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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, in exchange for 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 2018 and 31 August 2018.

All these Options have a five-year term from 1 September 2018 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 2018 to 31 August 2018 was calculated to be 24.28p.  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 534,420 new Options have been issued for this period, each with an exercise price of 1p each, representing 0.42% per cent of the Company’s current issued share capital.
 
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)
+44 (0) 20 3879 0510
finnCap Ltd
Christopher Raggett
Anthony Adams
+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:
 
Salaries and Fees Converted into 1p Options
 
For the period 1 March 2018 to 31 August 2018 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 3 September 2018, final exercise date of 31 August 2023 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* 128,700 24.28p 1p 01-Mar-18 - 31-Aug-18
Mark Routh* 110,553 24.28p 1p 01-Mar-18 - 31-Aug-18
James Chance 80,652 24.28p 1p 01-Mar-18 - 31-Aug-18
Mark Hughes* 62,417 25.18p 1p 18-Apr-18 – 31-Aug-18
Charles Hendry* 30,888 24.28p 1p 01-Mar-18 - 31-Aug-18
Martin Ruscoe* 30,888 24.28p 1p 01-Mar-18 - 31-Aug-18
Others 90,322 24.28p 1p 01-Mar-18 - 31-Aug-18
Total 534,420  
* Directors
 
Note:  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 Mark Routh
2. Reason for the Notification
a) Position/status Chairman
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 110,553
d) Aggregated information:
  • Aggregated volume
  • Price
n/a
e) Date of the transaction 3 December 2018
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 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 128,700
d) Aggregated information:
  • Aggregated volume
  • Price
n/a
e) Date of the transaction 3 December 2018
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 80,652
d) Aggregated information:
  • Aggregated volume
  • Price
n/a
e) Date of the transaction 3 December 2018
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 62,417
d) Aggregated information:
  • Aggregated volume
  • Price
n/a
e) Date of the transaction 3 December 2018
f) Place of the transaction London Stock Exchange, AIM Market (XLON)
 
1. Details of the person discharging managerial responsibilities / person closely associated
a) Name Charles Hendry
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 30,888
d) Aggregated information:
  • Aggregated volume
  • Price
n/a
e) Date of the transaction 3 December 2018
f) Place of the transaction London Stock Exchange, AIM Market (XLON)
 

 
 
1. Details of the person discharging managerial responsibilities / person closely associated
a) Name Martin Ruscoe
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 30,888
d) Aggregated information:
  • Aggregated volume
  • Price
n/a
e) Date of the transaction 3 December 2018
f) Place of the transaction London Stock Exchange, AIM Market (XLON)