REG - Tower Resources PLC - Grant of Options under Long Term Incentive Plan

Tower ResourcesAnnouncement

16/02/2024 07:00

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RNS Number : 3564D  Tower Resources PLC  16 February 2024

 

16 February 2024

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 focused on Africa, announces that it has made an annual
award of share options under its Long Term Incentive plan ("LTIP").

The share options (the "Options"), over a total of 1,182,000,000 new ordinary
shares ("Shares") in the capital of the Company, were awarded on 15 February
2024 at an exercise price of 0.018 pence per ordinary share, being the same as
the price of the share subscription announced that same 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 LTIP is an
annual event, which normally takes place in the first quarter of each year.

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(‡)    420,000,000                 800,000,000                    1,220,000,000
 Honore Dairou      142,000,000                 270,000,000                    412,000,000
 Consultants        22,500,000                  88,000,000                     110,500,000
 Others             5,500,000                   24,000,000                     29,500,000
 TOTAL              590,000,000                 1,182,000,000                  1,772,000,000

‡ 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
1,772,000,000 equating to 8.9% 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 & CEO

 Andrew Matharu

 VP - Corporate Affairs

 BlytheRay                            +44 20 7138 3208

 Financial PR

 Tim Blythe

 Megan Ray

 SP Angel Corporate Finance LLP       +44 20 3470 0470

Nominated Adviser and Joint Broker

 Stuart Gledhill

 Caroline Rowe

 Kasia Brzozowska

 Axis Capital Markets Limited         +44 203 026 2689

Joint Broker

 Lewis Jones

 Ben Tadd

 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

 

About Tower Resources

Tower Resources plc is an AIM listed energy company building a balanced
portfolio of energy opportunities in Africa across the exploration and
production cycle in oil and gas and beyond. The Company's current focus is on
advancing its operations in Cameroon to deliver cash flow through short-cycle
development and rapid production with long term upside, and de-risking
attractive exploration licenses through acquiring 3D seismic data in the
emerging oil and gas provinces of Namibia and South Africa, where world-class
discoveries have recently been made.

Tower's strategy is centred around stable jurisdictions that the Company knows
well and that offer excellent fiscal terms. Through its Directors, staff and
strategic relationship with EPI Group, Tower has access to decades of
expertise and experience in Cameroon and Namibia, and its joint venture with
New Age builds on years of experience in South Africa.

 

NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING
MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM:

 1.            Details of the person discharging managerial responsibilities/person closely
               associated
 a)            Name:                                                         1)    Jeremy Asher

                                                                             2)    Honore Dairou
 2.            Reason for the notification
 a)            Position/status:                                              1)    Chairman and Chief Executive Officer

                                                                             2)    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)
                                                                             1)    0.018 pence      800,000,000

                                                                                                    270,000,000

                                                                             2)    0.018 pence

 
 d)            Aggregated information:                                       Single transaction as in 4 c) above

Price(s)               Volume(s)
               Aggregated volume:                                            1)    0.018 pence      800,000,000

               Price:
                                                                                                    270,000,000

                                                                             2)    0.018 pence
 e)            Date of the transaction:                                      15 February 2024

                                                                             19:00 GMT
 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)
 1)    0.018 pence      800,000,000

                        270,000,000

 2)    0.018 pence

e)

Date of the transaction:

15 February 2024

19:00 GMT

f)

Place of the transaction:

Outside a trading venue

 

 

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