Issue of Equity and PDMR Shareholding

RNS Number : 4158L

IOG PLC

13 May 2022

 

13 May 2022

IOG plc

Issue of Equity and PDMR Shareholding

IOG plc ("IOG", or "the Company"), (AIM: IOG.L), the Net Zero UK gas and infrastructure operator focused on high return projects, has issued a total of 282,267 ordinary shares of 1 penny each in the capital of the Company ("Ordinary Shares") following exercises of options over Ordinary Shares ("Options") by employees of the Company.

Of these Ordinary Shares, 82,267 were issued to James Chance, a PDMR of the Company. On 12 May 2022, a notice was submitted by James Chance, to exercise 82,267 Options pursuant to a Salary Sacrifice Share Option agreement (the "Exercise"). The Options were issued in 2017 and were due to expire shortly. To fund the costs and personal tax liabilities crystallised by the Exercise, James Chance has sold a total of 42,500 Ordinary Shares at a weighted average price of 27.25p per Ordinary Share. On Admission, James Chance will be beneficially interested in a total of 737,353 Ordinary Shares, representing approximately 0.14% of the share capital of the Company on Admission.

Issue of Equity

The Company has applied to the London Stock Exchange for admission of 282,267 new Ordinary Shares to trading on AIM ("Admission"). Admission is expected to occur on 18 May 2022. Following Admission there will be 524,126,460 Ordinary Shares in issue. Accordingly, this number may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company under the FCA's Disclosure Guidance and Transparency Rules.

1.	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	James Chance
2.	Reason for the Notification
a)	Position/status	Head of Capital Markets & ESG
b)	Initial notification/Amendment	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
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 Financial instrument, type of instrument	Options over ordinary shares Ordinary Shares
	Identification code	GB00BF49WF64
b)	Nature of the transaction	Exercise of options over ordinary shares Sale of ordinary shares
c)	Price(s) and volume(s)	Exercise of options over ordinary shares Price(s) Volume(s) 1p 82,267 Sale of ordinary shares Price(s) Volume(s) 27.25p 42,500
d)	Aggregated information: · Aggregated volume · Price	See 4(c)
e)	Date of the transaction	12 May 2022
f)	Place of the transaction	London Stock Exchange, AIM Market (XLON)

Enquiries:

IOG plc Andrew Hockey (CEO) Rupert Newall (CFO) James Chance (Head of Capital Markets & ESG)	[phone]
finnCap Ltd Christopher Raggett / Simon Hicks	[phone]
Peel Hunt LLP Richard Crichton / David McKeown	[phone]
Vigo Consulting Patrick d'Ancona / Finlay Thomson / Oliver Clark	[phone]

About IOG:

IOG is a Net Zero UK gas and infrastructure operator focused on high-return projects. The Company's operations are currently concentrated around its offshore and onshore Saturn Banks infrastructure in the UK Southern North Sea. Phase 1 of its Saturn Banks Project, which started production in March 2022, entails the commercialisation of the Blythe, Elgood and Southwark gas fields through this infrastructure. Phase 2 of the Saturn Banks Project entails the Nailsworth, Goddard and Elland gas discoveries, which are subject to future investment decisions and expected to be commercialised through the same export infrastructure. The Company also holds further licences with additional assets including the Abbeydale, Panther and Grafton gas discoveries, the Kelham North, Kelham Central, Thornbridge and Thornbridge Deep prospects, and part of the Orrell gas discovery. Currently, all IOG's licences are held 50:50 with its joint venture partner CalEnergy Resources (UK) Limited and operated by IOG. In addition, the Company continually evaluates further opportunities for accretive portfolio additions to help generate additional shareholder returns. Further details are available at www.iog.co.uk . 

 

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