TIDMBOIL
RNS Number : 8309N
Baron Oil PLC
26 May 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.
26 May 2020
Baron Oil Plc
("Baron Oil", "Baron" or "the Company")
Establishment of EMI Scheme and Initial grant of Share
Options
Baron Oil (AIM: BOIL), the AIM-quoted oil and gas exploration
and production company focused on opportunities in SE Asia, Latin
America and the UK announces the establishment of an Enterprise
Management Incentive ("EMI") scheme and an initial grant of share
options.
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 will be open
to all Baron employees who qualify under the HMRC rules.
The creation of the EMI scheme follows the Company's decision in
January 2020 to continue to develop its portfolio of assets as an
independent exploration company. As disclosed in the recently
published Annual Report for 2019 and latest QCA statement, the
Remuneration Committee was tasked with reviewing the incentive
opportunities available for the management team with a view to
aligning the interests of all stakeholders.
In the past, the granting of share options by the Company has
been somewhat sporadic and short term in nature. Without the
inclusion of today's EMI awards, the number of shares under option,
on a fully diluted basis, would rapidly have fallen to 0.65%.
The Company has today issued share options over a total of
290,000,000 ordinary shares of 0.025 pence each in the Company
("Share Options") to the following individuals - Malcolm Butler,
Executive Chairman (125,000,000), Andrew Yeo, Managing Director
(125,000,000) and Geoffrey Barnes, Financial Controller and Company
Secretary (40,000,000). These vested options have a 10 year life
from the date of issue and an exercise price of 0.1p. This is a
premium of 21 % to the mid-market share price at the close on 22
May 2020 but matches the Placing Price of the Baron funding round
in Q1 2020, which included a GBP57,500 subscription by the
directors. This will increase the fully diluted option pool to an
initial 7.12%, reducing to 6.54% when certain existing options
expire in July 2020.
While it is the intention of the Company to continue to make use
of the EMI scheme going forward, it is mindful of the Association
of British Insurers (ABI) recommendation that such share option
awards should not represent more than 10% of the Company's fully
diluted share capital at any time.
Following the issue of these Share Options, the number of Share
Options held by Directors and Employees is as follows:
EMI New Exercise Existing Exercise Total % Fully
Diluted
Option Holder Options Price Options Price Options Shares*****
------------ --------- ----------- ---------- ------------ ------------
Malcolm Butler 125,000,000 0.1p* 20,000,000 0.35p** 155,000,000 3.15
------------ --------- ----------- ---------- ------------ ------------
10,000,000 0.435p***
------------ --------- ----------- ---------- ------------ ------------
Andrew Yeo 125,000,000 0.1p* 10,000,000 0.44p**** 135,000,000 2.74
------------ --------- ----------- ---------- ------------ ------------
Geoffrey
Barnes 40,000,000 0.1p* 10,500,000 0.35p** 60,500,000 1.23
------------ --------- ----------- ---------- ------------ ------------
10,000,000 0.435p***
------------ --------- ----------- ---------- ------------ ------------
Total 290,000,000 60,500,000 350,500,000 7.12
------------ --------- ----------- ---------- ------------ ------------
Post 7 July
2020 290,000,000 30,000,000 320,000,000 6.54
------------ --------- ----------- ---------- ------------ ------------
* Exercisable at any time prior to 25 May 2030
** Options expire on 7 July 2020
*** Exercisable at any time prior to 27 November 2021
**** Exercisable at any time prior to 3 December 2021
***** Current Ord. shares in issue 4,426,409,576; FD 4,932,034,576;
FD post 7 July 2020 4,891,034,576
For further information, please contact:
Baron Oil Plc +44 (0)20 7117 2849
Dr Malcolm Butler, Executive Chairman
Andy Yeo, Managing Director
SP Angel Corporate Finance LLP +44 (0)20 3470 0470
Nominated Adviser and Joint Broker
Stuart Gledhill, Caroline Rowe
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 i. Malcolm Butler
ii. Andrew Yeo
iii. Geoffrey Barnes
----------------------------------------- ------------------------------------
2. Reason for notification
-------------------------------------------------------------------------------
(b) Position/status i. Executive Chairman
ii. Managing Director
ii. Financial Controller
and Company Secretary
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(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 Grant of options
----------------------------------------- ------------------------------------
(d) Price(s) and volume(s) Prices(s) Volume(s)
i. 0.1 i. 125,000,000
pence ii. 125,000,000
ii. 0.1 iii. 40,000,000
pence
iii. 0.1
pence
-----------------
----------------------------------------- ------------------------------------
(e) Aggregated information: Transaction as in
- Aggregated volume 4(d) above Prices(s) Volume(s)
- Price 0.1 pence 290,000,000
------------
----------------------------------------- ------------------------------------
(f) Date of transaction 26 May 2020
----------------------------------------- ------------------------------------
(g) Place of transaction Outside a trading
venue
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END
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