07:00 Fri 18 Dec 2020
Tower Resources PLC - Grant of Options
Tower Resources plc
("Tower" or the "Company")
Grant of Options under Annual Long Term Incentive Plan
Tower Resources plc (TRP.L, TRP LN), the AIM listed oil and gas company with its focus on
The Options represent, in aggregate, approximately 4.1% of the fully diluted Shares outstanding, and will bring the total number of share options outstanding under the Company's share option scheme to 157,600,800, comprising approximately 7.5% of the fully diluted Shares outstanding.
This 2020 award of Options has been made later than usual in the calendar year, as a result of restrictions on director dealings earlier in the year, and subsequently the Board's preference to bring its new members onto the Remuneration Committee and get them fully up to date before making the annual award.
Details of the grant to directors, PDMRs and consultants are set out below:
| Director/PDMR | Existing number of options | Number of new options granted | Total number of options held following issue |
| | 60,000,000 | 60,000,000 | 120,000,000 |
| | 5,004,000 | 20,000,000 | 25,004,000 |
| Consultants | 5,000,000 | 5,000,000 | 11,000,000 |
| Others | 1,596,800 | 1,000,000 | 2,596,800 |
| TOTAL | 71,600,800 | 86,000,000 | 157,600,800 |
‡ Held by Pegasus Petroleum Ltd, which is owned and controlled by
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.
Contacts
| Tower Resources plc | +44 20 7157 9625 |
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| SP Angel Corporate Finance LLP | +44 20 3470 0470 |
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| Turner Pope Investments (TPI) Limited
| +44 20 3657 0050 |
| Panmure Gordon (UK) Limited
| +44 20 7886 2500 |
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) | Name: | | ||||||
| 2. | Reason for the notification | |||||||
| a) | Position/status: | Chairman and CEO | ||||||
| b) | Initial notification/Amendment: | Initial notification | ||||||
| 3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||
| a) | Name: | Tower Resources PLC | ||||||
| b) | LEI: | 2138002J9VH6PN7P2B09 | ||||||
| 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, type of instrument: Identification code: | Ordinary Shares of GB00BZ6D6J81
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| b) | Nature of the transaction: | Share Options | ||||||
| c) | Price(s) and volume(s): |
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| d) | Aggregated information: Aggregated volume: Price: | Single transaction as in 4 c) above
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| e) | Date of the transaction: | 07:00 BST | ||||||
| f) | Place of the transaction: | Outside a trading venue | ||||||
| 1. | Details of the person discharging managerial responsibilities/person closely associated | |||||||
| a) | Name: | | ||||||
| 2. | Reason for the notification | |||||||
| a) | Position/status: | Director Tower Resources Cameroon S.A | ||||||
| b) | Initial notification/Amendment: | Initial notification | ||||||
| 3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||
| a) | Name: | Tower Resources PLC | ||||||
| b) | LEI: | 2138002J9VH6PN7P2B09 | ||||||
| 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, type of instrument: Identification code: | Ordinary Shares of GB00BZ6D6J81
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| b) | Nature of the transaction: | Share Options | ||||||
| c) | Price(s) and volume(s): |
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| d) | Aggregated information: Aggregated volume: Price: | Single transaction as in 4 c) above
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| e) | Date of the transaction: | 07:00 BST | ||||||
| f) | Place of the transaction: | Outside a trading venue | ||||||
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