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Award of Long Term Incentive Plan

Independent Oil and Gas plc (“IOG” or “the Company"), (AIM: IOG.L), the development and production focused oil and gas company, announces that Mark Hughes, a Director and the Company’s Chief Operating Officer has been awarded options over Ordinary Shares in the Company pursuant to the Company’s Long-Term Incentive Plan (“LTIP”) policy.

Long Term Incentive Plan

Pursuant to the LTIP policy adopted by the Company at the time of AIM admission in 2013, the Company has today awarded LTIP options to Mark Hughes, Chief Operating Officer to incentivise him to deliver growth in the IOG share price over the next three years.  Apart from the target exercise prices, the Performance Conditions which must be satisfied before the options may be exercised are that the option holder must deliver, measure, control and manage, at all times, a health and safety statement and policy, an environmental management statement and policy and a proactive, Group-wide health, safety and environment focused culture.  The number of options granted by date, the target exercise prices, the expiry dates and the approximate premiums to the closing IOG share price on 25 July 2018 (29.25p) are detailed below.

Mark Hughes, COO







 

 

 

Number of Shares under Option

Date of Grant

Exercise Price

Premium to closing price on 25 July 2018

Expiry date of Service Period

Expiry date of Option Period

1

1,000,000

27 July 2018

£0.35

19%

27 July 2021

27 July 2028

2

1,000,000

27 July 2019

£0.45

53%

27 July 2022

27 July 2029

3

1,000,000

27 July 2020

£0.50

69%

27 July 2023

27 July 2030


A total of 1,000,000 new LTIP Options have been issued today, with an exercise price of 35p each which represents 0.81% per cent of the Company’s current issued share capital.

As a result of this award and the LTIP awards announced on the 1 March 2018, a further 7,200,000 new LTIP Options are to be awarded to the executive management team over the next three years which represents 5.83% per cent of the Company’s current issued share capital.  This is in addition to the 2,600,000 LTIP options awarded to the CEO and the CFO on 1 March 2018 which represents 2.11% per cent of the Company’s current issued share capital.

Mark Routh, Chairman of IOG commented: -

"I am pleased to incentivise Mark Hughes who joined IOG in April this year as he delivers in his key operational role with the Company’s SNS development project.  The LTIP policy ensures that the executive management team continues to preside over a proactive Group-wide health, safety and environment focused culture and to deliver share price growth for all our shareholders and stakeholders over the coming years."

The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.

 
Independent Oil and Gas plc
Mark Routh (Chairman)
Andrew Hockey (CEO)
James Chance (CFO)
+44 (0) 20 3879 0510
finnCap Ltd
Christopher Raggett / Anthony Adams
(Corporate Finance)
+44 (0) 20 7220 0500
Peel Hunt LLP
Richard Crichton
David McKeown
+44 (0) 20 7418 8900
Camarco
Georgia Edmonds / Tom Huddart / Monique Perks
+44 (0) 20 3757 4980


Notes:
 

PDMR Options granted under the Company’s Long-Term Incentive Plans

 

1.

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Mark Hughes

2.

Reason for the Notification

a)

Position/status

Chief Operating 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)

35p-50p

3,000,000

 

d)

Aggregated information:

  • Aggregated volume

  • Price

n/a

e)

Date of the transaction

27 July 2018

f)

Place of the transaction

London Stock Exchange, AIM Market (XLON)