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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Iog Plc | LSE:IOG | London | Ordinary Share | GB00BF49WF64 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 2.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From May 2019 to May 2024
TIDMIOG
RNS Number : 6613I
Independent Oil & Gas PLC
03 April 2020
3 April 2020
Independent Oil and Gas plc
Conversion of Salaries/Fees into Share Options
Independent Oil and Gas plc ("IOG" or "the Company"), (AIM: IOG.L), the development and production company focused on becoming a substantial UK gas producer , announces that certain Directors and other members of the management and technical teams have accepted all or part of their salaries and fees as options over Ordinary Shares in the Company ("Options") for periods between 1 September 2019 and 29 February 2020.
Salary/Fee Sacrifice Options
As further detailed in the table below, such personnel have accepted 1p Options in lieu of salaries or fees due in the relevant periods. All these Options have a five-year term from the effective date of 1 April 2020 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 full period from 1 September 2019 to 29 February 2020 was 18.24p. Where services have been provided or salary or fees sacrificed for only part of that 6-month period the VWAP has been adjusted accordingly.
The conversion of salaries and fees into Options is consistent with previous salary and fee sacrifice transactions. A total of 403,104 new Options have been issued for this period, with an exercise price of 1p each, representing 0.08% per cent of the Company's current issued share capital.
Certain information communicated in this announcement was, prior to its publication, inside information for the purposes of Article 7 of Regulation 596/2014.
Enquiries:
Independent Oil and Gas plc Andrew Hockey (CEO) Rupert Newall (CFO) James Chance (Head of Corporate Finance & IR) +44 (0) 20 7036 1400 finnCap Ltd Christopher Raggett (Corporate Finance) Simon Hicks (Corporate Finance) Camille Gochez (Corporate Broking) +44 (0) 20 7220 0500 Peel Hunt LLP Richard Crichton David McKeown +44 (0) 20 7418 8900 Vigo Communications Patrick d'Ancona Chris McMahon Simon Woods +44 (0) 20 7390 0230
About IOG:
IOG owns and operates a 50% stake in substantial low risk, high value gas reserves in the UK Southern North Sea. The Company's Core Project targets a gross 2P peak production rate of 140 MMcfe/d (c. 24,000 Boe/d) from gross 2P gas Reserves of 302 Bcfe(1) + 2C gas Contingent Resources of 108 Bcfe(2), via an efficient hub strategy. In addition to the independently verified 2P reserves at Blythe, Elgood, Southwark, Nailsworth and Elland and 2C Contingent Resources at Goddard, IOG also has independently verified best estimate gross unrisked prospective gas resources of 73 Bcfe(2) at Goddard. Alongside this IOG has management estimated mid-case recoverable gas volumes of 40 Bcfe and 100 Bcfe at the Harvey and Redwell licences and continues to pursue value accretive acquisitions to generate significant shareholder returns.
(1) ERC Equipoise Competent Persons Report: October 2017, adjusted by Management to account for updated project timing and compression
(2) ERC Equipoise Competent Persons Report: October 2018
Notes:
Salaries and Fees Converted into 1p Options
For the period 1 September 2019 to 29 February 2020 the Salaries/Fees sacrificed by the Company directors named below and other members of the IOG management and technical teams were converted into 1p options, effective date of grant 1 April 2020, final exercise date of 28 February 2025 at the following VWAP reference prices:
Hot Features
Premium
Name Number of VWAP Reference Exercise Salary/Fee Sacrifice
Ordinary Shares price (pence) price (pence) Period
under option
Andrew Hockey* 62,460 19.35p 1p 01-Sep-19 - 31-Oct-19
----------------- --------------- --------------- ----------------------
Rupert Newall* 56,214 19.35p 1p 01-Sep-19 - 31-Oct-19
----------------- --------------- --------------- ----------------------
Mark Hughes* 42,473 19.35p 1p 01-Sep-19 - 31-Oct-19
----------------- --------------- --------------- ----------------------
Esa Ikaheimonen* 39,974 19.35p 1p 01-Sep-19 - 31-Oct-19
----------------- --------------- --------------- ----------------------
Esa Ikaheimonen* 114,152 17.06p 1p 01-Nov-19 - 29-Feb-20
----------------- --------------- --------------- ----------------------
Neil Hawkings* 9,994 19.35p 1p 01-Sep-19 - 31-Oct-19
----------------- --------------- --------------- ----------------------
James Chance 42,473 19.35p 1p 01-Sep-19 - 31-Oct-19
----------------- --------------- --------------- ----------------------
Others 35,364 19.23p 1p 01-Sep-19 - 30-Nov-19
----------------- --------------- --------------- ----------------------
Total 403,104
-----------------
* Directors
Where services have been provided for only part of a 6-month period the VWAP has been adjusted accordingly as above.
Option Details for any Person Discharging Managerial Responsibilities ("PDMR") / persons closely associated.
1. Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Andrew Hockey
------------------------------- -------------------------------------
2. Reason for the Notification
----------------------------------------------------------------------
a) Position/status Chief Executive Officer
------------------------------- -------------------------------------
b) Initial notification/Amendment Initial notification
------------------------------- -------------------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
----------------------------------------------------------------------
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 Share Options over Ordinary Shares
Financial instrument,
type of instrument
Identification code GB00BF49WF64
------------------------------- -------------------------------------
b) Nature of the transaction Grant of Share Options over Ordinary
Shares
------------------------------- -------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
1p 62,460
----------
------------------------------- -------------------------------------
d) Aggregated information: n/a
* Aggregated volume
* Price
------------------------------- -------------------------------------
e) Date of the transaction 1 April 2020
------------------------------- -------------------------------------
f) 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 Chief Financial Officer
------------------------------- -------------------------------------
b) Initial notification/Amendment Initial notification
------------------------------- -------------------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
----------------------------------------------------------------------
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 Share Options over Ordinary Shares
instrument, type of
instrument
Identification code GB00BF49WF64
------------------------------- -------------------------------------
b) Nature of the transaction Grant of Share Options over Ordinary
Shares
------------------------------- -------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
1p 56,214
----------
------------------------------- -------------------------------------
d) Aggregated information: n/a
* Aggregated volume
* Price
------------------------------- -------------------------------------
e) Date of the transaction 1 April 2020
------------------------------- -------------------------------------
f) 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 Chief Operating Officer
------------------------------- -------------------------------------
b) Initial notification/Amendment Initial notification
------------------------------- -------------------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
----------------------------------------------------------------------
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 Share Options over Ordinary Shares
instrument, type of
instrument
Identification code GB00BF49WF64
------------------------------- -------------------------------------
b) Nature of the transaction Grant of Share Options over Ordinary
Shares
------------------------------- -------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
1p 42,473
----------
------------------------------- -------------------------------------
d) Aggregated information: n/a
* Aggregated volume
* Price
------------------------------- -------------------------------------
e) Date of the transaction 1 April 2020
------------------------------- -------------------------------------
f) 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, emission allowance market participant,
auction platform, auctioneer or auction monitor
----------------------------------------------------------------------
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 Share Options over Ordinary Shares
Financial instrument,
type of instrument
Identification code GB00BF49WF64
------------------------------- -------------------------------------
b) Nature of the transaction Grant of Share Options over Ordinary
Shares
------------------------------- -------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
1p 154,126
----------
------------------------------- -------------------------------------
d) Aggregated information: n/a
* Aggregated volume
* Price
------------------------------- -------------------------------------
e) Date of the transaction 1 April 2020
------------------------------- -------------------------------------
f) Place of the transaction London Stock Exchange, AIM Market
(XLON)
------------------------------- -------------------------------------
1. Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Neil Hawkings
------------------------------- -------------------------------------
2. Reason for the Notification
----------------------------------------------------------------------
a) Position/status Non-Executive Director
------------------------------- -------------------------------------
b) Initial notification/Amendment Initial notification
------------------------------- -------------------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
----------------------------------------------------------------------
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 Share Options over Ordinary Shares
instrument, type of
instrument
Identification code GB00BF49WF64
------------------------------- -------------------------------------
b) Nature of the transaction Grant of Share Options over Ordinary
Shares
------------------------------- -------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
1p 9,994
----------
------------------------------- -------------------------------------
d) Aggregated information: n/a
* Aggregated volume
* Price
------------------------------- -------------------------------------
e) Date of the transaction 1 April 2020
------------------------------- -------------------------------------
f) 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 Corporate Finance
------------------------------- -------------------------------------
b) Initial notification/Amendment Initial notification
------------------------------- -------------------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
----------------------------------------------------------------------
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 Share Options over Ordinary Shares
instrument, type of
instrument
Identification code GB00BF49WF64
------------------------------- -------------------------------------
b) Nature of the transaction Grant of Share Options over Ordinary
Shares
------------------------------- -------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
1p 42,473
----------
------------------------------- -------------------------------------
d) Aggregated information: n/a
* Aggregated volume
* Price
------------------------------- -------------------------------------
e) Date of the transaction 1 April 2020
------------------------------- -------------------------------------
f) 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 rns@lseg.com or visit www.rns.com.
END
DSHZZGGDLZLGGZM
(END) Dow Jones Newswires
April 03, 2020 02:00 ET (06:00 GMT)
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