Tower Resources PLC Directorate Changes (6772N)
October 28 2016 - 2:00AM
UK Regulatory
TIDMTRP
RNS Number : 6772N
Tower Resources PLC
28 October 2016
28 October 2016
Tower Resources plc
Directorate Changes
Tower Resources plc (the "Company" or "Tower" (TRP.L, TRP LN)),
the AIM listed Africa focussed oil and gas exploration company,
announces the following changes to the Board as part of the
previously announced restructuring of the Company's cost base.
Graeme Thomson has notified the company of his decision to step
down as Chief Executive Officer of the Company, with effect from 31
October, in order to help deliver the necessary reduction in costs.
We are pleased to announce that Graeme has agreed to continue with
the Company as a Non-Executive Director. From 1 November, Jeremy
Asher will assume the combined role of Chairman and Chief Executive
Officer.
Nigel Quinton, Exploration Director, has relinquished his role
as Exploration Director with effect from 26 October, but will
remain available to the Company, as required, on a consultancy
basis.
In addition, Non-Executive Directors Philip Swatman and Philip
Frank have offered to resign from the Board, and the Company has
accepted these resignations with effect from 31 December 2016.
In total, the effect of these changes will be to reduce the
company's payroll costs substantially. The only cost to implement
these changes, Graeme Thomson and Nigel Quinton having waived any
contractual notice entitlements, will be around GBP40,000 of legal
and settlement expenses, and the issuance of 1.5 million fully
vested stock options (at a strike price of 2.25p with an expiry
date of 26 October 2021) to Nigel Quinton as part of establishing
the new consultancy arrangements.
Following these changes the Board will be comprised as
follows:
Jeremy Asher (Chairman and Chief Executive Officer)
Peter Taylor (Non-Executive Director)
Graeme Thomson (Non-Executive Director)
Jeremy Asher, Chairman of Tower, commented:
"Peter and I are very grateful to Graeme, Nigel, Philip and
Philip for their contributions to the Company to date, and for
their kindness in proposing these changes as part of our cost
reduction programme. Philip and Philip have both been consummate
non-executive Directors, and when we began discussing the reduction
of senior staff costs, it was typical of their integrity to propose
that a smaller board was also appropriate and to offer to help
achieve that. 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."
This announcement is inside information for the purposes of
Article 7 of Regulation 596/2014.
Contacts
Tower Resources plc
Jeremy Asher (Chairman)
Andrew Matharu (VP - Corporate Affairs)
+44 20 7253 6639
Peel Hunt LLP (Nominated Adviser and Broker)
Richard Crichton/Ross Allister
+44 20 7418 8900
The notifications below, made in accordance with the
requirements of the Market Abuse Regulation, provide further
detail.
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 Nigel Quinton
--- ------------------------------ --------------------------------------
2. Reason for the notification
--- ----------------------------------------------------------------------
a. Position/status PCA/former PDMR (Exploration Director
changing status)
--- ------------------------------ --------------------------------------
b. Initial notification Initial Notification
/Amendment
--- ------------------------------ --------------------------------------
3. Details of the issuer, emission allowance
market participant, auction platform, auctioneer
or auction monitor
--- ----------------------------------------------------------------------
a. Name Tower Resources PLC
--- ------------------------------ --------------------------------------
b. LEI -
--- ------------------------------ --------------------------------------
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 Options to subscribe for new ordinary
of the shares of GBP0.01 each
Financial
instrument,
type
of instrument
Identification
code
--- ------------------------------ --------------------------------------
b. Nature of Grant of Options
the transaction
--- ------------------------------ --------------------------------------
c. Price(s) Price(s) Volume(s)
and volume(s) ----------- ----------
GBP0.0225 1,500,000
----------- ----------
--- ------------------------------ --------------------------------------
d. Aggregated
information
* Aggregated volume N/A - single transaction
N/A - single transaction
* Price
--- ------------------------------ --------------------------------------
e. Date of the 26 October 2016
transaction
--- ------------------------------ --------------------------------------
f. Place of Outside of a trading venue
the transaction
--- ------------------------------ --------------------------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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