TIDMTRP
RNS Number : 2167U
Tower Resources PLC
01 April 2021
1 April 2021
Tower Resources plc
Grant of Options under Annual Long Term Incentive Plan
Issue of Warrants to Directors
Tower Resources plc (the "Company" or "Tower" (TRP.L, TRP LN)),
the AIM listed oil and gas company with its focus on Africa,
announces that it has made an annual award of share options under
its Long Term Incentive plan, and has also issued warrants in lieu
of fees to Directors and to one of its contractors in respect of
the second quarter of 2021.
The share options (the "Options") over a total of 88 million new
ordinary shares ("Shares") in the capital of the Company were
awarded on 31 March 2021 at an exercise price of 0.45 pence per
ordinary share, being a premium of 43% 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 award of options
under the Long Term Incentive plan is an annual event, which
normally takes place in the first quarter of each year, but was
delayed in 2020 due to a closed period and other factors.
Details of the grant to directors, PDMRs and consultants are set
out below:
Director/PDMR Existing number Number of new Total number
of options options granted of options held
following issue
Jeremy Asher(++) 120,000,000 60,000,000 180,000,000
---------------- ----------------- -----------------
Honore Dairou 25,000,000 20,000,000 45,000,000
---------------- ----------------- -----------------
Consultants 10,000,000 6,500,000 16,500,000
---------------- ----------------- -----------------
Others 2,500,000 1,500,000 4,000,000
---------------- ----------------- -----------------
TOTAL 157,500,000 88,000,000 245,500,000
---------------- ----------------- -----------------
++ Held by Pegasus Petroleum Ltd, which is owned and controlled
by Jeremy Asher
The Company also announces the following issue of warrants to
Directors in lieu of fees.
Warrants are being issued in lieu of GBP30,000 (in aggregate) of
Directors fees to Paula Brancato and Mark Enfield (Non-Executive
Directors), and Jeremy Asher (as Chairman) in settlement of fees
due for the period from 1 April 2021 to 30 June 2021, to conserve
the Company's working capital.
The warrants are exercisable at a strike price of 0.45 pence
("Warrants"), which is a premium of 43% to the closing share price
of 0.315 pence per share on 31 March 2021, and is the same strike
price used for the Company's recently awarded Long Term Incentive
Options for management, and are exercisable for a period of 5 years
from the date of issue. The Warrants being issued are detailed
below:
Director Number of Total number Shareholding % of issued
Warrants being of Warrants upon exercise share capital
issued held including of total number upon exercise
this issue* of Warrants of Warrants
held
Jeremy Asher 6,499,133 264,776,160 603,907,241 24.20%
---------------- ---------------- ----------------- ---------------
Paula Brancato 3,249,567 9,018,873 9,018,873 0.36%
---------------- ---------------- ----------------- ---------------
Mark Enfield 3,249,567 7,175,025 9,052,169 0.36%
---------------- ---------------- ----------------- ---------------
*Warrants are held at different prices.
As previously announced, the Directors will consider issuing
further warrants in lieu of fees for each calendar quarter based on
the closing price of the shares and the warrant valuation on the
last day of the previous quarter and will make an election and
announce the issue of warrants (if so elected) at the earliest
opportunity in each calendar quarter. This election will be made by
the Board with each Director taking into consideration the working
capital position of the Company.
Finally, the Company also announces the issue of 4,000,000
warrants, on the same terms as the Warrants issued to Directors, to
Mr Duncan Rushworth in lieu of fees for his work for the Company
during the period from 1 April 2021 to 30 June 2021.
Warrants and Options in issue
Following the above issue of Options and Warrants, the total
number of Warrants in issue is 765,647,730 equating to 27.93% of
the Company's enlarged share capital assuming full exercise of all
warrants and share options, and the total number of Options in
issue is 245,500,000 equating to 8.96% of the Company's enlarged
share capital assuming full exercise of all warrants and share
options.
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
Stuart Gledhill + 44 20 3470
Caroline Rowe 0470
ETX Capital
Joint Broker + 44 20 7392
Elliot Hance 1436
Turner Pope Investments
(TPI) Limited
Joint Broker + 44 20 3657
Andy Thacker 0050
Panmure Gordon (UK) Limited
Joint Broker
Nick Lovering + 44 20 7886
Hugh Rich 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: Mark Enfield
--------------------------------- ------------------------------------------
2. Reason for the notification
-----------------------------------------------------------------------------
a) Position/status: Non-Executive Director
--------------------------------- ------------------------------------------
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 Ordinary Shares of
instrument, type of instrument: 0.001 pence each
Identification code: GB00BZ6D6J81
--------------------------------- ------------------------------------------
b) Nature of the transaction: Warrants in lieu of
Directors fees
--------------------------------- ------------------------------------------
c) Price(s) and volume(s): Price(s) Volume(s)
0.45 pence 3,249,567
----------
--------------------------------- ------------------------------------------
d) Aggregated information: Single transaction
Aggregated volume: as in 4 c) above Price(s) Volume(s)
Price: 0.45 pence 3,249,567
--------------------------------- ------------------------------------------
e) Date of the transaction: 1 April 2021
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: Paula Brancato
--------------------------------- ------------------------------------------
2. Reason for the notification
-----------------------------------------------------------------------------
a) Position/status: Non-Executive Director
--------------------------------- ------------------------------------------
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 Ordinary Shares of
instrument, type of instrument: 0.001 pence each
Identification code: GB00BZ6D6J81
--------------------------------- ------------------------------------------
b) Nature of the transaction: Warrants in lieu of
Directors fees
--------------------------------- ------------------------------------------
c) Price(s) and volume(s): Price(s) Volume(s)
0.45 pence 3,249,567
----------
--------------------------------- ------------------------------------------
d) Aggregated information: Single transaction
Aggregated volume: as in 4 c) above Price(s) Volume(s)
Price: 0.45 pence 3,249,567
--------------------------------- ------------------------------------------
e) Date of the transaction: 1 April 2021
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: Jeremy Asher
--------------------------------- ------------------------------------------
2. Reason for the notification
-----------------------------------------------------------------------------
a) Position/status: Chairman and Chief
Executive Officer
--------------------------------- ------------------------------------------
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 Ordinary Shares of
instrument, type of instrument: 0.001 pence each
Identification code: GB00BZ6D6J81
--------------------------------- ------------------------------------------
b) Nature of the transaction: Warrants in lieu of
Directors fees
--------------------------------- ------------------------------------------
c) Price(s) and volume(s): Price(s) Volume(s)
0.45 pence 6,499,133
----------
--------------------------------- ------------------------------------------
d) Aggregated information: Single Transaction
Aggregated volume: as in 4 c) above Price(s) Volume(s)
Price: 0.45 pence 6,499,133
--------------------------------- ------------------------------------------
e) Date of the transaction: 1 April 2021
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: 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 Ordinary Shares of
instrument, type of instrument: 0.001 pence each
Identification code: 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: Single transaction
Aggregated volume: as in 4 c) above Price(s) Volume(s)
Price: 0.45 pence 60,000,000
--------------------------------- ------------------------------------------
e) Date of the transaction: 1 April 2021
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 Ordinary Shares of
instrument, type of instrument: 0.001 pence each
Identification code: 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: Single transaction
Aggregated volume: as in 4 c) above Price(s) Volume(s)
Price: 0.45 pence 20,000,000
--------------------------------- ------------------------------------------
e) Date of the transaction: 1 April 2021
07:00 BST
--------------------------------- ------------------------------------------
f) Place of the transaction: Outside a trading
venue
--------------------------------- ------------------------------------------
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END
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