UK Oil & Gas PLC Employee Benefit Trust Share Subscription

RNS Number : 2309Z

UK Oil & Gas PLC

05 August 2024

 

UK Oil & Gas PLC

("UKOG" or the "Company")

 

 

Employee Benefit Trust Share Subscription

 

UK Oil & Gas PLC (London AIM: UKOG) announces that, further to the establishment of the Company's  Employee Benefit Trust ("EBT") in September 2014, and in keeping with similar schemes operated by AIM listed entities, the directors have agreed to top-up the Company's EBT ordinary shareholding to its original level of 10% of the Company's issued share capital. Details of the EBT and the related employee share incentive plan ("SIP") are given in the Company's prior RNS of 29^th September 2014.

 

Consequently, the Company's EBT trustees, Altum Trustees Ltd ("Trustees"), have today subscribed for 476,897,760 ordinary shares in the Company ("EBT Shares") at a price per share of £0.000001, being the Company's nominal share value and which represents 10% of the Company's enlarged share capital following the allotment of the EBT Shares. The Company has entered into a loan agreement with the Trustees to fund the subscription of the EBT Shares by the Trustees.

 

The EBT Shares shall be held in the EBT on trust pending the transfer upon vesting (or exercise, as the case may be) of any awards granted by the Company's Remuneration Committee to eligible employees and directors under the terms and vesting criteria of the Company's SIP. Details of the grant of any future awards of EBT Shares will be notified upon determination by the Company's Remuneration Committee of the beneficiaries of such awards, however no such determination has been made for the time being.

 

Admission

 

Application has been made for EBT Shares, numbering 476,897,760 ordinary shares in total, to be admitted to trading on AIM ("Admission"). Admission is expected to take place at 8.00 a.m. on or around 9 August 2024.

 

Following Admission, the total voting rights in the Company will be 8,644,353,833 ordinary shares. Following admission of the 2,000,000,000 placing shares on 27 August 2024 (as announced on 5 August 2024) and admission of the EBT Shares, the total voting rights in the Company will be 10,644,353,388 ordinary shares. Shareholders may use these figures as the denominator by which they are required to notify their interest in, or change to their interest in, the Company under the FCA's Disclosure, Guidance and Transparency Rules.

 

For further information, please contact:

UK Oil & Gas plc

Stephen Sanderson / Guzyal Mukhametzhanova                                                              Tel: [phone]

 

Zeus Capital Limited (Nominated Adviser and Broker)                                                  

James Joyce / James Bavister / Andrew de Andrade                                        Tel:  [phone]

 

CMC Markets (Joint Broker)

Douglas Crippen                                                                                                               Tel:  [phone]

 

Communications

Brian Alexander                                                                                                                                Tel: [phone]  

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