Tower Resources PLC Result of AGM (3611U)
April 06 2016 - 09:56AM
UK Regulatory
TIDMTRP
RNS Number : 3611U
Tower Resources PLC
06 April 2016
6 April 2016
Tower Resources plc
Results of Annual General Meeting and Share Capital
Reorganisation
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 at the Annual General Meeting ("AGM") of
the Company held earlier today, all of the resolutions proposed in
the notice of meeting set out in a circular to shareholders dated
14 March 2016 ("Circular"), were duly passed. Mr Peter Blakey has,
as previously announced, stepped down from the Board following the
AGM.
In addition to the usual business, the Company also sought
shareholder approval for a consolidation and sub-division of the
Company's share capital (the "Share Capital Reorganisation"),
details of which were included in the Circular.
Following the passing of the Share Capital Reorganisation
resolutions, every 250 existing ordinary shares of 0.1p each
("Existing Ordinary Shares") that are in issue as at 5.00pm today
will be consolidated into one new ordinary share of GBP0.01 each
("New Ordinary Share"). Other than the change in nominal value, the
New Ordinary Shares arising on implementation of the share
consolidation will have the same rights as the Existing Ordinary
Shares, including voting and other rights. All existing options and
warrants will be consolidated on the same 250-to-1 basis and the
Company's new SEDOL code will be BZ6D6J8 and its new ISIN code will
be GB00BZ6D6J81.
All shareholders and option holders will retain the same
percentage interest in the Company post consolidation as previously
held.
Application has been made for the New Ordinary Shares to be
admitted to trading on AIM and this is expected to become effective
at 8.00am on or around 7 April 2016. With effect from admission,
the Company's issued share capital will comprise 27,228,472 New
Ordinary Shares with each share carrying the right to one vote.
There are no shares held in treasury. The total number of voting
rights in the Company is therefore 27,228,472 and this figure may
be used by shareholders as the denominator for the calculations by
which they determine if they are required to notify their interest
in, or a change to their interest in, the Company under the FCA's
Disclosure and Transparency Rules.
Shareholders who hold Existing Ordinary Shares in uncertificated
form will have their CREST accounts credited with the New Ordinary
Shares following Admission on 7 April 2016. Following the Share
Capital Reorganisation, existing share certificates will cease to
be valid and new share certificates will be despatched to those
shareholders who hold their Existing Ordinary Shares in
certificated form, on or before 21 April 2016.
At the AGM the Chairman, Mr Jeremy Asher, who owns 6.6% of the
issued share capital, said:
"2015 was a year of transition for Tower, as we explained in our
Annual Report. We have repositioned our portfolio to include proven
basins, with the signing of a 100% interest in the Thali PSC in the
prolific Rio Del Rey shallow water area of Cameroon. Thali already
has three discovery wells, so it is already part-way to reaching a
commercial reserve threshold.
We have also reduced and deferred our other near-term
commitments, to minimise risk and near-term funding needs, to the
extent possible, while retaining the longer term upside we see in
South Africa, Zambia, and Namibia. All three offer huge upside
potential with large acreage positions in very underexplored but
highly promising basins. The changed oil price environment and
negative market sentiment make it unattractive to spend money on
high-risk drilling at the moment, but we can maintain such longer
term opportunities with low cost work to be done in the next couple
of years. Tower is now operator in Cameroon and Zambia and it is as
operator that we have applied for new licences in Namibia and
elsewhere, which allows us to control the precise nature, cost and
timing of our activity.
I would like to see Tower use this period of low acquisition and
entry costs to further strengthen our portfolio with more low risk
exploration and appraisal opportunities in proven and emerging
basins, ideally as operator. We will only invest where we envisage
returns of many multiples of our investment in the medium-term, and
where we are confident of being able to attract the required
capital, but the current difficult market does present some
outstanding opportunities.
Meanwhile, in Thali, our flagship project in Cameroon, our plans
for the acquisition of high resolution 3D seismic proceed apace,
with environmental approvals expected very shortly. We have a local
team in place and relationships with Government and other
stakeholders are excellent. We expect to be making decisions in the
next few months regarding potential contractors and industry
partners.
I believe that Tower now has an attractive, well-focused
portfolio, combining proven and frontier basin interests. Our team
is flexible and appropriate for today's conditions and our active
management of near-term commitments and risk should position us
well to reap the upside when the sector recovery comes, as it
inevitably will."
Contacts
Tower Resources
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 / Patrick d'Ancona
+44 20 7830 9702
This information is provided by RNS
The company news service from the London Stock Exchange
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