UK Oil & Gas PLC (London AIM: UKOG) is pleased to announce that the Company has committed to put in place an annual MAR compliant Defined Director Share Purchase Programme (“DDSPP”) in which a director commits to purchase UKOG ordinary shares each month.
Equivalent in value to a fixed percentage of their net monthly salary. In line with other such schemes, the director’s commitment is envisaged to be in the range of 5-10% of net salary, dependent upon individual circumstance.
Upon commitment to the DDSPP, which is expected to occur in the open period following the publication of UKOG’s interim results, due on or before June 30th, 2021, the director will purchase shares from the market on the first Friday of each month for a period of 12 months. Consequently, the first DDSPP purchase is expected to occur on Friday July 2nd, 2021 and the final purchase on Friday June 3rd, 2022.
Upon entering into the DDSPP in an open period the director will be committed to make the monthly purchase of shares under the programme in what otherwise may be a close period. Entering into the DDSPP will not preclude the director from buying additional shares in the Company during open periods. The director will be able to enter a new DDSPP upon completion of an existing programme.
The market will be notified of the share purchases under the DDSPP on the next trading day via a PDMR: Director’s dealing notification. Further details will be issued in due course.