Baron Oil PLC Cancellation of Share Options (1338Y)
12 January 2022 - 06:00PM
UK Regulatory
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from HMRC, Baron has recently withdrawn its appeal, thereby leaving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appropriate that the 2020 Options are cancelled and rescinded.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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