Conversion of Salaries and Fees into Share Options

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)	[phone]
finnCap Ltd Christopher Raggett/ Anthony Adams (Corporate Finance)	[phone]
Camarco Georgia Edmonds/Tom Huddart	[phone]

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)

 

END

 

 

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