruscoe       79,558         18.96         31-Aug-16 
---------------  --------------  ----------  ------------------ 
                                                 17-May-16 - 
     Other           78,722         23.18         31-Aug-16 
---------------  --------------  ----------  ------------------ 
                                                 01-Mar-16 - 
  Peter Young        34,270         8.42          31-Mar-16 
---------------  --------------  ----------  ------------------ 
                                                 29-Jul-16 - 
 David Peattie       22,861         27.76         31-Aug-16 
---------------  --------------  ----------  ------------------ 
                                                 29-Jul-16 - 
   Andrew Hay        11,430         27.76         31-Aug-16 
---------------  --------------  ----------  ------------------ 
          Total     1,032,499 
---------------  -------------- 
 

Effective date of grant: 1 September 2016.

Note: Where services have been provided for only part of a 6-month period the VWAP has been adjusted accordingly as above.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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January 23, 2017 07:31 ET (12:31 GMT)