REG - Tower Resources PLC - Grant of Options under Annual LTIP

Tower ResourcesAnnouncement

16/08/2022 07:00

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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       +44 20 3470 0470

Nominated Adviser and Joint Broker

 Stuart Gledhill

 Caroline Rowe

 Novum Securities Ltd                 +44 20 7399 9400

Joint Broker

 Jon Bellis

 Colin Rowbury

 Panmure Gordon (UK) Limited          +44 20 7886 2500

Joint Broker

 John Prior

 Hugh Rich

 

 

 

 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:  Ordinary Shares of 0.001 pence each

               Identification code:                                          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:                                       Single transaction as in 4 c) above

Price(s)    Volume(s)
               Aggregated volume:                                            0.30 pence  100,000,000

               Price:

 
 e)            Date of the transaction:                                      15 August 2022

                                                                             18:00 BST
 f)            Place of the transaction:                                     Outside a trading venue

 

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:  Ordinary Shares of 0.001 pence each

               Identification code:                                          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:                                       Single transaction as in 4 c) above

Price(s)    Volume(s)
               Aggregated volume:                                            0.30 pence  34,000,000

               Price:

 
 e)            Date of the transaction:                                      15 August 2022

                                                                             18:00 BST
 f)            Place of the transaction:                                     Outside a trading venue

 

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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