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, and in keeping
with similar schemes operated by AIM listed entities, 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
476,897,760 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 476,897,760 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 9
August 2024.
Following Admission, the total voting rights in
the Company will be 8,644,353,833
ordinary shares. Following admission of the 2,000,000,000
placing shares on 27 August 2024 (as announced on 5 August 2024)
and admission of the EBT Shares, the total voting rights in the
Company will be 10,644,353,388 ordinary shares. Shareholders may
use these figures 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
Zeus Capital Limited (Nominated Adviser and
Broker)
James Joyce / James Bavister /
Andrew de
Andrade
Tel: 0203 829 5000
CMC
Markets (Joint Broker)
Douglas
Crippen
Tel: 0203 003 8632
Communications
Brian Alexander
Tel: 01483 941493