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 September 2018 and 28 February 2019.
All these Options have a five-year term from 1 March 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 September 2018 to 28 February 2019 was calculated to be 21.30p. 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 628,496 new Options have been issued for this period, each with an exercise price of 1p each, representing 0.49% per cent of the Company’s current issued share capital.
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