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Conversion of Salaries and Fees into Share Options / Warrants Extension

Salary / Fee Sacrifice 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”).

As further detailed in the table following this announcement, such personnel have accepted Options in lieu of salaries and fees due between 1 September 2016 and 28 February 2017.

All these Options have a five-year term from 1 March 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 September 2016 to 28 February 2017 was calculated to be 18.23p.

The conversion of salaries and fees into Options is consistent with previous salary sacrifice transactions.  A total of 905,099 new Options have been issued, each with an exercise price of 1p each, representing 0.83% per cent of the Company’s current issued share capital.

Warrants Extension

The Company confirms that it has executed deeds of variation to extend the Maturity Dates of warrants previously issued in favour of London Oil & Gas Limited, pursuant to warrant instruments dated 4 December 2015 and 22 December 2016, to 31 December 2019.  These changes have been made to align the Maturity Dates of the warrants more closely with the Maturity Dates of the associated debt facilities provided by London Oil & Gas Limited which were extended in 2016 to 36 months from drawdown.  Additionally, London Oil and Gas Limited has agreed to increase the monthly amount available to drawdown by the Company for working capital purposes to GBP 250,000 in recognition of the increasing levels of activity as it progresses the development of its southern north sea discoveries.

Salaries and Fees Converted into 1p Options
 
For the period 1 September 2016 to 28 February 2017 the Salaries/Fees sacrificed were converted into 1p options, date of grant 1 March 2017, final exercise date of 28 February 2022 at the following VWAP reference prices: -
 

Director / Other Number of Ordinary Shares under option Reference price (pence) Salary/Fee Sacrifice Period
Mark Routh 298,628 18.23 01-Sep-16 – 28 Feb-17
David Peattie 191,955 18.23 01-Sep-16 – 28 Feb-17
Other 180,670 18.23 01-Sep-16 – 28 Feb-17
James Chance 82,267 18.23 01-Sep-16 – 28 Feb-17
Andrew Hay 79,981 18.23 01-Sep-16 – 28 Feb-17
Martin Ruscoe 68,555 18.23 01-Sep-16 – 28 Feb-17
Other 3,043 16.43 01-Jan-17 – 28 Feb-17
Total 905,099    
 
Effective date of grant: 1 March 2017.
 
Note:  Where services have been provided for only part of a 6-month period the VWAP has been adjusted accordingly as above.
 
 
The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.
 
  1.  
Details of the person discharging managerial responsibilities / person closely associated
a) Name Mark Routh
  1.  
Reason for the Notification
a) Position/status Chief Executive Officer
b) Initial notification/Amendment Initial notification
  1.  
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a) Name Independent Oil and Gas plc
b) LEI 2138005OA2NLZS2NRT74
  1.  
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)
18.23p 298,628
d) Aggregated information:
  • Aggregated volume
  • Price
n/a
e) Date of the transaction 1 March 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 Commercial Director
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)
18.23p 82,267
d) Aggregated information:
  • Aggregated volume
  • Price
n/a
e) Date of the transaction 1 March 2017
f) Place of the transaction London Stock Exchange, AIM Market (XLON)