Anglo African Oil & Gas PLC Management Share Incentive Scheme (1510F)
16 February 2018 - 10:31PM
UK Regulatory
TIDMAAOG
RNS Number : 1510F
Anglo African Oil & Gas PLC
16 February 2018
16 February 2018
Anglo African Oil & Gas PLC / Index: AIM / Epic: AAOG /
Sector: Oil & Gas
ANGLO AFRICAN OIL & GAS PLC ('AAOG' or the 'Company')
Management Share Incentive Scheme
Anglo African Oil and Gas plc, an independent oil and gas
developer, announces that it has today awarded a total of 3,680,254
options ("Options") over ordinary shares in the Company ("Ordinary
Shares") to James Berwick, Chief Executive Officer, and James Cane,
Finance Director. Under the Management Share Incentive Scheme, the
Options will generally not vest until daily total oil production at
the Company's 56 per cent-owned Tilapia oilfield in the Republic of
the Congo reaches certain production milestones measured over a
consecutive 30-day period: one-third vests at 1,000 bopd; one-third
at 2,500 bopd; one-third at 5,000 bopd.
All the Options have an exercise price of 20 pence per Ordinary
Shares, which represents a premium of 120 per cent to the closing
price of AAOG's Ordinary Shares on 15 February 2018.
Options awarded No. of Options Exercise price
held post-award
=============== ================ ================= ===============
James Berwick 3,189,333 3,189,333 20p
=============== ================ ================= ===============
James Cane 490,921 3,189,333 20p
=============== ================ ================= ===============
It is intended that, as far as possible, options will be granted
as enterprise management incentive ("EMI") options within Schedule
5 to the Income Tax (Earnings and Pensions) Act 2003. EMI options
have potential tax advantages for both employer and employee.
Prior to this award, the Company had 5,887,745 Options
outstanding. Following this award, there is now a total of
9,567,999 Options outstanding, representing 12.1 per cent of the
Company's fully diluted ordinary share capital. At IPO, the number
of Options outstanding represented 15.0 per cent of the Company's
then fully diluted ordinary share capital.
Following the issuance of these options, all executive directors
now hold equal numbers of Options with identical terms.
David Sefton, Executive Chairman of AAOG, commented, "Tilapia
represents a very special opportunity and the business case of the
Company is as compelling as ever. I believe that the opportunity
for the Company is underlined by the new Chief Executive Officer,
James Berwick, taking management incentive options based upon the
same ambitious production targets as those granted at admission to
listing and with an exercise price of 20p, which is based on the
admission price. This fits with the Company's stated strategy of
ensuring that the interests of management are aligned with the
interests of our investors".
The information communicated in this announcement is inside
information for the purposes of Article 7 of Regulation
596/2014.
**ENDS**
For further information please visit www.aaog.co or contact:
Anglo African Oil & Gas plc Tel: c/o St
Brides Partners
+44 20 7236
1177
David Sefton, Executive Chairman
finnCap Ltd (Nominated Adviser and Tel: +44 20
Broker) 7220 0500
Christopher Raggett, Giles Rolls,
Anthony Adams (Corporate Finance)
Emily Morris (Corporate Broking)
St Brides Partners (Financial PR) Tel: +44 20
7236 1177
Hugo de Salis, Frank Buhagiar
Notes to Editors
Anglo African Oil & Gas (AAOG) is an AIM-listed independent
oil and gas company that owns a 56% stake in the producing Tilapia
oil field in the Republic of the Congo.
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) Name James Berwick
--- ------------------------------- -----------------------------
2. Reason for the Notification
--- --------------------------------------------------------------
a) Position/status PDMR
--- ------------------------------- -----------------------------
b) Initial notification/Amendment Initial
--- ------------------------------- -----------------------------
3. Details of the issuer, emission allowance
market participant, auction platform, auctioneer
or auction monitor
--- --------------------------------------------------------------
a) Name Anglo African Oil & Gas plc
--- ------------------------------- -----------------------------
b) LEI 213800UHZ95NBIY48I53
--- ------------------------------- -----------------------------
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 Options over ordinary shares
the Financial of 5p
instrument, type
of instrument
---
Identification GB00BD0Q3L08
code
--- ------------------------------- -----------------------------
b) Nature of the Grant of Options
transaction
--- ------------------------------- -----------------------------
c) Price(s) and Exercise price of 20p each
volume(s) 3,189,333
--- ------------------------------- -----------------------------
d) Aggregated information:
* Aggregated volume As above
* Price
--- ------------------------------- -----------------------------
e) Date of the transaction 16 February 2018
--- ------------------------------- -----------------------------
f) Place of the Outside of trading venue
transaction
--- ------------------------------- -----------------------------
Notification and public disclosure of transactions by persons
discharging managerial responsibilities and persons closely
associated with them
5. Details of the person discharging managerial
responsibilities / person closely associated
--- --------------------------------------------------------------
a) Name James Cane
--- ------------------------------- -----------------------------
6. Reason for the Notification
--- --------------------------------------------------------------
a) Position/status PDMR
--- ------------------------------- -----------------------------
b) Initial notification/Amendment Initial
--- ------------------------------- -----------------------------
7. Details of the issuer, emission allowance
market participant, auction platform, auctioneer
or auction monitor
--- --------------------------------------------------------------
a) Name Anglo African Oil & Gas plc
--- ------------------------------- -----------------------------
b) LEI 213800UHZ95NBIY48I53
--- ------------------------------- -----------------------------
8. 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 Options over ordinary shares
the Financial of 5p
instrument, type
of instrument
---
Identification GB00BD0Q3L08
code
--- ------------------------------- -----------------------------
b) Nature of the Grant of Options
transaction
--- ------------------------------- -----------------------------
c) Price(s) and Exercise price of 20p each
volume(s) 490,621
--- ------------------------------- -----------------------------
d) Aggregated information:
* Aggregated volume As above
* Price
--- ------------------------------- -----------------------------
e) Date of the transaction 16 February 2018
--- ------------------------------- -----------------------------
f) Place of the Outside of trading venue
transaction
--- ------------------------------- -----------------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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