UK Oil & Gas
PLC
("UKOG" or the
"Company")
Employee Benefit Trust Share
Subscription
UK Oil & Gas PLC (London AIM: UKOG)
announces that, further to the establishment of the Company's
Employee Benefit Trust ("EBT") in September 2014, the directors
have agreed to top-up the Company's EBT ordinary shareholding to
its original level of 10% of the Company's issued share
capital. Details of the EBT and the related employee
share incentive plan ("SIP") are given in the Company's prior RNS
of 29th September 2014.
Consequently, the Company's EBT trustees, Altum
Trustees Ltd ("Trustees"), have today subscribed for 62,087,925
ordinary shares in the Company ("EBT Shares") at a price per share
of £0.000001, being the Company's nominal
share value and which represents 10% of the Company's enlarged
share capital following the allotment of the EBT Shares. The
Company has entered into a loan agreement with the Trustees to fund
the subscription of the EBT Shares by the Trustees.
The EBT Shares shall be held in the EBT on
trust pending the transfer upon vesting (or exercise, as the case
may be) of any awards granted by the Company's Remuneration
Committee to eligible employees and directors under the terms and
vesting criteria of the Company's SIP. Details of the grant of any
future awards of EBT Shares will be notified upon determination by
the Company's Remuneration Committee of the beneficiaries of such
awards, however no such determination has been made for the time
being.
Admission
Application has been made for EBT Shares,
numbering 62,087,925 ordinary shares in total, to be admitted to
trading on AIM ("Admission"). Admission is expected to take place
at 8.00 a.m. on or around 10 May 2024.
Following Admission, the total voting rights in
the Company will be 3,875,842,538
ordinary shares and Shareholders may use this figure as the
denominator by which they are required to notify their interest in,
or change to their interest in, the Company under the FCA's
Disclosure, Guidance and Transparency Rules.
For
further information, please contact:
UK
Oil & Gas plc
Stephen Sanderson / Guzyal
Mukhametzhanova
Tel: 01483 941493
WH
Ireland Ltd (Nominated Adviser and Broker)
James Joyce / Andrew de Andrade /
James
Bavister
Tel: 020 7220 1666
Communications
Brian Alexander
Tel: 01483 941493
The information
contained within this announcement is deemed by the Company to
constitute inside information under the Market Abuse Regulation
(EU) No. 596/2014, as it forms part of UK domestic law by
virtue of the European Union (Withdrawal) Act 2018. Upon
publication of this announcement, this information is now
considered to be in the public domain.
