Last checked at 16 Aug 2022 07:00
16 August 2022
Tower Resources plc
Grant of Options under Annual Long Term Incentive Plan
Tower Resources plc (the "Company" or "Tower" (TRP.L, TRP LN)), the AIM listed oil and gas company with its focus on Africa, announces that it has made an annual award of share options under its Long Term Incentive plan.
The share options (the "Options") over a total of 148 million new ordinary shares ("Shares") in the capital of the Company were awarded on 15 August 2022 at an exercise price of 0.30 pence per ordinary share, being a premium of 48% over the closing price of the Shares on that day. 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, and will be governed by the terms of the Company's existing share option scheme (the "Scheme"). The award of options under the Long Term Incentive plan is an annual event, which normally takes place in the first quarter of each year, but was delayed in 2022 due to a closed period and other factors.
Details of the grant to directors, PDMRs and consultants are set out below:
Director/PDMR | Existing number of options | Number of new options granted | Total number of options held following issue |
Jeremy Asher‡ | 180,000,000 | 100,000,000 | 280,000,000 |
Honore Dairou | 45,000,000 | 34,000,000 | 79,000,000 |
Consultants | 16,500,000 | 11,000,000 | 27,500,000 |
Others | 2,500,000 | 3,000,000 | 5,500,000 |
TOTAL | 244,000,000 | 148,000,000 | 392,000,000 |
‡ Held by Pegasus Petroleum Ltd, which is owned and controlled by Jeremy Asher
Options in issue
Following the above issue of Options, the total number of Options in issue is 392,000,000 equating to 8.30% of the Company's enlarged share capital assuming full exercise of all warrants and share options.
Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ('MAR'). Upon the publication of this announcement via Regulatory Information Service ('RIS'), this inside information is now considered to be in the public domain.
Contacts
Tower Resources plc | +44 20 7157 9625 |
Jeremy AsherChairman and CEO |
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Andrew MatharuVP - Corporate Affairs |
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SP Angel Corporate Finance LLPNominated Adviser and Joint Broker Stuart Gledhill Caroline Rowe
| +44 20 3470 0470 |
Novum Securities LtdJoint Broker Jon Bellis Colin Rowbury | +44 20 7399 9400 |
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Panmure Gordon (UK) LimitedJoint Broker John Prior Hugh Rich
| +44 20 7886 2500 |
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 CEO | ||||||
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 instrument, type of instrument: Identification code: | Ordinary Shares of 0.001 pence each GB00BZ6D6J81
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b) | Nature of the transaction: | Grant of Share Options | ||||||
c) | Price(s) and volume(s): |
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d) | Aggregated information: Aggregated volume: Price: | Single transaction as in 4 c) above
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e) | Date of the transaction: | 15 August 2022 18:00 BST | ||||||
f) | Place of the transaction: | Outside a trading venue | ||||||
1. | Details of the person discharging managerial responsibilities/person closely associated | |||||||
a) | Name: | Honore Dairou | ||||||
2. | Reason for the notification | |||||||
a) | Position/status: | Director Tower Resources Cameroon S.A | ||||||
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 instrument, type of instrument: Identification code: | Ordinary Shares of 0.001 pence each GB00BZ6D6J81
| ||||||
b) | Nature of the transaction: | Grant of Share Options | ||||||
c) | Price(s) and volume(s): |
| ||||||
d) | Aggregated information: Aggregated volume: Price: | Single transaction as in 4 c) above
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e) | Date of the transaction: | 15 August 2022 18:00 BST | ||||||
f) | Place of the transaction: | Outside a trading venue | ||||||