Grant of Options under Annual LTIP

RNS Number : 0890W
Tower Resources PLC
16 August 2022
 

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 Asher
Chairman and CEO

 

 

Andrew Matharu
VP - Corporate Affairs

 

 

 

SP Angel Corporate Finance LLP
Nominated Adviser and Joint Broker

Stuart Gledhill

Caroline Rowe

 

+ 44 20 3470 0470

Novum Securities Ltd
Joint Broker

Jon Bellis

Colin Rowbury

+ 44 20 7399 9400

 

 

Panmure Gordon (UK) Limited
Joint 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

 

b)

Nature of the transaction:

 Grant of Share Options

c)

Price(s) and volume(s):

 

Price(s)

Volume(s)

0.30 pence

100,000,000

 

d)

Aggregated information:

Aggregated volume:

Price:

Single transaction as in 4 c) above

Price(s)

Volume(s)

0.30 pence

100,000,000



 

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):

 

Price(s)

Volume(s)

0.30 pence

34,000,000

 

d)

Aggregated information:

Aggregated volume:

Price:

Single transaction as in 4 c) above

Price(s)

Volume(s)

0.30 pence

34,000,000



 

e)

Date of the transaction:

15 August 2022

18:00 BST

f)

Place of the transaction:

Outside a trading venue

 

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