Tower Resources PLC Grant of Options (2001S)
March 16 2016 - 3:02AM
UK Regulatory
TIDMTRP
RNS Number : 2001S
Tower Resources PLC
16 March 2016
16 March 2016
Tower Resources plc
Grant of Options
Tower Resources plc (the "Company" or "Tower" (TRP.L, TRP LN)),
the AIM listed Africa-focussed oil and gas exploration company,
announces the following grant of options to certain directors,
members of the management team and retained consultants.
The Remuneration Committee of the Board has decided to grant
options over an aggregate of 134,400,000 ordinary shares at a
premium of 150% over the current share price, being an exercise
price of 0.19p per share and which was the Placing price of the
Company's most recent placing announced on 15 July 2015. 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.
Director/PDMR Number of options prior to Number of options granted Total number of remaining
grant at 0.19p options
---------------------------- ---------------------------- ---------------------------- ----------------------------
Graeme Thomson, CEO 68,000,000 31,500,000 99,500,000
---------------------------- ---------------------------- ---------------------------- ----------------------------
Nigel Quinton, Exploration
Director 42,000,000 27,000,000 69,000,000
---------------------------- ---------------------------- ---------------------------- ----------------------------
Philip Swatman,
Non-Executive Director - 1,500,000 1,500,000
---------------------------- ---------------------------- ---------------------------- ----------------------------
Philip Frank, Non-Executive
Director - 1,500,000 1,500,000
---------------------------- ---------------------------- ---------------------------- ----------------------------
Eric Griffith, Asset
Manager 18,700,000 22,700,000 41,400,000
---------------------------- ---------------------------- ---------------------------- ----------------------------
Andrew Matharu, VP
Corporate Affairs 25,000,000 16,600,000 41,600,000
---------------------------- ---------------------------- ---------------------------- ----------------------------
Andrew Smith, Financial
Controller 25,400,000 16,000,000 41,400,000
---------------------------- ---------------------------- ---------------------------- ----------------------------
P.D.F Limited 2008 Employee
Benefit Trust 16,000,000 12,000,000 28,000,000
---------------------------- ---------------------------- ---------------------------- ----------------------------
Others 3,600,000 5,600,000 9,200,000
---------------------------- ---------------------------- ---------------------------- ----------------------------
Total 198,700,000 134,400,000 333,100,000
---------------------------- ---------------------------- ---------------------------- ----------------------------
The total number of outstanding options is now 333,100,000
representing 4.6% of the fully diluted issued share capital of the
Company with an exercise price ranging from 0.19 to 0.70 pence per
share and with expiry dates ranging from December 2019 to February
2021.
Contacts
Tower Resources
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/Alex Aleksandrov
+44 20 7830 9702
This information is provided by RNS
The company news service from the London Stock Exchange
END
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