Latest news

 

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/Fee Sacrifice Options
 
As further detailed in the table at the end of this announcement, such personnel have accepted 1p Options in lieu of salaries and fees due between 1 March 2017 and 31 August 2017.
 
All these Options have a five-year term from 1 September 2017 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 2017 to 31 August 2017 was calculated to be 16.78p.  Where services have been provided for only part of that 6-month period the VWAP has been adjusted accordingly.
 
The conversion of salaries and fees into Options is consistent with previous salary and fee sacrifice transactions.  A total of 851,630 new Options have been issued for this period, each with an exercise price of 1p each, representing 0.78% per cent of the Company’s current issued share capital.

Salaries and Fees Converted into 1p Options
 
For the period 1 March 2017 to 31 August 2017 the partial Salaries/Fees sacrificed by the Company directors named below and other members of the IOG management and technical teams were converted into 1p options, date of grant 1 September 2017, final exercise date of 31 August 2022 at the following VWAP reference prices: -
 

Name Number of Ordinary Shares under option VWAP Reference price (pence) Exercise price (pence) Salary/Fee Sacrifice Period
Mark Routh 147,507 16.78 1p 01-Mar-17 - 31-Aug-17
Andrew Hockey 110,800 16.92 1p 01-Apr-17 - 31-Aug-17
James Chance 89,398 16.78 1p 01-Mar-17 - 31-Aug-17
Andrew Hay 52,149 16.78 1p 01-Mar-17 - 31-Aug-17
Martin Ruscoe 44,699 16.78 1p 01-Mar-17 - 31-Aug-17
Charles Hendry 39,745 16.85 1p 21-Mar-17 - 31-Aug-17
Others 367,332 16.98 1p 01-Mar-17 - 31-Aug-17
Total 851,630      
 
 
Note:  Where services have been provided for only part of a 6-month period the VWAP has been adjusted accordingly as above.
 
 
 
1. Details of the person discharging managerial responsibilities / person closely associated
a) Name Mark Routh
2. Reason for the Notification
a) Position/status Chief Executive Officer
b) Initial notification/Amendment Initial notification
3. Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
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 Financial instrument, type of instrument The grant of Options over Ordinary Shares
Identification code GB00BF49WF64
b) Nature of the transaction Grant of Options over Ordinary Shares
c) Price(s) and volume(s)
Price(s) Volume(s)
1p 147,507
d) Aggregated information:
  • Aggregated volume
  • Price
n/a
e) Date of the transaction 1 September 2017
f) 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 Deputy Chief Executive Officer
b) Initial notification/Amendment Initial notification
3. Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
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 Financial instrument, type of instrument The grant of Options over Ordinary Shares
Identification code GB00BF49WF64
b) Nature of the transaction Grant of Options over Ordinary Shares
c) Price(s) and volume(s)
Price(s) Volume(s)
1p 110,800
d) Aggregated information:
  • Aggregated volume
  • Price
n/a
e) Date of the transaction 1 September 2017
f) 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 Chief Financial Officer
b) Initial notification/Amendment Initial notification
3. Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
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 Financial instrument, type of instrument The grant of Options over Ordinary Shares
Identification code GB00BF49WF64
b) Nature of the transaction Grant of Options over Ordinary Shares
c) Price(s) and volume(s)
Price(s) Volume(s)
1p 89,398
d) Aggregated information:
  • Aggregated volume
  • Price
n/a
e) Date of the transaction 1 September 2017
f) Place of the transaction London Stock Exchange, AIM Market (XLON)