REG - Tower Resources PLC - Issue of Warrants to Directors
RNS Number : 6450NTower Resources PLC01 October 20211 October 2021
Tower Resources plc
Issue of Warrants to Directors
Tower Resources plc (the "Company" or "Tower" (TRP.L, TRP LN)), the AIM listed oil and gas company with its focus on Africa, announces the following issue of warrants to Directors and a consultant to the Company in lieu of fees.
Warrants are being issued in lieu of £30,000 (in aggregate) of Directors fees to Paula Brancato and Mark Enfield (Non-Executive Directors), and Jeremy Asher (as Chairman) in settlement of fees due for the period from 1 October 2021 to 31 December 2021, to conserve the Company's working capital.
The warrants are exercisable at a strike price of 0.425 pence ("Warrants"), which is the same price of the most recent placing announced on 11 August 2021 and a premium of 28.8% to the closing share price of 0.33 pence per share on 30 September 2021. The Warrants are exercisable for a period of 5 years from the date of issue and those being issued are detailed below:
Director
Number of Warrants being issued
Total number of Warrants held including this issue*
Shareholding upon exercise of total number of Warrants held
% of issued share capital upon exercise of Warrants
Jeremy Asher
6,493,506
281,164,125
640,295,206
22.0%
Paula Brancato
3,246,753
17,212,856
17,212,856
0.6%
Mark Enfield
3,246,753
15,369,008
17,246,554
0.6%
*Warrants are held at different prices.
As previously announced, the Directors will consider issuing further warrants in lieu of fees for each calendar quarter based on the closing price of the shares and the warrant valuation on the last day of the previous quarter and will make an election and announce the issue of warrants (if so elected) at the earliest opportunity in each calendar quarter. This election will be made by the Board with each Director taking into consideration the working capital position of the Company.
The Company also announces the issue of 3,246,753 warrants, on the same terms as the Warrants issued to Directors, to Mr Duncan Rushworth, a consultant to the Company, in lieu of fees for his work for the Company during the period from 1 October 2021 to 31 December 2021.
Warrants in issue
Following the above issue of Warrants, the total number of Warrants in issue is 806,617,644 equating to 25.5% 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 BrokerStuart Gledhill
Caroline Rowe
+44 20 3470 0470
Novum Securities Limited
Joint BrokerJon Bellis
Colin Rowbury
+44 20 7399 9400
Panmure Gordon (UK) Limited
Joint BrokerNick Lovering
Hugh Rich
+44 20 7886 2500
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:
Mark Enfield
2.
Reason for the notification
a)
Position/status:
Non-Executive Director
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:
Warrants in lieu of Directors fees
c)
Price(s) and volume(s):
Price(s)
Volume(s)
0.425 pence
3,246,753
d)
Aggregated information:
Aggregated volume:
Price:
Single transaction as in 4 c) above
Price(s)
Volume(s)
0.425 pence
3,246,753
e)
Date of the transaction:
1 October 2021
07:00 BST
f)
Place of the transaction:
Outside a trading venue
1.
Details of the person discharging managerial responsibilities/person closely associated
a)
Name:
Paula Brancato
2.
Reason for the notification
a)
Position/status:
Non-Executive Director
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:
Warrants in lieu of Directors fees
c)
Price(s) and volume(s):
Price(s)
Volume(s)
0.425 pence
3,246,753
d)
Aggregated information:
Aggregated volume:
Price:
Single transaction as in 4 c) above
Price(s)
Volume(s)
0.425 pence
3,246,753
e)
Date of the transaction:
1 October 2021
07:00 BST
f)
Place of the transaction:
Outside a trading venue
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 Chief Executive Officer
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:
Warrants in lieu of Directors fees
c)
Price(s) and volume(s):
Price(s)
Volume(s)
0.425 pence
6,493,506
d)
Aggregated information:
Aggregated volume:
Price:
Single Transaction as in 4 c) above
Price(s)
Volume(s)
0.425 pence
6,493,506
e)
Date of the transaction:
1 October 2021
07:00 BST
f)
Place of the transaction:
Outside a trading venue
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