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Tower Resources PLC - Grant of Options

RNS Number : 0912J
Tower Resources PLC
18 December 2020
 

18 December 2020

 

 

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 Africa, announces that options (the "Options") over a total of 86 million new ordinary shares ("Shares") in the capital of the Company were awarded on 17 December 2020 at an exercise price of 0.45 pence per ordinary share, being a premium of 20% over the closing price of the Shares on that day. The Options will vest in three equal tranches being 12, 24 and 36 months respectively after issue and will expire, if not previously exercised, on the fifth anniversary of their issue, and will be governed by the terms of the Company's existing share option scheme (the "Scheme").

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

Jeremy Asher

60,000,000

60,000,000

120,000,000

Honore Dairou

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 Jeremy Asher

 

 

 

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

Jeremy Asher
Chairman and CEO

 

 

Andrew Matharu
VP - Corporate Affairs

 

 

 

SP Angel Corporate Finance LLP
Nominated Adviser and Joint Broker

+44 20 3470 0470

Stuart Gledhill

Caroline Rowe

 

 

 

Turner Pope Investments (TPI) Limited
Joint Broker

Andy Thacker

Zoe Alexander

 

+44 20 3657 0050

Panmure Gordon (UK) Limited
Joint Broker

Nick Lovering

Hugh Rich

 

+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:

Jeremy Asher

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 0.001 pence each

GB00BZ6D6J81

 

b)

Nature of the transaction:

 Share Options

c)

Price(s) and volume(s):

 

Price(s)

Volume(s)

0.45 pence

60,000,000

 

d)

Aggregated information:

Aggregated volume:

Price:

Single transaction as in 4 c) above

Price(s)

Volume(s)

0.45 pence

60,000,000

 

 

 

e)

Date of the transaction:

18 December 2020

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:

Honore Dairou

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 0.001 pence each

GB00BZ6D6J81

 

b)

Nature of the transaction:

 Share Options

c)

Price(s) and volume(s):

 

Price(s)

Volume(s)

0.45 pence

20,000,000

 

d)

Aggregated information:

Aggregated volume:

Price:

Single transaction as in 4 c) above

Price(s)

Volume(s)

0.45 pence

20,000,000

 

 

 

e)

Date of the transaction:

18 December 2020

07:00 BST

f)

Place of the transaction:

Outside a trading venue

 

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Market: AIM
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