UK Oil & Gas plc employee benefit trust (EBT) today subscribed for 3,005,000,000 ordinary shares in the company to return the EBT ordinary shareholding to its original 10% of the issued share capital.
The company signed a loan agreement with EBT trustees Alum Trustees Ltd to fund the subscription, at a price per share of £0.0001, for the EBT shares by the trustees.
UKOG, which established its scheme in 2014, said that the move was in keeping with other similar schemes operated by AIM listed entities.
The EBT shares will be in the EBT on trust pending transfer upon vesting, or exercise, of any awards granted to eligible employees and directors under the terms and vesting criteria of the company’s SIP.
On admission, the total voting rights in UKOG will be 32,539,926,104 ordinary shares.