Grant of EMI Share Options

RNS Number : 7473E

Baron Oil PLC

10 November 2020

 

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

10 November 2020

Baron Oil Plc

("Baron Oil", "Baron" or "the Company")

Grant of EMI Share Options

Baron Oil (AIM: BOIL), the AIM-quoted oil and gas exploration company focused on opportunities in SE Asia, Latin America and the UK, announces an initial grant of Enterprise Management Incentive (EMI) share options to Hugh Jonathan Ford, the Company's recently appointed Technical Director.

The EMI is an HMRC approved tax efficient option scheme that enables companies to attract and retain key staff by rewarding them with equity participation in the business. The scheme is open to all Baron employees who qualify under the HMRC rules.

Accordingly, the Company has today granted share options over a total of 75,000,000 ordinary shares of 0.025 pence each in the Company ("Share Options") to Hugh Jonathan Ford. These vested options have a 10 year life from the date of grant and an exercise price of 0.1p. This is a premium of 25% to the mid-market share price at the close on 9 November 2020 but also matches the Placing Price of the Baron funding round in Q1 2020, which included a £7,500 cash subscription by Mr Ford. This will increase the fully diluted option pool to 7.95%.

The FCA notification in respect of the above, made in accordance with the requirements of the EU Market Abuse Regulation, is appended below.

For further information, please contact:

Baron Oil Plc	[phone]
Andy Yeo
Chief Executive Officer
Allenby Capital Limited	[phone]
Nominated Adviser and Joint Broker
Alex Brearley, Nick Harriss, Nick Athanas
Turner Pope Investments (TPI) Limited	[phone]
Joint Broker
Andy Thacker, Zoe Alexander

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them.

1.	Details of the person discharging managerial responsibilities/person closely associated
(a)	Full name of person Dealing	Hugh Jonathan Ford
2.	Reason for notification
(b)	Position/status	Director - Technical Director
(c)	Initial notification/ Amendment	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
(d)	Name of entity	Baron Oil Plc
(e)	LEI	213800MBSOS9UZ5SW712
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 Identification code	Ordinary shares of 0.025 pence each in the Company Identification code (ISIN) for Baron Oil Plc ordinary shares: GB00B01QGH57
(b)	Nature of the transaction	Grant of options over ordinary shares
(c)	Price(s) and volume(s)	Prices(s) Volume(s) 0.1 pence 75,000,000
(d)	Aggregated information: - Aggregated volume - Price	Single transaction as in 4(c) above Prices(s) Volume(s) 0.1 pence 75,000,000
(e)	Date of transaction	10 November 2020
(f)	Place of transaction	Outside a trading venue

 

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