Conversion of Directors' Salaries & Notice of AGM

RNS Number : 5974H
Independent Oil & Gas PLC
17 March 2015
 

17 March 2015

Independent Oil and Gas plc

 

Conversion of Directors' Salaries and Notification of AGM

 

 

Independent Oil and Gas plc ("IOG"), (AIM: IOG.L), the North Sea focused Oil and Gas Company announces that, consistent with previous salary sacrifice transactions, certain Directors and members of IOG's technical team have accepted the majority of their salaries and fees in options in the Company.  The new options issued relate to salary and fee sacrifices covering the period from 1 September 2013 to 28 February 2015.

 

All of the options have a three year term and are converted at the volume weighted average share price over the period to which they relate.  Further details of the new option grants are contained in the tables at the end of this announcement.

 

The conversion of salaries and fees into options is to manage the Company's cost base and minimise the cash impact on the business.  A total of 1,755,713 new options have been issued at an exercise price of 1p each, representing 2.5 per cent of the current issued share capital.  In addition, the 6,873,946 options awarded at the time of AIM Admission in September 2013 have been standardised to a three year term.  The expiry date of these options already awarded is now 30 September 2016. 

 

IOG continues to seek potential asset acquisitions that could provide near term revenue and various forms of potential fund raising with a focus on funding at an asset level.  If a successful transaction or transactions can be completed it is anticipated that the salary sacrifices would no longer be necessary.

 

The AGM will be held on 26 June 2015 at 3pm at IOG's registered office at One America Square, Crosswall, London, EC3N 2SG.

 

 

-ENDS-

Enquiries:

Independent Oil and Gas plc

Mark Routh (CEO)

Peter Young (CFO)

+44 (0) 20 3051 9632

finnCap Ltd

Matt Goode/Christopher Raggett (Corporate Finance)

+44 (0) 20 7220 0500

Camarco

Billy Clegg / Georgia Mann

+44 (0) 20 3757 4980

 

 

Notes:

 

Salaries and Fees Converted into Options

 

Pursuant to an agreement between Mehdi Varzi and the Company dated September 2013, new AIM Admission Bonus Options have been awarded with a final exercise date of 30 September 2016 at the following conversion price:-

Name

Quantity

Conversion price (p)

Mehdi Varzi

230,029

27.17

Effective date of grant: 1 March 2015.

 

 

For the period 1 September 2013 to 28 February 2014 the Fees sacrificed were converted into options with a final exercise date of 28 February 2017 at the following conversion price:-

Name

Quantity

Conversion price (p)

Richard Jameson3

36,189

30.53

Colin Jones4

5,568

30.53

Total

41,757

 

Effective date of grant: 1 March 2015.

 

 

For the period 1 March 2014 to 31 August 2014 the Fees sacrificed were converted into options with a final exercise date of 31 August 2017 at the following conversion price:-

Name

Quantity

Conversion price (p)

Richard Jameson3

36,471

30.30

Colin Jones4

95,385

30.30

Total

131,856

 

Effective date of grant: 1 March 2015.

 

 

For the period 1 September 2014 to 28 February 2015 the Salaries/Fees sacrificed were converted into options with a final exercise date of 28 February 2018 at the following conversion prices:-

Name

Quantity

Conversion price (p)

Mark Routh

638,361

10.86

Peter Young

172,717

10.86

Marie-Louise Clayton1

138,173

10.86

Michael Jordan2

69,087

10.86

Paul Murray

138,173

10.86

Mehdi Varzi

54,623

15.84

Richard Jameson3

101,788

10.86

Colin Jones4

23,489

10.86

John Boyle5

15,660

10.86

Total

1,352,071

 

Effective date of grant: 1 March 2015.

 

Where services have been provided for only part of a 6 month period the volume weighted average share price has been adjusted accordingly.

 

 

 

Footnotes:

1.  These options have been granted to Clayton Consulting Partners Limited, a company in which Marie-Louise Clayton is a majority shareholder and a director.

2.  These options have been granted to Acura Oil & Gas Limited, a company in which Michael Jordan is the majority shareholder and director.

3.  These options have been granted to RJM Energy Limited, a company in which Richard Jameson is the majority shareholder and director.

4.  These options have been granted to International Petroleum Exploitation A.S., a company in which Colin Jones is the majority shareholder and director.

5.  These options have been granted to LBJ Resources LLC, a company in which John Boyle is the majority shareholder and director.


This information is provided by RNS
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