Share Options to Incentivise Long Term Performance

14 May 2021

 

IOG plc

 

Grant of Share Options to Incentivise Long-Term Performance

 

IOG plc ("IOG" or "the Company"), (AIM: IOG.L), the UK gas company targeting growth and high returns via an infrastructure-led hub strategy, announces that, under its Company Share Option Plan, it has today granted options over, in aggregate, 759,980 1p Ordinary Shares in the Company ("Ordinary Shares") to certain senior management and employees appointed during 2021 (the "LTIP Options").

 

The new LTIP Options are to incentivise long-term performance that delivers value for all shareholders and are set out in the tables below. Vesting is subject to the same basket of performance conditions as specified for previously announced 2021 LTIP options, namely:

 

-     40% will vest upon achievement of a compound annual Total Shareholder Return ("TSR") of 12.5% over a three-year period

-     Up to 20% will vest upon achievement of upper quartile TSR relative to a basket of peer companies over a three-year period from date of grant subject to a floor based on the price at award

-     The remaining 40% will vest upon successful delivery of a series of project and company specific commercial milestones, including:

o  Production targets (including a first gas target)

o  Field Development Plan ("FDP") approval for a further phase of development   

o  Establishment of an independent baseline carbon intensity assessment for the Phase 1 development in 2021 and meeting a meaningful carbon intensity target level in future years 

 

Subject to vesting, the new LTIP Options are exercisable for up to ten years from the date of grant and will lapse if not exercised by such date.

 

The aggregate total of 759,980 new LTIP Options represents 0.16% of the total issued Ordinary Shares and 0.13% on a fully diluted basis.

Name Position New Options Granted Exercise Price per Ordinary Share (pence) ExercisePeriod Total LTIP Options Held
David Gibson COO 694,022 1p 10 years 694,022
Other Employees Various 65,958 1p 10 years 65,958

 

Fiona MacAulay, Chair of IOG, commented:

"This award under the Company's Share Option Plan is designed to ensure that, as for existing employees, more recent joiners are also appropriately aligned and incentivised to work effectively to deliver shareholder value. As such, the performance conditions include meeting the same valuation, operational and ESG objectives as for previously announced 2021 long-term incentive options."   

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the company's obligations under Article 17 of MAR.

 

Enquiries:

 

 

IOG plc

Andrew Hockey (CEO)

Rupert Newall (CFO)

James Chance (Head of Corporate Finance & IR)

+44 (0) 20 7036 1400

finnCap Ltd

Christopher Raggett

Simon Hicks

+44 (0) 20 7220 0500

Peel Hunt LLP

Richard Crichton

David McKeown

+44 (0) 20 7418 8900

Vigo Consulting

Patrick d'Ancona

Chris McMahon

Simon Woods

+44 (0) 20 7390 0230

Notes:

 

Person Discharging Managerial Responsibilities ("PDMR") Notification Forms

1. Details of the person discharging managerial responsibilities/person closely associated
(a) Name David Gibson
2. Reason for the notification
(a) Position/status COO
(b) Initial notification/ Amendment Initial notification
3. Details of the issuer
(a) Name IOG 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 IOG plc Ordinary Shares of 1p each         
(b) Identification code of the Financial Instrument ISIN: GB00BF49WF64   
(c) Nature of the transaction Grant of Options over ordinary shares of 1 pence each in the Company
(d) Price(s) and volume(s) Price(s) Volume(s)
1p 694,022
(e) Aggregated information-           Aggregated volume-           Price n/a
(f) Date of the transaction 14 May 2021
(g) Place of the transaction London Stock Exchange, AIM Market (XLON)

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

Subscribe

Documents & Links