Source - LSE Regulatory
RNS Number : 1338Y
Baron Oil PLC
12 January 2022
 

12 January 2022

Baron Oil Plc

 

("Baron Oil", "Baron" or the "Company")

 

Cancellation of Share Options

 

Baron Oil (AIM: BOIL), the AIM-quoted oil and gas exploration company with projects in SE Asia, the UK and Latin America, announces the cancellation of 240 million share options granted on 26 May and 10 November 2020.

 

On 26 May 2020, the Company announced that it had established an Enterprise Management Incentive ("EMI") Scheme for the benefit of employees and had made an initial grant of 165 million share options on that date. A further grant of 75 million share options under the EMI Scheme was made on 10 November 2020 (together the "2020 Options"). Baron was notified by HMRC in August 2021 that HMRC was of the view that the 2020 Options were not considered valid for the purposes of the benefits of the EMI Scheme and an appeal was lodged on Baron's behalf. In the absence of a response from HMRC, Baron has recently withdrawn its appeal, thereby leaving the 240 million 2020 Options classified as unapproved share options.

 

Following the option grants made on 20 December 2021, the Directors and Employees EMI programme is now complete. The Company, and each of the relevant grantees, have therefore agreed that it is appropriate that the 2020 Options are cancelled and rescinded.

 

There are no current plans for any further share option grants.

 

The updated position regarding EMI share options granted to Directors and Employees is therefore as follows:

 

Option Holder

Date of Grant

Number

Date of grant

Number

Total EMI Options

Andrew Yeo, Chief Executive

22/07/2021*

250,000,000

20/12/2021**

125,000,000

375,000,000

Jon Ford, Technical Director

22/07/2021*

140,000,000

20/12/2021**

180,000,000

320,000,000

Geoff Barnes, Company Secretary

22/07/2021*

50,000,000

20/12/2021**

60,000,000

110,000,000

 

As a result of the cancellation of the 2020 Options, the total number of share options that have been granted to current Directors and Employees is 970,000,000 (805,000,000 EMI options plus 165,000,000 unapproved options held by Andrew Yeo, Chief Executive), which represents approximately 7.39% of the Company's fully diluted ordinary share capital.

 

The Company's entire option pool including those issued to a former Director and consultants to the Company, is now equivalent to 10.63% of the Company's fully diluted ordinary share capital***.

 

Notes

*   Exercise price of 0.007p

** Exercise price of 0.006p

*** Current number of ordinary shares in issue is 11,583,612,461; fully diluted ordinary share capital, which includes all warrants outstanding as well as share options, represents 13,123,237,462 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

 

 

 

     

 

 

 

 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
MSCBKDBPCBKDPDD
Find out how to deal online from £1.50 in a SIPP, ISA or Dealing account. AJBell logo

Related Charts

Baron Oil PLC (BOIL)

-0.00p (-3.51%)
delayed 17:08PM