Business
Exercise of Options and Director/PDMR Dealings
Exercise of Options and Director/PDMR Dealings.
About this update from Jersey Oil & Gas Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 0280Q\n Jersey Oil and Gas PLC\n 25 October 2021\n \n \n \n \n \n 25\n \n \n \n \n \n October \n \n \n 2021\n \n \n \n \n \n \n Jersey Oil and Gas plc\n \n \n (\"Jersey Oil & Gas\", \"JOG\" \n or the \n \"Company\")\n \n \n \n \n \n Exercise of Options and Director/PDMR Dealings\n \n \n \n \n \n Jersey Oil & Gas (AIM: JOG), an independent upstream oil and gas company focused on the UK Continental Shelf (\"UKCS\") region of the North Sea, announces that it has received notice of the exercise of, in aggregate, 660,000 options over ordinary shares of 1p each in the Company (\"Ordinary Shares\") by certain directors and PDMRs and a number of current and former employees at an exercise price of £1.10 per Ordinary Share (\"Options\") (the \"Option Exercises\"). \n \n \n \n \n \n All of the Options exercised, which were granted in 2016 and are due to expire shortly, have been exercised on a cashless basis as permitted by the terms of the Company's share option plan, such that, in aggregate, 558,764 of the new Ordinary Shares being issued pursuant to the Option Exercises have been sold via the Company's broker at a price of £1.40 to fund the exercise of the Options, the tax and the transaction costs (the \"Cashless Exercises\"). The Directors sold only such number of Ordinary Shares pursuant to the Cashless Exercises as was necessary to fund such costs. \n \n \n \n \n \n In addition, certain of the non-Board and former employee Option holders have elected, pursuant to the terms of the Company's share option plan, for the Company to sell on their behalf the balance of the new Ordinary Shares due to be issued to them pursuant to the Cashless Exercises, such that the relevant Option holders will receive, in cash, the net proceeds of such sales (after taking into account costs and tax due by the Option holders concerned) (the \"All-cash Exercises\"). \n \n \n \n \n \n Rather than exercise the Options through multiple trades, all of the Option holders agreed to effect the sale of shares associated with the Cashless and All-cash Exercises at a single price of £1.40, which was executed by the Company's Brokers through a single block trade.\n \n \n \n \n \n Accordingly, the Company will issue, in aggregate, 660,000 new Ordinary Shares to satisfy the Option E...