TIDMTRP
RNS Number : 2913J
Tower Resources PLC
08 September 2016
THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR
DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN, INTO
OR FROM THE UNITED STATES, CANADA, AUSTRALIA, THE REPUBLIC OF SOUTH
AFRICA, THE REPUBLIC OF IRELAND OR JAPAN OR ANY OTHER JURISDICTION
WHERE TO DO SO WOULD CONSTITUTE A BREACH OF THE RELEVANT SECURITIES
LAWS OF SUCH JURISDICTION.
This announcement does not constitute a prospectus or offering
memorandum or an offer in respect of any securities and is not
intended to provide the basis for any decision in respect of Tower
Resources PLC or other evaluation of any securities of Tower
Resources PLC or any other entity and should not be considered as a
recommendation that any investor should subscribe for or purchase
any such securities.
8 September 2016
Tower Resources plc
Completion of Placing and Directors' Dealings
Tower Resources plc (the "Company" or "Tower" (TRP.L, TRP LN)),
the AIM listed Africa focussed oil and gas exploration company is
pleased to announce that, further to the Company's announcement
earlier today outlining the proposed non-brokered subscription (the
"Placing") for approximately 45.9 million new Ordinary Shares (the
"Placing Shares"), the Company has successfully placed 45,919,084
new Ordinary Shares and raised gross proceeds totaling GBP1.03
million at a Placing Price of 2.25 pence per share.
As part of the Placing, Jeremy Asher, Chairman and certain other
Directors today entered into an Agreement (the "Subscription
Agreement") to subscribe for, in aggregate, 14,111,112 new Ordinary
Shares to raise proceeds of GBP317,500 as further detailed
below.
The participation of the Directors other than Philip Swatman and
Philip Frank (the "Related Parties") constitutes a related party
transaction in accordance with AIM Rule 13. Accordingly, Philip
Swatman and Philip Frank, acting as the independent Directors,
consider, having consulted with the Company's Nominated Adviser,
Peel Hunt LLP, that the terms of the Related Parties' participation
in the Placing are fair and reasonable insofar as the Company's
shareholders are concerned.
In addition a total of 1,795,382 New Ordinary Shares have today
been issued to certain Directors and a former Director in lieu of
fees foregone.
Following the issue of these shares and the Placing Shares the
Directors' will hold 25.1% of the enlarged issued share capital.
The following table sets out the Directors' shareholdings and
percentage interests in the issued share capital of the Company
following the new issue together with Directors subscription for
Placing Shares.
Holding prior Number Number Immediately
to the announcement of Subscription of Shares following
of Proposed Shares in lieu Admission
Placing acquired of fees of the Placing
pursuant ^ and Shares
to the in lieu of
Placing fees
--------------------- ------------------------ ----------------- ------------- ------------------------
Number % of Number Number Number % of
of Ordinary issued of Ordinary of Ordinary of Ordinary issued
Shares share Shares Shares Shares share
capital capital
--------------------- ------------- --------- ----------------- ------------- ------------- ---------
Jeremy Asher(*) 1,805,308 6.6 7,111,111 458,410 9,374,829 12.4
--------------------- ------------- --------- ----------------- ------------- ------------- ---------
Peter Taylor 911,527 3.3 3,555,556 317,976 4,785,059 6.3
--------------------- ------------- --------- ----------------- ------------- ------------- ---------
Graeme Thomson 264,000 1.0 2,888,889 444,444 3,597,333 4.8
--------------------- ------------- --------- ----------------- ------------- ------------- ---------
Nigel Quinton 110,555 0.4 555,556 - 666,111 0.9
--------------------- ------------- --------- ----------------- ------------- ------------- ---------
Philip Frank(#) - - - 259,259 259,259 0.3
--------------------- ------------- --------- ----------------- ------------- ------------- ---------
Philip Swatman(++#) 30,000 0.1 - 296,297 326,297 0.4
--------------------- ------------- --------- ----------------- ------------- ------------- ---------
Peter Blakey(**) 616,667 2.2 1,333,333 18,996 1,968,996 2.6
--------------------- ------------- --------- ----------------- ------------- ------------- ---------
* 1,805,308 of these shares are held by Agile Energy Limited,
which is owned by the Asher Family Trust of which Jeremy Asher is a
lifetime beneficiary.
18,680 of these shares are held by QX Energy Limited, a company
controlled by Nigel Quinton, Exploration Director, and his
family.
++ 26,000 of these shares are held by Raigersfield Capital
Limited, a company controlled and 52% owned by Philip Swatman and
his wife.
** Denotes a former Director
^ Issued at prices between 2.25p and 26.85p
(#) Independent Directors
SHARE CAPITAL FOLLOWING THE PLACING AND SUBSCRIPTION
Application has been made for the Placing Shares and shares
issued in lieu of fees to be admitted to trading on AIM. It is
expected that Admission of the Shares will become effective and
that dealings will commence in the Placing and Contractual Shares
by 8.00 a.m. on or around 13 September 2016.
Following admission of the Shares, the Company's enlarged issued
share capital will comprise 75,803,421 Ordinary Shares of 1.0 pence
each with voting rights in the Company. 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 the interest in, the share capital of
the Company under the FCA's Disclosure and Transparency Rules.
IMPORTANT NOTICE
This announcement does not constitute or form part of any offer
or invitation to purchase, or otherwise acquire, subscribe for,
sell, otherwise dispose of or issue, or any solicitation of any
offer to sell, otherwise dispose of, issue, purchase, otherwise
acquire or subscribe for, any security in the capital of the
Company in any jurisdiction.
The information contained in this announcement is not to be
released, published, distributed or transmitted by any means or
media, directly or indirectly, in whole or in part, in or into the
United States or to any US Person. This announcement does not
constitute an offer to sell, or a solicitation of an offer to buy,
securities in the United States or to any US Person. Securities may
not be offered or sold in the United States absent: (i)
registration under the Securities Act; or (ii) an available
exemption from registration under the Securities Act. The
securities mentioned herein have not been, and will not be,
registered under the Securities Act and will not be offered to the
public in the United States.
This announcement does not constitute an offer to buy or to
subscribe for, or the solicitation of an offer to buy or subscribe
for, Ordinary Shares in the capital of the Company or any other
security in any jurisdiction in which such offer or solicitation is
unlawful. The securities mentioned herein have not been, and the
Ordinary Shares will not be, qualified for sale under the laws of
any of Canada, Australia, the Republic of South Africa or Japan and
may not be offered or sold in Canada, Australia, the Republic of
South Africa or Japan or to any national, resident or citizen of
Canada, Australia, the Republic of South Africa or Japan. Neither
this announcement nor any copy of it may be sent to or taken into
the United States, Canada, Australia, the Republic of South Africa
or Japan. In addition, the securities to which this announcement
relates must not be marketed into any jurisdiction where to do so
would be unlawful.
This announcement has been issued by and is the sole
responsibility of the Company.
Peel Hunt LLP is authorised and regulated in the UK by the
Financial Conduct Authority and is advising the Company and no one
else in connection with the Placing (whether or not a recipient of
this announcement). Peel Hunt will not be responsible to any person
other than the Company for providing the regulatory and legal
protections afforded to customers of Peel Hunt nor for providing
advice in relation to the contents of this announcement or any
matter, transaction or arrangement referred to in it. The
responsibilities of Peel Hunt, as nominated adviser under the AIM
Rules for Nominated Advisers, are owed solely to London Stock
Exchange and are not owed to the Company or to any Director or
Shareholder or to any other person in respect of their decision to
acquire Ordinary Shares in reliance on any part of this
announcement.
Note regarding forward-looking statements:
This announcement contains certain forward looking statements
relating to the Company's future prospects, developments and
business strategies. Forward looking statements are identified by
their use of terms and phrases such as "targets" "estimates",
"envisages", "believes", "expects", "aims", "intends", "plans",
"will", "may", "anticipates", "would", "could" or similar
expressions or the negative of those, variations or comparable
expressions, including references to assumptions.
The forward looking statements in this announcement are based on
current expectations and are subject to risks and uncertainties
which could cause actual results to differ materially from those
expressed or implied by those statements. These forward looking
statements relate only to the position as at the date of this
announcement. Neither the Directors nor the Company undertake any
obligation to update forward looking statements, other than as
required by the AIM Rules for Companies or by the rules of any
other applicable securities regulatory authority, whether as a
result of the information, future events or otherwise. You are
advised to read this announcement and the information incorporated
by reference herein, in its entirety. The events described in the
forward-looking statements made in this announcement may not
occur.
Neither the content of the Company's website (or any other
website) nor any website accessible by hyperlinks on the Company's
website (or any other website) is incorporated in, or forms part
of, this announcement.
Any person receiving this announcement is advised to exercise
caution in relation to the Placing. If in any doubt about any of
the contents of this announcement, independent professional advice
should be obtained.
Contacts
Tower Resources plc
Jeremy Asher (Chairman)
Graeme Thomson (CEO)
Andrew Matharu (VP - Corporate Affairs)
+44 20 7253 6639
Peel Hunt LLP (Nominated Adviser and Broker)
Richard Crichton/Ross Allister
+44 20 7418 8900
Vigo Communications
Chris McMahon/Richard De Pencier
+44 20 7016 9572
Regulatory
Notification and public disclosure of transactions by persons
discharging managerial responsibilities and persons closely
associated with them:
Details of the person discharging managerial
responsibilities / person closely associated
------------------------------------------------------------------
Name Jeremy Asher
------------------------------ ----------------------------------
Reason for the notification
------------------------------------------------------------------
Position/status Chairman
------------------------------ ----------------------------------
Initial notification Initial Notification
/Amendment
------------------------------ ----------------------------------
Details of the issuer, emission allowance
market participant, auction platform, auctioneer
or auction monitor
------------------------------------------------------------------
Name Tower Resources plc
------------------------------ ----------------------------------
LEI
------------------------------ ----------------------------------
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
------------------------------------------------------------------
Description Ord Shares of 1.0p each
of the
Financial
instrument,
type
of instrument
Identification
code
------------------------------ ----------------------------------
Nature of Placing
the transaction
------------------------------ ----------------------------------
Price(s) and Price(s) Volume(s)
volume(s) --------- ----------
2.25p 7,111,111
--------- ----------
------------------------------ ----------------------------------
Aggregated
information 45,919,084 shares
* Aggregated volume 2.25p per share
* Price
------------------------------ ----------------------------------
Date of the 2016-09-08 7:00am
transaction
------------------------------ ----------------------------------
Place of the London Stock Exchange, AIM (XLON)
transaction
------------------------------ ----------------------------------
Details of the person discharging managerial
responsibilities / person closely associated
------------------------------------------------------------------
Name Graeme Thomson
------------------------------ ----------------------------------
Reason for the notification
------------------------------------------------------------------
Position/status CEO
------------------------------ ----------------------------------
Initial notification Initial Notification
/Amendment
------------------------------ ----------------------------------
Details of the issuer, emission allowance
market participant, auction platform, auctioneer
or auction monitor
------------------------------------------------------------------
Name Tower Resources plc
------------------------------ ----------------------------------
LEI
------------------------------ ----------------------------------
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
------------------------------------------------------------------
Description Ord Shares of 1.0p each
of the
Financial
instrument,
type
of instrument
Identification
code
------------------------------ ----------------------------------
Nature of Placing
the transaction
------------------------------ ----------------------------------
Price(s) and Price(s) Volume(s)
volume(s) --------- ----------
2.25p 2,888,889
--------- ----------
------------------------------ ----------------------------------
Aggregated
information 45,919,084 shares
* Aggregated volume 2.25p per share
* Price
------------------------------ ----------------------------------
Date of the 2016-09-08 7:00am
transaction
------------------------------ ----------------------------------
Place of the London Stock Exchange, AIM (XLON)
transaction
------------------------------ ----------------------------------
Details of the person discharging managerial
responsibilities / person closely associated
------------------------------------------------------------------
Name Nigel Quinton
------------------------------ ----------------------------------
Reason for the notification
------------------------------------------------------------------
Position/status Exploration Director
------------------------------ ----------------------------------
Initial notification Initial Notification
/Amendment
------------------------------ ----------------------------------
Details of the issuer, emission allowance
market participant, auction platform, auctioneer
or auction monitor
------------------------------------------------------------------
Name Tower Resources plc
------------------------------ ----------------------------------
LEI
------------------------------ ----------------------------------
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
------------------------------------------------------------------
Description Ord Shares of 1.0p each
of the
Financial
instrument,
type
of instrument
Identification
code
------------------------------ ----------------------------------
Nature of Placing
the transaction
------------------------------ ----------------------------------
Price(s) and Price(s) Volume(s)
volume(s) --------- ----------
2.25p 555,556
--------- ----------
------------------------------ ----------------------------------
Aggregated
information 45,919,084 shares
* Aggregated volume 2.25p per share
* Price
------------------------------ ----------------------------------
Date of the 2016-09-08 7:00am
transaction
------------------------------ ----------------------------------
Place of the London Stock Exchange, AIM (XLON)
transaction
------------------------------ ----------------------------------
Details of the person discharging managerial
responsibilities / person closely associated
------------------------------------------------------------------
Name Peter Taylor
------------------------------ ----------------------------------
Reason for the notification
------------------------------------------------------------------
Position/status Non Executive Director
------------------------------ ----------------------------------
Initial notification Initial Notification
/Amendment
------------------------------ ----------------------------------
Details of the issuer, emission allowance
market participant, auction platform, auctioneer
or auction monitor
------------------------------------------------------------------
Name Tower Resources plc
------------------------------ ----------------------------------
LEI
------------------------------ ----------------------------------
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
------------------------------------------------------------------
Description Ord Shares of 1.0p each
of the
Financial
instrument,
type
of instrument
Identification
code
------------------------------ ----------------------------------
Nature of Placing
the transaction
------------------------------ ----------------------------------
Price(s) and Price(s) Volume(s)
volume(s) --------- ----------
2.25p 3,555,556
--------- ----------
------------------------------ ----------------------------------
Aggregated
information 45,919,084 shares
* Aggregated volume 2.25p per share
* Price
------------------------------ ----------------------------------
Date of the 2016-09-08 7:00am
transaction
------------------------------ ----------------------------------
Place of the London Stock Exchange, AIM (XLON)
transaction
------------------------------ ----------------------------------
Details of the person discharging managerial
responsibilities / person closely associated
------------------------------------------------------------------
Name Jeremy Asher
------------------------------ ----------------------------------
Reason for the notification
------------------------------------------------------------------
Position/status Chairman
------------------------------ ----------------------------------
Initial notification Initial Notification
/Amendment
------------------------------ ----------------------------------
Details of the issuer, emission allowance
market participant, auction platform, auctioneer
or auction monitor
------------------------------------------------------------------
Name Tower Resources plc
------------------------------ ----------------------------------
LEI
------------------------------ ----------------------------------
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
------------------------------------------------------------------
Description Ord Shares of 1.0p each
of the
Financial
instrument,
type
of instrument
Identification
code
------------------------------ ----------------------------------
Nature of Salary Sacrifice
the transaction
------------------------------ ----------------------------------
Price(s) and Price(s) Volume(s)
volume(s) ---------- ----------
2.25p to
26.85p 458,410
---------- ----------
------------------------------ ----------------------------------
Aggregated
information 1,795,382 shares
* Aggregated volume 2.25p to 26.85p per share
* Price
------------------------------ ----------------------------------
Date of the 2016-09-08 7:00am
transaction
------------------------------ ----------------------------------
Place of the London Stock Exchange, AIM (XLON)
transaction
------------------------------ ----------------------------------
Details of the person discharging managerial
responsibilities / person closely associated
------------------------------------------------------------------
Name Graeme Thomson
------------------------------ ----------------------------------
Reason for the notification
------------------------------------------------------------------
Position/status CEO
------------------------------ ----------------------------------
Initial notification Initial Notification
/Amendment
------------------------------ ----------------------------------
Details of the issuer, emission allowance
market participant, auction platform, auctioneer
or auction monitor
------------------------------------------------------------------
Name Tower Resources plc
------------------------------ ----------------------------------
LEI
------------------------------ ----------------------------------
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
------------------------------------------------------------------
Description Ord Shares of 1.0p each
of the
Financial
instrument,
type
of instrument
Identification
code
------------------------------ ----------------------------------
Nature of Salary Sacrifice
the transaction
------------------------------ ----------------------------------
Price(s) and Price(s) Volume(s)
volume(s) --------- ----------
2.25p 444,444
--------- ----------
------------------------------ ----------------------------------
Aggregated
information 1,795,382 shares
* Aggregated volume 2.25p to 26.85p per share
* Price
------------------------------ ----------------------------------
Date of the 2016-09-08 7:00am
transaction
------------------------------ ----------------------------------
Place of the London Stock Exchange, AIM (XLON)
transaction
------------------------------ ----------------------------------
Details of the person discharging managerial
responsibilities / person closely associated
------------------------------------------------------------------
Name Peter Taylor
------------------------------ ----------------------------------
Reason for the notification
------------------------------------------------------------------
Position/status Non Executive Director
------------------------------ ----------------------------------
Initial notification Initial Notification
/Amendment
------------------------------ ----------------------------------
Details of the issuer, emission allowance
market participant, auction platform, auctioneer
or auction monitor
------------------------------------------------------------------
Name Tower Resources plc
------------------------------ ----------------------------------
LEI
------------------------------ ----------------------------------
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
------------------------------------------------------------------
Description Ord Shares of 1.0p each
of the
Financial
instrument,
type
of instrument
Identification
code
------------------------------ ----------------------------------
Nature of Salary Sacrifice
the transaction
------------------------------ ----------------------------------
Price(s) and Price(s) Volume(s)
volume(s) ---------- ----------
2.25p to
26.85p 317,976
---------- ----------
------------------------------ ----------------------------------
Aggregated
information 1,795,382 shares
* Aggregated volume 2.25p to 26.85p per share
* Price
------------------------------ ----------------------------------
Date of the 2016-09-08 7:00am
transaction
------------------------------ ----------------------------------
Place of the London Stock Exchange, AIM (XLON)
transaction
------------------------------ ----------------------------------
Details of the person discharging managerial
responsibilities / person closely associated
------------------------------------------------------------------
Name Philip Frank
------------------------------ ----------------------------------
Reason for the notification
------------------------------------------------------------------
Position/status Non Executive Director
------------------------------ ----------------------------------
Initial notification Initial Notification
/Amendment
------------------------------ ----------------------------------
Details of the issuer, emission allowance
market participant, auction platform, auctioneer
or auction monitor
------------------------------------------------------------------
Name Tower Resources plc
------------------------------ ----------------------------------
LEI
------------------------------ ----------------------------------
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
------------------------------------------------------------------
Description Ord Shares of 1.0p each
of the
Financial
instrument,
type
of instrument
Identification
code
------------------------------ ----------------------------------
Nature of Salary Sacrifice
the transaction
------------------------------ ----------------------------------
Price(s) and Price(s) Volume(s)
volume(s) --------- ----------
2.25p 259,259
--------- ----------
------------------------------ ----------------------------------
Aggregated
information 1,795,382 shares
* Aggregated volume 2.25p to 26.85p per share
* Price
------------------------------ ----------------------------------
Date of the 2016-09-08 7:00am
transaction
------------------------------ ----------------------------------
Place of the London Stock Exchange, AIM (XLON)
transaction
------------------------------ ----------------------------------
Details of the person discharging managerial
responsibilities / person closely associated
------------------------------------------------------------------
Name Philip Swatman
------------------------------ ----------------------------------
Reason for the notification
------------------------------------------------------------------
Position/status Non Executive Director
------------------------------ ----------------------------------
Initial notification Initial Notification
/Amendment
------------------------------ ----------------------------------
Details of the issuer, emission allowance
market participant, auction platform, auctioneer
or auction monitor
------------------------------------------------------------------
Name Tower Resources plc
------------------------------ ----------------------------------
LEI
------------------------------ ----------------------------------
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
------------------------------------------------------------------
Description Ord Shares of 1.0p each
of the
Financial
instrument,
type
of instrument
Identification
code
------------------------------ ----------------------------------
Nature of Salary Sacrifice
the transaction
------------------------------ ----------------------------------
Price(s) and Price(s) Volume(s)
volume(s) --------- ----------
2.25p 296,297
--------- ----------
------------------------------ ----------------------------------
Aggregated
information 1,795,382 shares
* Aggregated volume 2.25p to 26.85p per share
* Price
------------------------------ ----------------------------------
Date of the 2016-09-08 7:00am
transaction
------------------------------ ----------------------------------
Place of the London Stock Exchange, AIM (XLON)
transaction
------------------------------ ----------------------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
DSHLIFLDALITIIR
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September 08, 2016 03:15 ET (07:15 GMT)
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