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Conversion of Salaries and Fees into Share Options

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By LSE RNS

RNS Number : 2350S
Independent Oil & Gas PLC
29 September 2017
 

29 September 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/Fee Sacrifice Options

 

As further detailed in the table at the end of this announcement, such personnel have accepted 1p Options in lieu of salaries and fees due between 1 March 2017 and 31 August 2017.

 

All these Options have a five-year term from 1 September 2017 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 2017 to 31 August 2017 was calculated to be 16.78p.  Where services have been provided 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 851,630 new Options have been issued for this period, each with an exercise price of 1p each, representing 0.78% per cent of the Company's current issued share capital.

 

-ENDS-

 

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 and Gas plc

Mark Routh (CEO)

James Chance(CFO)

+44 (0) 20 3879 0510

finnCap Ltd

Christopher Raggett/ Anthony Adams (Corporate Finance)

+44 (0) 20 7220 0500

Camarco

Georgia Edmonds/Tom Huddart

+44 (0) 20 3757 4980

 



 

Notes:

 

Salaries and Fees Converted into 1p Options

 

For the period 1 March 2017 to 31 August 2017 the partial Salaries/Fees sacrificed by the Company directors named below and other members of the IOG management and technical teams were converted into 1p options, date of grant 1 September 2017, final exercise date of 31 August 2022 at the following VWAP reference prices: -

 

Name

Number of Ordinary Shares under option

VWAP Reference price (pence)

Exercise price (pence)

Salary/Fee Sacrifice Period

Mark Routh

147,507

16.78

1p

01-Mar-17 - 31-Aug-17

Andrew Hockey

110,800

16.92

1p

01-Apr-17 - 31-Aug-17

James Chance

89,398

16.78

1p

01-Mar-17 - 31-Aug-17

Andrew Hay

52,149

16.78

1p

01-Mar-17 - 31-Aug-17

Martin Ruscoe

44,699

16.78

1p

01-Mar-17 - 31-Aug-17

Charles Hendry

39,745

16.85

1p

21-Mar-17 - 31-Aug-17

Others

367,332

16.98

1p

01-Mar-17 - 31-Aug-17

Total

851,630




 

 

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

 

 

 

1.

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Mark Routh

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 Financial instrument, type of instrument

The grant of Options over Ordinary Shares

Identification code

GB00BF49WF64

b)

Nature of the transaction

Grant of Options over Ordinary Shares

c)

Price(s) and volume(s)

Price(s)

Volume(s)

1p

147,507

d)

Aggregated information:

·      Aggregated volume

·      Price

n/a

e)

Date of the transaction

1 September 2017

f)

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

Deputy 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 Financial instrument, type of instrument

The grant of Options over Ordinary Shares

Identification code

GB00BF49WF64

b)

Nature of the transaction

Grant of Options over Ordinary Shares

c)

Price(s) and volume(s)

Price(s)

Volume(s)

1p

110,800

d)

Aggregated information:

·      Aggregated volume

·      Price

n/a

e)

Date of the transaction

1 September 2017

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

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 instrument, type of instrument

The grant of Options over Ordinary Shares

Identification code

GB00BF49WF64

b)

Nature of the transaction

Grant of Options over Ordinary Shares

c)

Price(s) and volume(s)

Price(s)

Volume(s)

1p

89,398

d)

Aggregated information:

·      Aggregated volume

·      Price

n/a

e)

Date of the transaction

1 September 2017

f)

Place of the transaction

London Stock Exchange, AIM Market (XLON)

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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