TIDMBOIL

RNS Number : 1338Y

Baron Oil PLC

12 January 2022

12 January 2022

Baron Oil Plc

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

Cancellation of Share Options

Baron Oil (AIM: BOIL), the AIM-quoted oil and gas exploration company with projects in SE Asia, the UK and Latin America, announces the cancellation of 240 million share options granted on 26 May and 10 November 2020.

On 26 May 2020, the Company announced that it had established an Enterprise Management Incentive ("EMI") Scheme for the benefit of employees and had made an initial grant of 165 million share options on that date. A further grant of 75 million share options under the EMI Scheme was made on 10 November 2020 (together the "2020 Options"). Baron was notified by HMRC in August 2021 that HMRC was of the view that the 2020 Options were not considered valid for the purposes of the benefits of the EMI Scheme and an appeal was lodged on Baron's behalf. In the absence of a response from HMRC, Baron has recently withdrawn its appeal, thereby leaving the 240 million 2020 Options classified as unapproved share options.

Following the option grants made on 20 December 2021, the Directors and Employees EMI programme is now complete. The Company, and each of the relevant grantees, have therefore agreed that it is appropriate that the 2020 Options are cancelled and rescinded.

There are no current plans for any further share option grants.

The updated position regarding EMI share options granted to Directors and Employees is therefore as follows:

 
 Option Holder            Date of        Number        Date of        Number        Total EMI 
                           Grant                        grant                        Options 
 Andrew Yeo, Chief 
  Executive               22/07/2021*    250,000,000   20/12/2021**   125,000,000   375,000,000 
                         -------------  ------------  -------------  ------------  ------------ 
 Jon Ford, Technical 
  Director                22/07/2021*    140,000,000   20/12/2021**   180,000,000   320,000,000 
                         -------------  ------------  -------------  ------------  ------------ 
 Geoff Barnes, Company 
  Secretary               22/07/2021*    50,000,000    20/12/2021**   60,000,000    110,000,000 
                         -------------  ------------  -------------  ------------  ------------ 
 

As a result of the cancellation of the 2020 Options, the total number of share options that have been granted to current Directors and Employees is 970,000,000 (805,000,000 EMI options plus 165,000,000 unapproved options held by Andrew Yeo, Chief Executive), which represents approximately 7.39% of the Company's fully diluted ordinary share capital.

The Company's entire option pool including those issued to a former Director and consultants to the Company, is now equivalent to 10.63% of the Company's fully diluted ordinary share capital***.

Notes

   *   Exercise price of 0.007p 

** Exercise price of 0.006p

*** Current number of ordinary shares in issue is 11,583,612,461; fully diluted ordinary share capital, which includes all warrants outstanding as well as share options, represents 13,123,237,462 Ordinary Shares.

For further information, please contact:

 
Baron Oil Plc                                           +44 (0) 20 7117 2849 
Andy Yeo, Chief Executive 
 
Allenby Capital Limited                                 +44 (0) 20 3328 5656 
Nominated Adviser and Broker 
Alex Brearley, Nick Harriss, Nick Athanas (Corporate 
Finance) 
Kelly Gardiner (Sales and Corporate Broking) 
IFC Advisory Limited                                    +44 (0) 20 3934 6630 
Financial PR and IR 
Tim Metcalfe, Florence Chandler 
 
 
 

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END

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January 12, 2022 02:00 ET (07:00 GMT)

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