Share Options to Incentivise Long Term Performance

RNS Number : 7688X

Independent Oil & Gas PLC

01 May 2019

 

1 May 2019

Independent Oil and Gas plc

Grant of Share Options to Incentivise Long Term Performance

Independent Oil and Gas plc ("IOG" or "the Company"), (AIM: IOG.L), the development and production focused oil and gas company, announces that it has today granted options over, in aggregate, 6,700,000 ordinary shares in the Company ("Ordinary Shares") to its directors, senior management and employees at an exercise price payable of 12.75 pence per Ordinary Share (the "Options"), being the middle market closing price on 30 April 2019, the latest practicable date prior to this announcement.

These option awards have been issued under the Company Share Option Plan ('CSOP') which replaces the cancelled Long Term Incentive Plan ('LTIP'), and cancels all options to have been granted under that plan scheduled in 2019 and 2020.

The new Options set out in the tables below for Directors, Executive Management and Employees are intended to reward long term performance and all vest after three years from date of grant and are subject to the satisfaction of certain performance conditions including Sanction of Phase 1 of the Southern North Sea Development Project. Subject to vesting and such performance conditions being met, the new Options are exercisable for up to ten years from the date of grant and will lapse if not exercised by such date.

Executive Directors

The following new Options have been granted to Executive Directors of the Company:

Name	Position	Number of New Options Granted	Exercise Price per Ordinary Share (pence)	Vesting Period	Exercise Period	Total Options Held Following This Grant
Andrew Hockey	CEO	1,600,000	12.75	3 years	10 years	3,688,767
Mark Hughes	COO	1,000,000	12.75	3 years	10 years	2,162,193

Senior Management and Employees

The following new Options have been granted to Senior Management and Employees:

Name	Position	Number of New Options Granted	Exercise Price per Ordinary Share (pence)	Vesting Period	Exercise Period	Total Options Held Following This Grant
Rupert Newall	Head of Corporate Finance	1,200,000	12.75	3 years	10 years	1,294,911
James Chance	CFO	1,000,000	12.75	3 years	10 years	3,116,729
	Employees	300,000	12.75	3 years	10 Years	300,000

Non-Executive Directors

The following new Options have been granted to Non-Executive Directors of the Company:

Name	Position	Number of New Options Granted	Exercise Price per Ordinary Share (pence)	Vesting Period	Exercise Period	Total Options Held Following This Grant
Fiona MacAulay	Chair	1,000,000	12.75	3 years	10 years	1,000,000
Esa Ikaheimonen	Senior NED	600,000	12.75	3 years	10 years	600,000

Fiona MacAulay, Chair of IOG commented: -

"The Company's CSOP is designed to retain and incentivise key members of IOG's Board, management team and employees to ensure that they preside over a proactive health, safety and environment focused culture, ensure key project milestones are met and deliver share price growth for all our shareholders and stakeholders over the coming years. Importantly the vesting criteria for these awards include the Sanction of Phase 1 of our exciting Southern North Sea development project."

-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 & Gas PLC Andrew Hockey (CEO) James Chance (CFO) Rupert Newall (Head of Corporate Finance)	[phone]
finnCap Ltd (Nominated Adviser and Joint Bookrunner) Christopher Raggett, Simon Hicks (Corporate Finance) Camille Gochez (Corporate Broking)	[phone]
Peel Hunt LLP (Joint Bookrunner) Richard Crichton David McKeown	[phone]
Vigo Communications Patrick d'Ancona Chris McMahon Simon Woods	[phone]

Notes:

Person Discharging Managerial Responsibilities ("PDMR") Notification Forms

1.	Details of the person discharging managerial responsibilities/person closely associated
(a)	Name	Fiona MacAulay
2.	Reason for the notification
(a)	Position/status	Non-Executive Chair
(b)	Initial notification/ Amendment	Initial notification
3.	Details of the issuer
(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	Independent Oil & Gas plc Ordinary Shares of 1p each
(b)	Identification code of the Financial Instrument	ISIN: GB00BF49WF64
(c)	Nature of the transaction	Grant of Options over ordinary shares of 1 pence each in the Company
(d)	Price(s) and volume(s)	Price(s)	Volume(s)
		12.75p	1,000,000
(e)	Aggregated information -        Aggregated volume -        Price	n/a
(f)	Date of the transaction	1 May 2019
(g)	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	CEO
(b)	Initial notification/ Amendment	Initial notification
3.	Details of the issuer
(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	Independent Oil & Gas plc Ordinary Shares of 1p each
(b)	Identification code of the Financial Instrument	ISIN: GB00BF49WF64
(c)	Nature of the transaction	Grant of Options over ordinary shares of 1 pence each in the Company
(d)	Price(s) and volume(s)	Price(s)	Volume(s)
		12.75p	1,600,000
(e)	Aggregated information -        Aggregated volume -        Price	n/a
(f)	Date of the transaction	1 May 2019
(g)	Place of the transaction	London Stock Exchange, AIM Market (XLON)

1.	Details of the person discharging managerial responsibilities/person closely associated
(a)	Name	Mark Hughes
2.	Reason for the notification
(a)	Position/status	COO
(b)	Initial notification/ Amendment	Initial notification
3.	Details of the issuer
(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	Independent Oil & Gas plc Ordinary Shares of 1p each
(b)	Identification code of the Financial Instrument	ISIN: GB00BF49WF64
(c)	Nature of the transaction	Grant of Options over ordinary shares of 1 pence each in the Company
(d)	Price(s) and volume(s)	Price(s)	Volume(s)
		12.75p	1,000,000
(e)	Aggregated information -        Aggregated volume -        Price	n/a
(f)	Date of the transaction	1 May 2019
(g)	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	CFO (PDMR)
(b)	Initial notification/ Amendment	Initial notification
3.	Details of the issuer
(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	Independent Oil & Gas plc Ordinary Shares of 1p each
(b)	Identification code of the Financial Instrument	ISIN: GB00BF49WF64
(c)	Nature of the transaction	Grant of Options over ordinary shares of 1 pence each in the Company
(d)	Price(s) and volume(s)	Price(s)	Volume(s)
		12.75p	1,000,000
(e)	Aggregated information -        Aggregated volume -        Price	n/a
(f)	Date of the transaction	1 May 2019
(g)	Place of the transaction	London Stock Exchange, AIM Market (XLON)

1.	Details of the person discharging managerial responsibilities/person closely associated
(a)	Name	Esa Ikaheimonen
2.	Reason for the notification
(a)	Position/status	Non-Executive Director
(b)	Initial notification/ Amendment	Initial notification
3.	Details of the issuer
(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	Independent Oil & Gas plc Ordinary Shares of 1p each
(b)	Identification code of the Financial Instrument	ISIN: GB00BF49WF64
(c)	Nature of the transaction	Grant of Options over ordinary shares of 1 pence each in the Company
(d)	Price(s) and volume(s)	Price(s)	Volume(s)
		12.75p	600,000
(e)	Aggregated information -        Aggregated volume -        Price	n/a
(f)	Date of the transaction	1 May 2019
(g)	Place of the transaction	London Stock Exchange, AIM Market (XLON)

1.	Details of the person discharging managerial responsibilities/person closely associated
(a)	Name	Rupert Newall
2.	Reason for the notification
(a)	Position/status	Head of Corporate Finance (PDMR)
(b)	Initial notification/ Amendment	Initial notification
3.	Details of the issuer
(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	Independent Oil & Gas plc Ordinary Shares of 1p each
(b)	Identification code of the Financial Instrument	ISIN: GB00BF49WF64
(c)	Nature of the transaction	Grant of Options over ordinary shares of 1 pence each in the Company
(d)	Price(s) and volume(s)	Price(s)	Volume(s)
		12.75p	1,200,000
(e)	Aggregated information -        Aggregated volume -        Price	n/a
(f)	Date of the transaction	1 May 2019
(g)	Place of the transaction	London Stock Exchange, AIM Market (XLON)

 

END

 

 

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