IOG PLC Share Options to Incentivise Long Term Performance (7436Y)

TIDMIOG

RNS Number : 7436Y

IOG PLC

14 May 2021

14 May 2021

IOG plc

Grant of Share Options to Incentivise Long-Term Performance

IOG plc ("IOG" or "the Company"), (AIM: IOG.L), the UK gas company targeting growth and high returns via an infrastructure-led hub strategy, announces that, under its Company Share Option Plan, it has today granted options over, in aggregate, 759,980 1p Ordinary Shares in the Company ("Ordinary Shares") to certain senior management and employees appointed during 2021 (the "LTIP Options").

The new LTIP Options are to incentivise long-term performance that delivers value for all shareholders and are set out in the tables below. Vesting is subject to the same basket of performance conditions as specified for previously announced 2021 LTIP options, namely:

- 40% will vest upon achievement of a compound annual Total Shareholder Return ("TSR") of 12.5% over a three-year period

- Up to 20% will vest upon achievement of upper quartile TSR relative to a basket of peer companies over a three-year period from date of grant subject to a floor based on the price at award

- The remaining 40% will vest upon successful delivery of a series of project and company specific commercial milestones, including:

o Production targets (including a first gas target)

o Field Development Plan ("FDP") approval for a further phase of development

o Establishment of an independent baseline carbon intensity assessment for the Phase 1 development in 2021 and meeting a meaningful carbon intensity target level in future years

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.

The aggregate total of 759,980 new LTIP Options represents 0.16% of the total issued Ordinary Shares and 0.13% on a fully diluted basis.

 
       Name         Position    New Options      Exercise      Exercise    Total LTIP 
                                  Granted        Price per      Period     Options Held 
                                                 Ordinary 
                                               Share (pence) 
   David Gibson        COO        694,022           1p         10 years      694,022 
                   ----------  ------------  ---------------  ---------  -------------- 
 Other Employees     Various      65,958            1p         10 years      65,958 
                   ----------  ------------  ---------------  ---------  -------------- 
 

Fiona MacAulay, Chair of IOG, commented:

"This award under the Company's Share Option Plan is designed to ensure that, as for existing employees, more recent joiners are also appropriately aligned and incentivised to work effectively to deliver shareholder value. As such, the performance conditions include meeting the same valuation, operational and ESG objectives as for previously announced 2021 long-term incentive options."

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 
 Andrew Hockey (CEO) 
 Rupert Newall (CFO) 
 James Chance (Head of Corporate Finance & IR)   [phone] 
finnCap Ltd 
 Christopher Raggett 
 Simon Hicks                                     [phone] 
Peel Hunt LLP 
 Richard Crichton 
 David McKeown                                   [phone] 
Vigo Consulting 
 Patrick d'Ancona 
 Chris McMahon 
 Simon Woods                                     [phone] 
 
 

Notes:

Person Discharging Managerial Responsibilities ("PDMR") Notification Forms

 
 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/                      Initial notification 
         Amendment 
       -----------------------------------------  ------------------------------------------- 
 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                         IOG plc Ordinary Shares of 1p each 
         Financial Instrument 
       -----------------------------------------  ------------------------------------------- 
 (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) 
                                                  --------------------  --------------------- 
                                                   1p                    694,022 
                                                  --------------------  --------------------- 
 
 (e)    Aggregated information 
          *    Aggregated volume                     n/a 
 
 
         - Price 
       -----------------------------------------  ------------------------------------------- 
 (f)    Date of the transaction                    14 May 2021 
       -----------------------------------------  ------------------------------------------- 
 (g)    Place of the transaction                   London Stock Exchange, AIM Market (XLON) 
       -----------------------------------------  ------------------------------------------- 
 

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May 14, 2021 12:21 ET (16:21 GMT)