Tower Resources PLC Issue of Equity (4303N)
09 May 2018 - 4:01PM
UK Regulatory
TIDMTRP
RNS Number : 4303N
Tower Resources PLC
09 May 2018
9 May 2018
Tower Resources plc
Issue of Equity
Tower Resources plc (the "Company" or "Tower" (TRP.L, TRP LN)),
the AIM listed oil and gas company with its focus on Africa,
announces the following issuance of new ordinary shares of 1.0
pence each in the capital of the Company (the "New Shares").
The Board has agreed to issue 3,064,907 New Shares to allow its
subsidiary, Tower Resources Cameroon S.A, to make a share award to
Honore Mbouombouo Dairou, Country Manager Cameroon, in lieu of a
bonus. The New Shares are being issued at a price of 1.45p per New
Share being the share price of the closing trade on 8 May 2018. The
total value of the award is approximately $60,000 (GBP44,400).
Related Party Transaction
Honore Mbouombouo Dairou, as a director of Tower Resources
Cameroon S.A, is a related party to Tower, as defined in the AIM
Rules for Companies. The issue of New Shares is therefore
considered a related party transaction for the purposes of Rule 13
of the AIM Rules ("Related Party Transaction").
Jeremy Asher, Peter Taylor, Graeme Thomson and David M Thomas,
being the independent Directors for the purposes of the Related
Party Transaction, consider, having consulted with the Company's
nominated adviser, SP Angel Corporate Finance LLP, that the terms
and conditions of the Related Party Transaction are fair and
reasonable insofar as the shareholders of the Company are
concerned.
Details of the New Shares
Application will be made for the New Shares, which will rank
pari passu with the existing shares, to be admitted to trading on
AIM ("Admission"). It is expected that Admission will become
effective and dealings will commence in the New Shares on or around
14 May 2017.
Total Voting Rights
Following the issue of the New Shares, the issued share capital
of the Company will consist of 377,335,427 shares. No shares were
held in treasury at the date of this announcement. The total
current voting rights in the Company are therefore 377,335,427.
The above total current voting rights number is the figure which
may be used by shareholders as the denominator for the calculation
by which they will determine if they are required to notify their
interest in, or a change to their interest in the Company.
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
Contacts
Tower Resources plc +44 20 7157 9625 info@towerresources.co.uk
Jeremy Asher
Chairman and CEO
Andrew Matharu
VP - Corporate Affairs
SP Angel Corporate Finance
LLP
Nominated Adviser and
Broker +44 20 3470 0470
Stuart Gledhill
Caroline Rowe
This information is provided by RNS
The company news service from the London Stock Exchange
END
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