TIDMTRP
RNS Number : 4351I
Tower Resources PLC
09 December 2015
9 December 2015
Tower Resources plc
Contractual Issue of Equity, Voluntary Cancellation of Options
and Allocation of Previously Announced 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 issuance of New Ordinary Shares, voluntary
cancellation of options and allocation of previously announced
options.
Contractual Issue of Equity
Pursuant to contractual arrangements and as further detailed
below, Tower has issued 42,676,920 New Ordinary Shares at a price
of 0.1791p as part payment for services provided in the third
quarter of 2015 and to certain Directors in lieu of fees. The issue
price represents the average of the closing share price for the
calendar quarter ending 30 September 2015.
A total of 39,187,248 New Ordinary Shares have today 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 July 2015 to
30 September 2015. P.D.F Limited now holds a total of 182,051,292
Ordinary Shares, including 17,350,438 Ordinary Shares in Tower
owned by Dr. Mark Enfield, representing a combined interest of 2.7%
of the issued share capital.
A total of 3,489,672 New Ordinary Shares have today been issued
to certain Directors in lieu of fees foregone in the third 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.
Shareholding prior to Shares Issued Shareholding following % of Issued Share Capital
issue issue
---------------- --------------------------- -------------- --------------------------- --------------------------
Jeremy Asher 449,233,364(*) 2,093,803 451,327,167(*) 6.6%
---------------- --------------------------- -------------- --------------------------- --------------------------
Graeme Thomson 36,500,000 - 36,500,000 0.5%
---------------- --------------------------- -------------- --------------------------- --------------------------
Nigel Quinton 27,638,628(++) - 27,638,628(++) 0.4%
---------------- --------------------------- -------------- --------------------------- --------------------------
Peter Blakey 152,130,216 - 152,130,216 2.2%
---------------- --------------------------- -------------- --------------------------- --------------------------
Peter Taylor 226,485,793 1,395,869 227,881,662 3.3%
---------------- --------------------------- -------------- --------------------------- --------------------------
Philip Swatman 7,500,000(**) - 7,500,000(**) 0.1%
---------------- --------------------------- -------------- --------------------------- --------------------------
* These shares are held by Agile Energy Limited, which is owned
by the Asher Family Trust of which Jeremy Asher is the lifetime
beneficiary.
**5,000,000 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, Exploration Director, 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 14 December 2015.
Following Admission of the above New Ordinary Shares, the
Company's enlarged issued share capital will comprise of
6,807,118,052 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.
Voluntary Cancellation of Options
Certain Directors, management and retained consultants have
voluntarily relinquished options granted over 131,000,000 ordinary
shares with exercise prices ranging from 0.75 pence to 3.50 pence
per share and with expiry dates ranging from April 2017 to October
2019. These voluntary cancellations are set out in the table below.
The 78,700,000 options granted on 27 December 2014 with an exercise
price of 0.70 pence per share have been retained by the Directors,
management and consultants.
Allocation of Previously Announced Options
As announced on 15 July 2015, as part of the placing and
subscription, the Remuneration Committee of the Board has now
allocated these options at the Placing price of 0.19p per share
over an aggregate of 120,000,000 ordinary shares. 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 Number of options Number of options Total number of
prior to grant and granted at 0.19p cancelled remaining options
cancellation
----------------------- --------------------- ---------------------- ---------------------- ----------------------
Graeme Thomson, CEO 85,000,000 33,000,000 50,000,000 68,000,000
----------------------- --------------------- ---------------------- ---------------------- ----------------------
Nigel Quinton,
Exploration Director 42,000,000 27,000,000 27,000,000 42,000,000
----------------------- --------------------- ---------------------- ---------------------- ----------------------
Philip Swatman,
Non-Executive
Director 1,500,000 - 1,500,000 -
----------------------- --------------------- ---------------------- ---------------------- ----------------------
Eric Griffith, Asset
Manager 12,500,000 16,200,000 10,000,000 18,700,000
----------------------- --------------------- ---------------------- ---------------------- ----------------------
Andrew Matharu, VP
Corporate Affairs 25,000,000 15,000,000 15,000,000 25,000,000
----------------------- --------------------- ---------------------- ---------------------- ----------------------
Andrew Smith,
Financial Controller 10,700,000 14,700,000 - 25,400,000
----------------------- --------------------- ---------------------- ---------------------- ----------------------
P.D.F Limited 2008
Employee Benefit
Trust 21,500,000 12,000,000 17,500,000 16,000,000
----------------------- --------------------- ---------------------- ---------------------- ----------------------
Others 11,500,000 2,100,000 10,000,000 3,600,000
----------------------- --------------------- ---------------------- ---------------------- ----------------------
Total 209,700,000 120,000,000 131,000,000 198,700,000
----------------------- --------------------- ---------------------- ---------------------- ----------------------
The total number of outstanding options is now 198,700,000
representing 2.8% 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 December
2020.
Contacts
Tower Resources
Graeme Thomson (CEO)
Andrew Matharu (VP - Corporate Affairs)
+44 20 7253 6639
Peel Hunt LLP (Nominated Adviser and Joint Broker)
Richard Crichton/Ross Allister
+44 20 7418 8900
GMP Securities Europe LLP (Joint Broker)
Rob Collins/Emily Morris
+44 20 7647 2800
Vigo Communications
Chris McMahon/Alex Aleksandrov
+44 20 7016 9572
This information is provided by RNS
The company news service from the London Stock Exchange
END
IOELFFELFDLTIIE
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