TIDMIOG
RNS Number : 7688X
Independent Oil & Gas PLC
01 May 2019
1 May 2019
Independent Oil and Gas plc
Grant of Share Options to Incentivise Long Term Performance
Independent Oil and Gas plc ("IOG" or "the Company"), (AIM:
IOG.L), the development and production focused oil and gas company,
announces that it has today granted options over, in aggregate,
6,700,000 ordinary shares in the Company ("Ordinary Shares") to its
directors, senior management and employees at an exercise price
payable of 12.75 pence per Ordinary Share (the "Options"), being
the middle market closing price on 30 April 2019, the latest
practicable date prior to this announcement.
These option awards have been issued under the Company Share
Option Plan ('CSOP') which replaces the cancelled Long Term
Incentive Plan ('LTIP'), and cancels all options to have been
granted under that plan scheduled in 2019 and 2020.
The new Options set out in the tables below for Directors,
Executive Management and Employees are intended to reward long term
performance and all vest after three years from date of grant and
are subject to the satisfaction of certain performance conditions
including Sanction of Phase 1 of the Southern North Sea Development
Project. Subject to vesting and such performance conditions being
met, the new Options are exercisable for up to ten years from the
date of grant and will lapse if not exercised by such date.
Executive Directors
The following new Options have been granted to Executive
Directors of the Company:
Name Position Number of Exercise Vesting Total Options
New Options Price Period Exercise Held Following
Granted per Ordinary Period This Grant
Share
(pence)
Andrew Hockey CEO 1,600,000 12.75 3 years 10 years 3,688,767
---------- ------------- -------------- -------- ----------- ----------------
Mark
Hughes COO 1,000,000 12.75 3 years 10 years 2,162,193
---------- ------------- -------------- -------- ----------- ----------------
Senior Management and Employees
The following new Options have been granted to Senior Management
and Employees:
Name Position Number of Exercise Vesting Total Options
New Options Price Period Exercise Held Following
Granted per Ordinary Period This Grant
Share
(pence)
Head
of Corporate
Rupert Newall Finance 1,200,000 12.75 3 years 10 years 1,294,911
--------------- ------------- -------------- -------- ----------- ----------------
James Chance CFO 1,000,000 12.75 3 years 10 years 3,116,729
--------------- ------------- -------------- -------- ----------- ----------------
Employees 300,000 12.75 3 years 10 Years 300,000
------------------------------- ------------- -------------- -------- ----------- ----------------
Non-Executive Directors
The following new Options have been granted to Non-Executive
Directors of the Company:
Name Position Number Exercise Vesting Total Options
of New Price Period Exercise Held Following
Options per Ordinary Period This Grant
Granted Share
(pence)
Fiona MacAulay Chair 1,000,000 12.75 3 years 10 years 1,000,000
---------- ---------- -------------- -------- ----------- ----------------
Senior
Esa Ikaheimonen NED 600,000 12.75 3 years 10 years 600,000
---------- ---------- -------------- -------- ----------- ----------------
Fiona MacAulay, Chair of IOG commented: -
"The Company's CSOP is designed to retain and incentivise key
members of IOG's Board, management team and employees to ensure
that they preside over a proactive health, safety and environment
focused culture, ensure key project milestones are met and deliver
share price growth for all our shareholders and stakeholders over
the coming years. Importantly the vesting criteria for these awards
include the Sanction of Phase 1 of our exciting Southern North Sea
development project."
-S-
The information communicated in this announcement contains
inside information for the purposes of Article 7 of the Market
Abuse Regulation (EU) No. 596/2014.
Enquiries:
Independent Oil & Gas PLC
Andrew Hockey (CEO)
James Chance (CFO)
Rupert Newall (Head of Corporate Finance) +44 (0) 20 3879 0510
finnCap Ltd (Nominated Adviser and
Joint Bookrunner)
Christopher Raggett, Simon Hicks (Corporate
Finance)
Camille Gochez (Corporate Broking) +44 (0) 20 7220 0500
Peel Hunt LLP (Joint Bookrunner)
Richard Crichton
David McKeown +44 (0) 20 7418 8900
Vigo Communications
Patrick d'Ancona
Chris McMahon
Simon Woods +44 (0) 20 7390 0230
Notes:
Person Discharging Managerial Responsibilities ("PDMR")
Notification Forms
1. Details of the person discharging managerial responsibilities/person
closely associated
(a) Name Fiona MacAulay
----------------------------------------- -------------------------------------------
2. Reason for the notification
--------------------------------------------------------------------------------------
(a) Position/status Non-Executive Chair
----------------------------------------- -------------------------------------------
(b) Initial notification/ Initial notification
Amendment
----------------------------------------- -------------------------------------------
3. Details of the issuer
--------------------------------------------------------------------------------------
(a) Name Independent Oil and Gas plc
----------------------------------------- -------------------------------------------
(b) LEI 2138005OA2NLZS2NRT74
----------------------------------------- -------------------------------------------
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 Independent Oil & Gas plc Ordinary
Financial Instrument Shares of 1p each
----------------------------------------- -------------------------------------------
(b) Identification code ISIN: GB00BF49WF64
of the Financial
Instrument
----------------------------------------- -------------------------------------------
(c) Nature of the transaction Grant of Options over ordinary shares
of 1 pence each in the Company
----------------------------------------- -------------------------------------------
(d) Price(s) and volume(s) Price(s) Volume(s)
-------------------- ---------------------
12.75p 1,000,000
-------------------- ---------------------
(e) Aggregated information
* Aggregated volume n/a
- Price
----------------------------------------- -------------------------------------------
(f) Date of the transaction 1 May 2019
----------------------------------------- -------------------------------------------
(g) Place of the transaction London Stock Exchange, AIM Market (XLON)
----------------------------------------- -------------------------------------------
1. Details of the person discharging managerial responsibilities/person
closely associated
(a) Name Andrew Hockey
----------------------------------------- -------------------------------------------
2. Reason for the notification
--------------------------------------------------------------------------------------
(a) Position/status CEO
----------------------------------------- -------------------------------------------
(b) Initial notification/ Initial notification
Amendment
----------------------------------------- -------------------------------------------
3. Details of the issuer
--------------------------------------------------------------------------------------
(a) Name Independent Oil and Gas plc
----------------------------------------- -------------------------------------------
(b) LEI 2138005OA2NLZS2NRT74
----------------------------------------- -------------------------------------------
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 Independent Oil & Gas plc Ordinary
Financial Instrument Shares of 1p each
----------------------------------------- -------------------------------------------
(b) Identification code ISIN: GB00BF49WF64
of the Financial
Instrument
----------------------------------------- -------------------------------------------
(c) Nature of the transaction Grant of Options over ordinary shares
of 1 pence each in the Company
----------------------------------------- -------------------------------------------
(d) Price(s) and volume(s) Price(s) Volume(s)
-------------------- ---------------------
12.75p 1,600,000
-------------------- ---------------------
(e) Aggregated information
* Aggregated volume n/a
- Price
----------------------------------------- -------------------------------------------
(f) Date of the transaction 1 May 2019
----------------------------------------- -------------------------------------------
(g) Place of the transaction London Stock Exchange, AIM Market (XLON)
----------------------------------------- -------------------------------------------
1. Details of the person discharging managerial responsibilities/person
closely associated
(a) Name Mark Hughes
----------------------------------------- -------------------------------------------
2. Reason for the notification
--------------------------------------------------------------------------------------
(a) Position/status COO
----------------------------------------- -------------------------------------------
(b) Initial notification/ Initial notification
Amendment
----------------------------------------- -------------------------------------------
3. Details of the issuer
--------------------------------------------------------------------------------------
(a) Name Independent Oil and Gas plc
----------------------------------------- -------------------------------------------
(b) LEI 2138005OA2NLZS2NRT74
----------------------------------------- -------------------------------------------
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 Independent Oil & Gas plc Ordinary
Financial Instrument Shares of 1p each
----------------------------------------- -------------------------------------------
(b) Identification code ISIN: GB00BF49WF64
of the Financial
Instrument
----------------------------------------- -------------------------------------------
(c) Nature of the transaction Grant of Options over ordinary shares
of 1 pence each in the Company
----------------------------------------- -------------------------------------------
(d) Price(s) and volume(s) Price(s) Volume(s)
-------------------- ---------------------
12.75p 1,000,000
-------------------- ---------------------
(e) Aggregated information
* Aggregated volume n/a
- Price
----------------------------------------- -------------------------------------------
(f) Date of the transaction 1 May 2019
----------------------------------------- -------------------------------------------
(g) Place of the transaction London Stock Exchange, AIM Market (XLON)
----------------------------------------- -------------------------------------------
1. Details of the person discharging managerial responsibilities/person
closely associated
(a) Name James Chance
----------------------------------------- -------------------------------------------
2. Reason for the notification
--------------------------------------------------------------------------------------
(a) Position/status CFO (PDMR)
----------------------------------------- -------------------------------------------
(b) Initial notification/ Initial notification
Amendment
----------------------------------------- -------------------------------------------
3. Details of the issuer
--------------------------------------------------------------------------------------
(a) Name Independent Oil and Gas plc
----------------------------------------- -------------------------------------------
(b) LEI 2138005OA2NLZS2NRT74
----------------------------------------- -------------------------------------------
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 Independent Oil & Gas plc Ordinary
Financial Instrument Shares of 1p each
----------------------------------------- -------------------------------------------
(b) Identification code ISIN: GB00BF49WF64
of the Financial
Instrument
----------------------------------------- -------------------------------------------
(c) Nature of the transaction Grant of Options over ordinary shares
of 1 pence each in the Company
----------------------------------------- -------------------------------------------
(d) Price(s) and volume(s) Price(s) Volume(s)
-------------------- ---------------------
12.75p 1,000,000
-------------------- ---------------------
(e) Aggregated information
* Aggregated volume n/a
- Price
----------------------------------------- -------------------------------------------
(f) Date of the transaction 1 May 2019
----------------------------------------- -------------------------------------------
(g) Place of the transaction London Stock Exchange, AIM Market (XLON)
----------------------------------------- -------------------------------------------
1. Details of the person discharging managerial responsibilities/person
closely associated
(a) Name Esa Ikaheimonen
----------------------------------------- -------------------------------------------
2. Reason for the notification
--------------------------------------------------------------------------------------
(a) Position/status Non-Executive Director
----------------------------------------- -------------------------------------------
(b) Initial notification/ Initial notification
Amendment
----------------------------------------- -------------------------------------------
3. Details of the issuer
--------------------------------------------------------------------------------------
(a) Name Independent Oil and Gas plc
----------------------------------------- -------------------------------------------
(b) LEI 2138005OA2NLZS2NRT74
----------------------------------------- -------------------------------------------
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 Independent Oil & Gas plc Ordinary
Financial Instrument Shares of 1p each
----------------------------------------- -------------------------------------------
(b) Identification code ISIN: GB00BF49WF64
of the Financial
Instrument
----------------------------------------- -------------------------------------------
(c) Nature of the transaction Grant of Options over ordinary shares
of 1 pence each in the Company
----------------------------------------- -------------------------------------------
(d) Price(s) and volume(s) Price(s) Volume(s)
-------------------- ---------------------
12.75p 600,000
-------------------- ---------------------
(e) Aggregated information
* Aggregated volume n/a
- Price
----------------------------------------- -------------------------------------------
(f) Date of the transaction 1 May 2019
----------------------------------------- -------------------------------------------
(g) Place of the transaction London Stock Exchange, AIM Market (XLON)
----------------------------------------- -------------------------------------------
1. Details of the person discharging managerial responsibilities/person
closely associated
(a) Name Rupert Newall
----------------------------------------- -------------------------------------------
2. Reason for the notification
--------------------------------------------------------------------------------------
(a) Position/status Head of Corporate Finance (PDMR)
----------------------------------------- -------------------------------------------
(b) Initial notification/ Initial notification
Amendment
----------------------------------------- -------------------------------------------
3. Details of the issuer
--------------------------------------------------------------------------------------
(a) Name Independent Oil and Gas plc
----------------------------------------- -------------------------------------------
(b) LEI 2138005OA2NLZS2NRT74
----------------------------------------- -------------------------------------------
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 Independent Oil & Gas plc Ordinary
Financial Instrument Shares of 1p each
----------------------------------------- -------------------------------------------
(b) Identification code ISIN: GB00BF49WF64
of the Financial
Instrument
----------------------------------------- -------------------------------------------
(c) Nature of the transaction Grant of Options over ordinary shares
of 1 pence each in the Company
----------------------------------------- -------------------------------------------
(d) Price(s) and volume(s) Price(s) Volume(s)
-------------------- ---------------------
12.75p 1,200,000
-------------------- ---------------------
(e) Aggregated information
* Aggregated volume n/a
- Price
----------------------------------------- -------------------------------------------
(f) Date of the transaction 1 May 2019
----------------------------------------- -------------------------------------------
(g) Place of the transaction London Stock Exchange, AIM Market (XLON)
----------------------------------------- -------------------------------------------
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
MSCABMBTMBAMBTL
(END) Dow Jones Newswires
May 01, 2019 07:55 ET (11:55 GMT)
Iog (LSE:IOG)
Historical Stock Chart
From Apr 2024 to May 2024
Iog (LSE:IOG)
Historical Stock Chart
From May 2023 to May 2024
