26 Apr 2018
Issue of New Shares and Director ShareholdingIndependent Oil and Gas plc (‘IOG’ or the ‘Company) (AIM: IOG.L), the development and production focused oil and gas company, has today issued a total of 2,933,946 ordinary shares (‘New Ordinary Shares’) in the capital of the Company.
On 25 April 2018, a notice was submitted by Mark Routh, the Chairman of the Company, to exercise 2,933,946 1p options over Ordinary Shares awarded to him, pursuant to a share option agreement dated 24 September 2013.
The Company has applied to the London Stock Exchange for admission of the New Ordinary Shares to trade on AIM (‘Admission’). Admission is expected to occur on 1 May 2018. Following Admission there will be 123,143,575 Ordinary Shares in issue. Accordingly, this number may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company under the FCA’s Disclosure and Transparency Rules.
This exercise of options increases Mark Routh’s holding in the Company from 4,303,010 Ordinary Shares, being 3.58% of the current number of shares in issue to 7,236,956 Ordinary Shares being 5.88% of the enlarged share capital of the Company.
Mark Routh has informed the Company that it his intention to hold this number of shares in IOG and will not sell down any shares in the Company in order to meet the personal tax liability that crystallises upon exercise of these options.
Mark Routh, Chairman of IOG commented:
As a long-term shareholder in IOG, I am very excited about the Company’s next steps to Final Investment Decision and then full development and production of the significant proven reserves in our portfolio of gas fields in the Southern North Sea.
|Details of the person discharging managerial responsibilities / person closely associated|
||Reason for the Notification|
|a)||Name||Independent Oil and Gas plc|
|a)||Description of the Financial instrument, type of instrument||Exercise of options over ordinary shares|
|b)||Nature of the transaction||Exercise of options|
|c)||Price(s) and volume(s)||
|e)||Date of the transaction||26 April 2018|
|f)||Place of the transaction||London Stock Exchange, AIM Market (XLON)|
Certain information communicated in this announcement was, prior to its publication, inside information for the purposes of Article 7 of Regulation 596/2014.
Independent Oil and Gas plc - +44 (0) 20 3879 0510
Andrew Hockey (CEO)
James Chance (CFO)
finnCap Ltd - +44 (0) 20 7220 0500
Christopher Raggett / Anthony Adams
Emily Morris / Camille Gochez
Camarco - +44 (0) 20 3757 4980
Georgia Edmonds / Tom Huddart / Monique Perks
About Independent Oil and Gas:
IOG owns substantial low risk, high value gas Reserves in the UK Southern North Sea. The Company is targeting a 2P peak production rate in excess of 200 MMcfd (c. 35,000 Boe/d) from its substantial current portfolio via an efficient hub strategy. Alongside this it continues to pursue value accretive acquisitions, to generate significant shareholder returns. All IOG's licences are owned 100% and operated by IOG.
Further information can be found on www.independentoilandgas.com