Independent Oil & Gas PLC Conversion of Salaries and Fees into Share Options (8607U)
23 January 2017 - 11:31PM
UK Regulatory
TIDMIOG
RNS Number : 8607U
Independent Oil & Gas PLC
23 January 2017
23 January 2017
Independent Oil and Gas plc
Conversion of Salaries and Fees into Share Options
Independent Oil and Gas plc ("IOG" or "the Company"), (AIM:
IOG.L), the development and production focused oil and gas company,
announces that certain Directors, and other past and present
members of the IOG management and technical teams have accepted all
or part of their salaries and fees in options over Ordinary Shares
in the Company ("Options").
Salary Sacrifice Options
As further detailed in the table at the end of this
announcement, such personnel have accepted Options in lieu of
salaries and fees due between 1 March 2016 and 31 August 2016.
All of the Options have a five-year term from 1 September 2016
and are issued by reference to the volume weighted average price
per Ordinary Share ("VWAP") over the period to which they relate.
The VWAP over the period from 1 March 2016 to 31 August 2016 was
calculated to be 18.96p.
The conversion of salaries and fees into Options is consistent
with previous salary sacrifice transactions. A total of 1,032,499
new Options have been issued, each with an exercise price of 1p
each, representing 0.94% per cent of the Company's current issued
share capital.
-ENDS-
Enquiries:
Independent Oil and Gas plc
Mark Routh (CEO) +44 (0) 20 3879
Peter Young (CFO) 0510
finnCap Ltd
Matt Goode/Christopher Raggett +44 (0) 20 7220
(Corporate Finance) 0500
Camarco +44 (0) 20 3757
Billy Clegg / Georgia Edmonds 4980
Notes:
Salaries and Fees Converted into 1p Options
For the period 1 March 2016 to 31 August 2016 the Salaries/Fees
sacrificed were converted into 1p options, date of grant 1
September 2016, final exercise date of 31 August 2021 at the
following VWAP reference prices: -
Director / Number of Reference Salary/Fee
Other Ordinary price Sacrifice Period
Shares under (pence)
option
--------------- -------------- ---------- ------------------
01-Mar-16 -
Other 440,108 18.96 31-Aug-16
--------------- -------------- ---------- ------------------
01-Mar-16 -
Mark Routh 365,550 18.96 31-Aug-16
--------------- -------------- ---------- ------------------
01-Mar-16 -
Martin Ruscoe 79,558 18.96 31-Aug-16
--------------- -------------- ---------- ------------------
17-May-16 -
Other 78,722 23.18 31-Aug-16
--------------- -------------- ---------- ------------------
01-Mar-16 -
Peter Young 34,270 8.42 31-Mar-16
--------------- -------------- ---------- ------------------
29-Jul-16 -
David Peattie 22,861 27.76 31-Aug-16
--------------- -------------- ---------- ------------------
29-Jul-16 -
Andrew Hay 11,430 27.76 31-Aug-16
--------------- -------------- ---------- ------------------
Total 1,032,499
--------------- --------------
Effective date of grant: 1 September 2016.
Note: Where services have been provided for only part of a
6-month period the VWAP has been adjusted accordingly as above.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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