TIDMBOIL
RNS Number : 1067W
Baron Oil PLC
20 December 2021
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF REGULATION 11 OF THE MARKET ABUSE (AMMENT) (EU EXIT) REGULATIONS
2019/310
20 December 2021
Baron Oil Plc
("Baron Oil", "Baron" or "the Company")
Grant of Share Options
Baron Oil Plc (AIM:BOIL), the AIM-quoted oil and gas exploration
company with projects in SE Asia, Latin America and the UK,
announces a grant of EMI Share Options ("EMI" or "EMI Options")
under the HMRC approved Share Option scheme alongside a grant of
unapproved Share Options ("Share Options").
The Baron EMI scheme, which was established in May 2020, is a
long-term 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.
This programme of EMI and other Share Option awards is designed
to re-balance management incentives, specifically for the Executive
Directors, where previous option grants had been sporadic, short
term in nature and unrepresentative as a meaningful incentive.
During 2021, a total of 30,000,000 Share Options expired.
The Company has today granted EMI Options and Share Options over
a total of 530,000,000 ordinary shares of 0.025 pence each in the
Company ("Ordinary Shares") to the following: Andrew Yeo, Chief
Executive Officer (290,000,000); (Hugh) Jon Ford, Technical
Director (180,000,000) and Geoffrey Barnes, Financial Controller
and Company Secretary (60,000,000). All of these vested options
have a ten year life from the date of grant and an exercise price
of 0.06p, being the closing mid-market price on 17 December 2021,
the last practicable date prior to the release of this
announcement. As a result of these awards, the Directors and
Employees' option pool rises to 9.06% of the Company's fully
diluted ordinary share capital. The Company's entire option pool is
now equivalent to 12.25% of the Company's fully diluted ordinary
share capital.
The FCA notifications in respect of the above option grants,
made in accordance with the requirements of the UK Market Abuse
Regulation, are appended below.
Following the grant of these EMI Options and Share Options, the
number of EMI Options and Share Options held by Directors and
Employees is as follows:
% Fully
Diluted
New Exercise Existing Exercise Total Ordinary
Option Holder Options Price Options Price Options Shares*****
------------ --------- ------------ ---------- -------------- ------------
Andrew Yeo 290,000,000 0.06p*
125,000,000 0.10p**
250,000,000 0.07p*** 665,000,000 4.98%
------------ --------- ------------ ---------- -------------- ------------
(Hugh) Jon
Ford 180,000,000 0.06p*
75,000,000 0.10p****
140,000,000 0.07p*** 395,000,000 2.96%
------------ --------- ------------ ---------- -------------- ------------
Geoffrey
Barnes 60,000,000 0.06p*
40,000,000 0.10p**
50,000,000 0.07p*** 150,000,000 1.12%
Total 530,000,000 680,000,000 1,210,000,000 9.05%
* Exercisable at any time prior to
19 December 2031
** Exercisable at any time prior to
25 May 2030
*** Exercisable, after 21 July 2022,
at any time prior to 21 July 2031
**** Exercisable at any time prior
to 9 November 2030
***** Current number of Ordinary Shares in issue is
11,583,612,461; Fully Diluted Ordinary Share capital,
which includes all Warrants as well as EMI Options and
Share Options, represents 13,363,237,462 Ordinary Shares
For further information, please contact:
Baron Oil Plc +44 (0) 20 7117 2849
Andy Yeo, Chief Executive
Allenby Capital Limited +44 (0) 20 3328 5656
Nominated Adviser and Broker
Alex Brearley, Nick Harriss, Nick Athanas (Corporate
Finance)
Kelly Gardiner (Sales and Corporate Broking)
IFC Advisory Limited +44 (0) 20 3934 6630
Financial PR and IR
Tim Metcalfe, Florence Chandler
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 i. Andrew Yeo
ii. Hugh Jonathan
Ford
iii. Geoffrey Barnes
----------------------------------------- -------------------------------------------
2. Reason for notification
--------------------------------------------------------------------------------------
(b) Position/status i. Director - Chief
Executive Officer
ii. Director - Technical
Director
iii. Financial Controller
and Company Secretary
----------------------------------------- -------------------------------------------
(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
type of instrument 0.025 pence each in
the Company
----------------------------------------- -------------------------------------------
(b) Identification code GB00B01QGH57
----------------------------------------- -------------------------------------------
(c) Nature of the transaction Grants of options
----------------------------------------- -------------------------------------------
(d) Price(s) and volume(s) Exercise Volume(s)
Prices(s)
i. i. 290,000,000
0.06
pence ii. 180,000,000
ii.
0.06 iii. 60,000,000
pence
iii.
0.06
pence
----------------------------
----------------------------------------- -------------------------------------------
(e) Aggregated information: N/A - transactions
- Aggregated volume are as in 4(d) above.
- Price
----------------------------------------- -------------------------------------------
(f) Date of transaction 20 December 2021
----------------------------------------- -------------------------------------------
(g) Place of transaction Outside a trading
venue
----------------------------------------- -------------------------------------------
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END
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