IOG PLC Share Options to Incentivise Long Term Performance (7436Y)
15 May 2021 - 2:21AM
UK Regulatory
TIDMIOG
RNS Number : 7436Y
IOG PLC
14 May 2021
14 May 2021
IOG plc
Grant of Share Options to Incentivise Long-Term Performance
IOG plc ("IOG" or "the Company"), (AIM: IOG.L), the UK gas
company targeting growth and high returns via an infrastructure-led
hub strategy, announces that, under its Company Share Option Plan,
it has today granted options over, in aggregate, 759,980 1p
Ordinary Shares in the Company ("Ordinary Shares") to certain
senior management and employees appointed during 2021 (the "LTIP
Options").
The new LTIP Options are to incentivise long-term performance
that delivers value for all shareholders and are set out in the
tables below. Vesting is subject to the same basket of performance
conditions as specified for previously announced 2021 LTIP options,
namely:
- 40% will vest upon achievement of a compound annual Total
Shareholder Return ("TSR") of 12.5% over a three-year period
- Up to 20% will vest upon achievement of upper quartile TSR
relative to a basket of peer companies over a three-year period
from date of grant subject to a floor based on the price at
award
- The remaining 40% will vest upon successful delivery of a
series of project and company specific commercial milestones,
including:
o Production targets (including a first gas target)
o Field Development Plan ("FDP") approval for a further phase of
development
o Establishment of an independent baseline carbon intensity
assessment for the Phase 1 development in 2021 and meeting a
meaningful carbon intensity target level in future years
Subject to vesting, the new LTIP Options are exercisable for up
to ten years from the date of grant and will lapse if not exercised
by such date.
The aggregate total of 759,980 new LTIP Options represents 0.16%
of the total issued Ordinary Shares and 0.13% on a fully diluted
basis.
Name Position New Options Exercise Exercise Total LTIP
Granted Price per Period Options Held
Ordinary
Share (pence)
David Gibson COO 694,022 1p 10 years 694,022
---------- ------------ --------------- --------- --------------
Other Employees Various 65,958 1p 10 years 65,958
---------- ------------ --------------- --------- --------------
Fiona MacAulay, Chair of IOG, commented:
"This award under the Company's Share Option Plan is designed to
ensure that, as for existing employees, more recent joiners are
also appropriately aligned and incentivised to work effectively to
deliver shareholder value. As such, the performance conditions
include meeting the same valuation, operational and ESG objectives
as for previously announced 2021 long-term incentive options."
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with
the company's obligations under Article 17 of MAR.
Enquiries:
IOG plc
Andrew Hockey (CEO)
Rupert Newall (CFO)
James Chance (Head of Corporate Finance & IR) +44 (0) 20 7036 1400
finnCap Ltd
Christopher Raggett
Simon Hicks +44 (0) 20 7220 0500
Peel Hunt LLP
Richard Crichton
David McKeown +44 (0) 20 7418 8900
Vigo Consulting
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 David Gibson
----------------------------------------- -------------------------------------------
2. Reason for the notification
--------------------------------------------------------------------------------------
(a) Position/status COO
----------------------------------------- -------------------------------------------
(b) Initial notification/ Initial notification
Amendment
----------------------------------------- -------------------------------------------
3. Details of the issuer
--------------------------------------------------------------------------------------
(a) Name IOG 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 IOG plc Ordinary Shares of 1p each
Financial Instrument
----------------------------------------- -------------------------------------------
(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)
-------------------- ---------------------
1p 694,022
-------------------- ---------------------
(e) Aggregated information
* Aggregated volume n/a
- Price
----------------------------------------- -------------------------------------------
(f) Date of the transaction 14 May 2021
----------------------------------------- -------------------------------------------
(g) Place of the transaction London Stock Exchange, AIM Market (XLON)
----------------------------------------- -------------------------------------------
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