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Conversion of Salaries / 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 members of the IOG management and technical teams have accepted all or part of their salaries and fees as options over Ordinary Shares in the Company (“Options”).
 
Salary/Fee Sacrifice Options
As further detailed in the table below, such personnel have accepted 1p Options in lieu of salaries or fees due between 1 March 2019 and 31 August 2019.

All these Options have a five-year term from 1 September 2019 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 2019 to 31 August 2019 was calculated to be 15.98p. 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 1,223,611 new Options have been issued for this period, each with an exercise price of 1p each, representing 0.26% per cent of the Company’s current issued share capital.

Including these Options, the aggregate total salaries and fees sacrificed by IOG personnel during the five-year duration of the scheme now stands at £1.36m.
 
Certain information communicated in this announcement was, prior to its publication, inside information for the purposes of Article 7 of Regulation 596/2014.

Enquiries:
Independent Oil and Gas plc
Andrew Hockey (CEO)
James Chance (CFO)
Rupert Newall (Head of Corporate Finance)
+44 (0) 20 3879 0510
finnCap Ltd
Christopher Raggett, Simon Hicks (Corporate Finance)
Camille Gochez (Corporate Broking)
+44 (0) 20 7220 0500
Peel Hunt LLP
Richard Crichton, David McKeown
+44 (0) 20 7418 8900
Vigo Communications
Patrick d’Ancona, Chris McMahon, Simon Woods
+44 (0) 20 7390 0230
 
Notes:
 
Salaries and Fees Converted into 1p Options
 
For the period 1 March 2019 to 31 August 2019 the Salaries/Fees sacrificed by the Company directors named below and other members of the IOG management and technical teams were converted into 1p options, effective date of grant 1 September 2019, final exercise date of 31 August 2024 at the following VWAP reference prices:
 
Name Number of Ordinary Shares under option VWAP Reference price (pence) Exercise price (pence) Salary/Fee Sacrifice Period
Andrew Hockey* 267,740 15.98p 1p 01-Mar-19 - 31-Aug-19
Rupert Newall 240,966 15.98p 1p 01-Mar-19 - 31-Aug-19
James Chance 104,036 15.98p 1p 01-Mar-19 - 31-Aug-19
Mark Hughes* 182,063 15.98p 1p 01-Mar-19 - 31-Aug-19
Esa Ikaheimonen* 136,606 15.91p 1p 14-Mar-19 - 31-Aug-19
Neil Hawkings* 18,061 17.63p 1p 24-May-19 - 31-Aug-19
Others 140,189 14.37p 1p 01-Mar-19 - 23-Apr-19
Others 133,950 15.98p 1p 01-Mar-19 - 31-Aug-19
Total 1,223,611  
* Directors
 
Where services have been provided for only part of a 6-month period the VWAP has been adjusted accordingly as above.
 
Option Details for any Person Discharging Managerial Responsibilities (“PDMR”) / persons closely associated.
 
1. Details of the person discharging managerial responsibilities / person closely associated
a) Name Andrew Hockey
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 Share Options over Ordinary Shares
Identification code GB00BF49WF64
b) Nature of the transaction Grant of Share Options over Ordinary Shares
c) Price(s) and volume(s)
Price(s) Volume(s)
1p 267,740
d) Aggregated information:
  • Aggregated volume
  • Price
n/a
e) Date of the transaction 30 October 2019
f) Place of the transaction London Stock Exchange, AIM Market (XLON)
 
1. Details of the person discharging managerial responsibilities / person closely associated
a) Name Rupert Newall
2. Reason for the Notification
a) Position/status Head of Corporate Finance
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 Share Options over Ordinary Shares
Identification code GB00BF49WF64
b) Nature of the transaction Grant of Share Options over Ordinary Shares
c) Price(s) and volume(s)
Price(s) Volume(s)
1p 240,966
d) Aggregated information:
  • Aggregated volume
  • Price
n/a
e) Date of the transaction 30 October 2019
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 Share Options over Ordinary Shares
Identification code GB00BF49WF64
b) Nature of the transaction Grant of Share Options over Ordinary Shares
c) Price(s) and volume(s)
Price(s) Volume(s)
1p 104,036
d) Aggregated information:
  • Aggregated volume
  • Price
n/a
e) Date of the transaction 30 October 2019
f) Place of the transaction London Stock Exchange, AIM Market (XLON)
 
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 Share Options over Ordinary Shares
Identification code GB00BF49WF64
b) Nature of the transaction Grant of Share Options over Ordinary Shares
c) Price(s) and volume(s)
Price(s) Volume(s)
1p 182,063
d) Aggregated information:
  • Aggregated volume
  • Price
n/a
e) Date of the transaction 30 October 2019
f) Place of the transaction London Stock Exchange, AIM Market (XLON)
 
 
1. Details of the person discharging managerial responsibilities / person closely associated
a) Name Esa Ikaheimonen
2. Reason for the Notification
a) Position/status Non-Executive 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 Share Options over Ordinary Shares
Identification code GB00BF49WF64
b) Nature of the transaction Grant of Share Options over Ordinary Shares
c) Price(s) and volume(s)
Price(s) Volume(s)
1p 136,606
d) Aggregated information:
  • Aggregated volume
  • Price
n/a
e) Date of the transaction 30 October 2019
f) Place of the transaction London Stock Exchange, AIM Market (XLON)
 
1. Details of the person discharging managerial responsibilities / person closely associated
a) Name Neil Hawkings
2. Reason for the Notification
a) Position/status Non-Executive 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 Share Options over Ordinary Shares
Identification code GB00BF49WF64
b) Nature of the transaction Grant of Share Options over Ordinary Shares
c) Price(s) and volume(s)
Price(s) Volume(s)
1p 18,061
d) Aggregated information:
  • Aggregated volume
  • Price
n/a
e) Date of the transaction 30 October 2019
f) Place of the transaction London Stock Exchange, AIM Market (XLON)