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Tower Resources unveils board changes as part of cost-cutting

Tower Resources plc unveiled a raft of management changes as part of its cost cutting

Tower outlined some new arrangements in the boardroom

Tower Resources PLC (LON:TRP) unveiled a raft of management changes as part of its cost cutting, including the stepping down of chief executive Graeme Thomson with effect from October 31.

Thomson will continue as a non-executive director, however. Jeremy Asher becomes chairman and chief executive from November 1.

Directors Philip Swatman and Philip Frank will also leave the board with effect from December 31 this year, the oiler said.

Exploration director Nigel Quinton left the position on October 26 but will remain available as a consultant.

Asher said: "The company now has a lower cost base, and still has the resources it requires to achieve its objectives, notably in respect of Thali, and I am looking forward to updating shareholders over the coming months on our progress."

Quick facts: Tower Resources PLC

Price: 0.325 GBX

Market: AIM
Market Cap: £4.04 m

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