TIDMTRP
RNS Number : 4296C
Tower Resources PLC
01 October 2018
1 October 2018
Tower Resources plc
Issue of Warrants to Directors
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 issue of warrants to Directors in lieu of
fees.
Warrants are being issued in lieu of GBP15,000 (in aggregate) of
Directors fees to Peter Taylor and Graeme Thomson (non-executive
directors), and Jeremy Asher (as Chairman) in partial settlement of
fees due for the period from 1 October 2018 to 31 December 2018, to
conserve the Company's working capital.
The warrants are exercisable at a price of 1.575 pence
("Warrants"), which is the closing share price on 28 September 2018
and are exercisable for a period of 5 years from the date of issue.
The Warrants being issued are detailed below:
Director Number of Total number Shareholding % of issued
Warrants being of Warrants upon exercise share capital
issued held* of total number upon exercise
of Warrants of Warrants
held
Peter Taylor 1,171,875 9,976,128 25,427,854 6.0%
---------------- ------------- ----------------- ---------------
Graeme Thomson 1,171,875 9,976,128 15,126,895 3.6%
---------------- ------------- ----------------- ---------------
Jeremy Asher 2,343,750 16,412,436 46,453,931 11.0%
---------------- ------------- ----------------- ---------------
*Warrants are held at different prices.
As previously announced, the Directors will consider issuing
further warrants in lieu of fees for each calendar quarter based on
the closing price of the stock and the warrant valuation on the
last day of the previous quarter and will make an election and
announce the issue of warrants (if so elected) at the earliest
opportunity in each calendar quarter. This election will be made by
the Board with each Director taking into consideration the working
capital position of the Company.
Director Dealings and Related Party Transaction
Peter Taylor, Graeme Thomson and Jeremy Asher are considered to
be "related parties" as defined under the AIM Rules and
accordingly, the issue of Warrants to them constitutes a related
party transaction for the purposes of Rule 13 of the AIM Rules.
David M Thomas, being the sole Director independent of the
transaction, considers, having consulted with SP Angel Corporate
Finance LLP, the Company's nominated adviser, that the terms of the
issue of warrants are fair and reasonable insofar as the Company's
shareholders are concerned.
Warrants and Options in issue
Following the above issue of Warrants, the total number of
warrants in issue is 43,439,692 equating to 10.3% of the Company's
enlarged issued share capital assuming full exercise of all
warrants. The current issued share capital of the Company comprises
377,335,427 shares.
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 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
NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS
DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY
ASSOCIATED WITH THEM:
MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH
THEM
1. Details of the person discharging managerial responsibilities/person
closely associated
a) Name: Peter Taylor
--------------------------------- -------------------------------------------
2. Reason for the notification
------------------------------------------------------------------------------
a) Position/status: Non-Executive Director
--------------------------------- -------------------------------------------
b) Initial notification/Amendment: Initial notification
--------------------------------- -------------------------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
------------------------------------------------------------------------------
a) Name: Tower Resources PLC
--------------------------------- -------------------------------------------
b) LEI: 2138002J9VH6PN7P2B09
--------------------------------- -------------------------------------------
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 of the financial Ordinary Shares of
instrument, type of instrument: 1 pence each
Identification code: GB00BZ6D6J81
--------------------------------- -------------------------------------------
b) Nature of the transaction: Warrants in lieu of
Directors fees
--------------------------------- -------------------------------------------
c) Price(s) and volume(s): Price(s) Volume(s)
1.575 pence 1,171,875
----------
--------------------------------- -------------------------------------------
d) Aggregated information: Single transaction
Aggregated volume: as in 4 c) above Price(s) Volume(s)
Price: 1.575 pence 1,171,875
--------------------------------- -------------------------------------------
e) Date of the transaction: 1 October 2018
07:00 GMT
--------------------------------- -------------------------------------------
f) Place of the transaction: Outside a trading
venue
--------------------------------- -------------------------------------------
1. Details of the person discharging managerial responsibilities/person
closely associated
a) Name: Graeme Thomson
--------------------------------- -------------------------------------------
2. Reason for the notification
------------------------------------------------------------------------------
a) Position/status: Non-Executive Director
--------------------------------- -------------------------------------------
b) Initial notification/Amendment: Initial notification
--------------------------------- -------------------------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
------------------------------------------------------------------------------
a) Name: Tower Resources PLC
--------------------------------- -------------------------------------------
b) LEI: 2138002J9VH6PN7P2B09
--------------------------------- -------------------------------------------
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 of the financial Ordinary Shares of
instrument, type of instrument: 1 pence each
Identification code: GB00BZ6D6J81
--------------------------------- -------------------------------------------
b) Nature of the transaction: Warrants in lieu of
Directors fees
--------------------------------- -------------------------------------------
c) Price(s) and volume(s): Price(s) Volume(s)
1.575 pence 1,171,875
----------
--------------------------------- -------------------------------------------
d) Aggregated information: Single transaction
Aggregated volume: as in 4 c) above Price(s) Volume(s)
Price: 1.575 pence 1,171,875
--------------------------------- -------------------------------------------
e) Date of the transaction: 1 October 2018
07:00 GMT
--------------------------------- -------------------------------------------
f) Place of the transaction: Outside a trading
venue
--------------------------------- -------------------------------------------
1. Details of the person discharging managerial responsibilities/person
closely associated
a) Name: Jeremy Asher
--------------------------------- ----------------------------------------
2. Reason for the notification
---------------------------------------------------------------------------
a) Position/status: Chairman and Chief
Executive Officer
--------------------------------- ----------------------------------------
b) Initial notification/Amendment: Initial notification
--------------------------------- ----------------------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
---------------------------------------------------------------------------
a) Name: Tower Resources PLC
--------------------------------- ----------------------------------------
b) LEI: 2138002J9VH6PN7P2B09
--------------------------------- ----------------------------------------
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 of the financial Ordinary Shares of
instrument, type of instrument: 1 pence each
Identification code: GB00BZ6D6J81
--------------------------------- ----------------------------------------
b) Nature of the transaction: Warrants in lieu of
Directors fees
--------------------------------- ----------------------------------------
c) Price(s) and volume(s): Price(s) Volume(s)
1.575 pence 2,343,750
----------
--------------------------------- ----------------------------------------
d) Aggregated information: Single Transaction
Aggregated volume: as in 4 c) above Price(s) Volume(s)
Price: 1.575
pence 2,343,750
--------------------------------- ----------------------------------------
e) Date of the transaction: 1 October 2018
07:00 GMT
--------------------------------- ----------------------------------------
f) Place of the transaction: Outside a trading
venue
--------------------------------- ----------------------------------------
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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