Tower Resources PLC Issue of Equity (1320O)
May 26 2015 - 1:01AM
UK Regulatory
TIDMTRP
RNS Number : 1320O
Tower Resources PLC
26 May 2015
Tower Resources plc
Issue of Equity
26 May 2015
Tower Resources plc (the "Company" or "Tower" (TRP.L, TRP LN)),
the AIM listed Africa focussed oil and gas exploration company,
announces the following issuance of New Ordinary Shares.
Pursuant to contractual arrangements Tower has issued 10,170,604
New Ordinary Shares as part payment for services provided in the
first quarter of 2015 and to certain Directors and management in
sacrifice of an aggregate of GBP38,750 of fees and salaries. The
new Ordinary Shares will be issued at a price of 0.381p per share
representing the average of the closing share price for the
calendar quarter ending 31 March 2015.
A total of 6,561,680 New Ordinary Shares have been issued to
P.D.F Limited, the Company's Outsourced Exploration Department
(OExD(R)), a company owned by Dr. Mark Enfield, Managing Director,
in part payment for services for the period covering 1 January 2015
to 31 March 2015. P.D.F Limited now holds a total of 65,660,543
Ordinary Shares, including 17,350,438 Ordinary Shares in Tower
owned by Dr. Mark Enfield, representing a combined interest of
1.71% of the issued share capital.
A total of 3,608,924 New Ordinary Shares have been issued to
certain Directors and management in lieu of salary and fees
foregone in the first quarter of 2015. The following table sets out
the Directors and management shareholdings and percentage interests
in the issued share capital of the Company following the new issue
together with options.
Shareholding % of Issued Number of
Share Capital Options
---------------- --------------- --------------- -----------
Jeremy Asher 276,384,252(*) 7.2%
---------------- --------------- --------------- -----------
Graeme Thomson 10,000,000 0.3% 85,000,000
---------------- --------------- --------------- -----------
Peter Blakey 99,130,216 2.6%
---------------- --------------- --------------- -----------
Peter Taylor 107,253,051 2.8%
---------------- --------------- --------------- -----------
Philip Swatman 4,500,000(**) 0.1% 1,500,000
---------------- --------------- --------------- -----------
Nigel Quinton 15,638,628(++) 0.4% 42,000,000
---------------- --------------- --------------- -----------
denotes a Director of the Company
* These shares are held by Agile Energy Limited, which is owned
by the Asher Family Trust of which Jeremy Asher is the lifetime
beneficiary.
**2,000,000 of these shares are held by Raigersfield Capital
Limited, a company controlled and 52% owned by Philip Swatman.
++4,670,124 of these shares are held by QX Energy Limited, a
company controlled by Nigel Quinton, Head of Exploration, and his
family.
Application has been made to the London Stock Exchange for the
New Ordinary Shares to be admitted to trading on AIM. The shares
will rank pari passu in all respects with the Company's existing
Ordinary Shares. It is expected that the admission will become
effective and that trading in the New Ordinary Shares will commence
at 8.00am on or around 1 June 2015.
Following Admission of the above New Ordinary Shares, the
Company's enlarged issued share capital will comprise of
3,830,166,030 Ordinary Shares of 0.1 pence each with voting rights.
This figure may be used by shareholders in the Company as the
denominator for the calculations by which they will determine if
they are required to notify their interest in, or a change in their
interest in, the share capital of the Company under the FCA's
Disclosure and Transparency Rules.
Contacts
Tower Resources plc
Graeme Thomson (CEO)
Andrew Matharu (VP - Corporate Affairs)
+44 20 7253 6639
Peel Hunt LLP (Nominated Adviser and Joint Broker)
Richard Crichton/Charles Batten
+44 20 7418 8900
GMP Securities Europe LLP (Joint Broker)
Rob Collins/Emily Morris
+44 20 7647 2800
Vigo Communications
Chris McMahon/ Peter Reilly
+44 20 7016 9572
This information is provided by RNS
The company news service from the London Stock Exchange
END
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