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	[phone]
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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