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Share Name Share Symbol Market Type Share ISIN Share Description
Independent Oil & Gas 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
  +0.225p +1.65% 13.875p 13.75p 14.00p 13.875p 13.525p 13.525p 569,869 14:48:08
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers 0.0 -5.6 4.6 3.0 46.82

Independent Oil & Gas PLC Share Options to Incentivise Long Term Performance

01/05/2019 12:55pm

UK Regulatory (RNS & others)


Independent Oil & Gas (LSE:IOG)
Historical Stock Chart

2 Months : From Apr 2019 to Jun 2019

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TIDMIOG

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       Exercise      Vesting                 Total Options 
                               New Options       Price        Period     Exercise    Held Following 
                                 Granted      per Ordinary                Period       This Grant 
                                                 Share 
                                                (pence) 
 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       Exercise      Vesting                 Total Options 
                                    New Options       Price        Period     Exercise    Held Following 
                                      Granted      per Ordinary                Period       This Grant 
                                                      Share 
                                                     (pence) 
                       Head 
                   of Corporate 
 Rupert Newall        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       Exercise      Vesting                 Total Options 
                                  of New        Price        Period     Exercise    Held Following 
                                 Options     per Ordinary                Period       This Grant 
                                 Granted        Share 
                                               (pence) 
  Fiona MacAulay      Chair     1,000,000       12.75       3 years    10 years       1,000,000 
                   ----------  ----------  --------------  --------  -----------  ---------------- 
                     Senior 
 Esa Ikaheimonen       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."

-S-

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/                      Initial notification 
         Amendment 
       -----------------------------------------  ------------------------------------------- 
 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                         Independent Oil & Gas plc Ordinary 
         Financial Instrument                       Shares of 1p each 
       -----------------------------------------  ------------------------------------------- 
 (b)    Identification code                        ISIN: GB00BF49WF64 
         of the Financial 
         Instrument 
       -----------------------------------------  ------------------------------------------- 
 (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                     n/a 
 
 
         - Price 
       -----------------------------------------  ------------------------------------------- 
 (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/                      Initial notification 
         Amendment 
       -----------------------------------------  ------------------------------------------- 
 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                         Independent Oil & Gas plc Ordinary 
         Financial Instrument                       Shares of 1p each 
       -----------------------------------------  ------------------------------------------- 
 (b)    Identification code                        ISIN: GB00BF49WF64 
         of the Financial 
         Instrument 
       -----------------------------------------  ------------------------------------------- 
 (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                     n/a 
 
 
         - Price 
       -----------------------------------------  ------------------------------------------- 
 (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/                      Initial notification 
         Amendment 
       -----------------------------------------  ------------------------------------------- 
 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                         Independent Oil & Gas plc Ordinary 
         Financial Instrument                       Shares of 1p each 
       -----------------------------------------  ------------------------------------------- 
 (b)    Identification code                        ISIN: GB00BF49WF64 
         of the Financial 
         Instrument 
       -----------------------------------------  ------------------------------------------- 
 (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                     n/a 
 
 
         - Price 
       -----------------------------------------  ------------------------------------------- 
 (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/                      Initial notification 
         Amendment 
       -----------------------------------------  ------------------------------------------- 
 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                         Independent Oil & Gas plc Ordinary 
         Financial Instrument                       Shares of 1p each 
       -----------------------------------------  ------------------------------------------- 
 (b)    Identification code                        ISIN: GB00BF49WF64 
         of the Financial 
         Instrument 
       -----------------------------------------  ------------------------------------------- 
 (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                     n/a 
 
 
         - Price 
       -----------------------------------------  ------------------------------------------- 
 (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/                      Initial notification 
         Amendment 
       -----------------------------------------  ------------------------------------------- 
 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                         Independent Oil & Gas plc Ordinary 
         Financial Instrument                       Shares of 1p each 
       -----------------------------------------  ------------------------------------------- 
 (b)    Identification code                        ISIN: GB00BF49WF64 
         of the Financial 
         Instrument 
       -----------------------------------------  ------------------------------------------- 
 (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                     n/a 
 
 
         - Price 
       -----------------------------------------  ------------------------------------------- 
 (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/                      Initial notification 
         Amendment 
       -----------------------------------------  ------------------------------------------- 
 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                         Independent Oil & Gas plc Ordinary 
         Financial Instrument                       Shares of 1p each 
       -----------------------------------------  ------------------------------------------- 
 (b)    Identification code                        ISIN: GB00BF49WF64 
         of the Financial 
         Instrument 
       -----------------------------------------  ------------------------------------------- 
 (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                     n/a 
 
 
         - Price 
       -----------------------------------------  ------------------------------------------- 
 (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 rns@lseg.com or visit www.rns.com.

END

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