Baron Oil PLC Grant of EMI Share Options (7473E)
November 10 2020 - 01:00AM
UK Regulatory
TIDMBOIL
RNS Number : 7473E
Baron Oil PLC
10 November 2020
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
10 November 2020
Baron Oil Plc
("Baron Oil", "Baron" or "the Company")
Grant of EMI Share Options
Baron Oil (AIM: BOIL), the AIM-quoted oil and gas exploration
company focused on opportunities in SE Asia, Latin America and the
UK, announces an initial grant of Enterprise Management Incentive
(EMI) share options to Hugh Jonathan Ford, the Company's recently
appointed Technical Director.
The EMI is an HMRC approved tax efficient option scheme that
enables companies to attract and retain key staff by rewarding them
with equity participation in the business. The scheme is open to
all Baron employees who qualify under the HMRC rules.
Accordingly, the Company has today granted share options over a
total of 75,000,000 ordinary shares of 0.025 pence each in the
Company ("Share Options") to Hugh Jonathan Ford. These vested
options have a 10 year life from the date of grant and an exercise
price of 0.1p. This is a premium of 25% to the mid-market share
price at the close on 9 November 2020 but also matches the Placing
Price of the Baron funding round in Q1 2020, which included a
GBP7,500 cash subscription by Mr Ford. This will increase the fully
diluted option pool to 7.95%.
The FCA notification in respect of the above, made in accordance
with the requirements of the EU Market Abuse Regulation, is
appended below.
For further information, please contact:
Baron Oil Plc +44 (0)20 7117 2849
Andy Yeo
Chief Executive Officer
Allenby Capital Limited +44 (0)203 328 5656
Nominated Adviser and Joint Broker
Alex Brearley, Nick Harriss, Nick Athanas
Turner Pope Investments (TPI) Limited +44 (0)20 3657 0050
Joint Broker
Andy Thacker, Zoe Alexander
Notification and public disclosure of transactions by persons
discharging managerial responsibilities and persons closely
associated with them.
1. Details of the person discharging managerial responsibilities/person
closely associated
(a) Full name of person Dealing Hugh Jonathan Ford
----------------------------------------- --------------------------------------
2. Reason for notification
---------------------------------------------------------------------------------
(b) Position/status Director - Technical
Director
----------------------------------------- --------------------------------------
(c) Initial notification/ Amendment Initial notification
----------------------------------------- --------------------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
---------------------------------------------------------------------------------
(d) Name of entity Baron Oil Plc
----------------------------------------- --------------------------------------
(e) LEI 213800MBSOS9UZ5SW712
----------------------------------------- --------------------------------------
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, Ordinary shares of 0.025
type of instrument pence each in the Company
Identification code Identification code
(ISIN) for Baron Oil
Plc ordinary shares:
GB00B01QGH57
----------------------------------------- --------------------------------------
(b) Nature of the transaction Grant of options over
ordinary shares
----------------------------------------- --------------------------------------
(c) Price(s) and volume(s) Prices(s) Volume(s)
0.1 pence 75,000,000
-----------
----------------------------------------- --------------------------------------
(d) Aggregated information: Single transaction as
- Aggregated volume in 4(c) above Prices(s) Volume(s)
- Price 0.1 pence 75,000,000
-----------
----------------------------------------- --------------------------------------
(e) Date of transaction 10 November 2020
----------------------------------------- --------------------------------------
(f) Place of transaction Outside a trading venue
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END
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