Grant of Options

RNS Number : 2001S
Tower Resources PLC
16 March 2016
 

16 March 2016

Tower Resources plc

Grant of Options

 

Tower Resources plc (the "Company" or "Tower" (TRP.L, TRP LN)), the AIM listed Africa-focussed oil and gas exploration company, announces the following grant of options to certain directors, members of the management team and retained consultants.

The Remuneration Committee of the Board has decided to grant options over an aggregate of 134,400,000 ordinary shares at a premium of 150% over the current share price, being an exercise price of 0.19p per share and which was the Placing price of the Company's most recent placing announced on 15 July 2015. 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.

 

Director/PDMR

Number of options prior to grant

Number of options granted at 0.19p

Total number of remaining options

Graeme Thomson, CEO

68,000,000

31,500,000

99,500,000

Nigel Quinton, Exploration Director

42,000,000

27,000,000

69,000,000

Philip Swatman, Non-Executive Director

-

1,500,000

1,500,000

Philip Frank, Non-Executive Director

-

1,500,000

1,500,000

Eric Griffith, Asset Manager

18,700,000

22,700,000

41,400,000

Andrew Matharu, VP Corporate Affairs

25,000,000

16,600,000

41,600,000

Andrew Smith, Financial Controller

25,400,000

16,000,000

41,400,000

P.D.F Limited 2008 Employee Benefit Trust

16,000,000

12,000,000

28,000,000

Others

3,600,000

5,600,000

9,200,000

Total

198,700,000

134,400,000

333,100,000

 

The total number of outstanding options is now 333,100,000 representing 4.6% of the fully diluted issued share capital of the Company with an exercise price ranging from 0.19 to 0.70 pence per share and with expiry dates ranging from December 2019 to February 2021.

 

Contacts

Tower Resources

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/Alex Aleksandrov
+44 20 7830 9702


This information is provided by RNS
The company news service from the London Stock Exchange
 
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