Grant of Options

RNS Number : 0912J

Tower Resources PLC

18 December 2020

 

18 December 2020

Tower Resources plc

("Tower" or the "Company")

Grant of Options under Annual Long Term Incentive Plan

Tower Resources plc (TRP.L, TRP LN), the AIM listed oil and gas company with its focus on Africa , announces that options (the "Options") over a total of 86 million new ordinary shares ("Shares") in the capital of the Company were awarded on 17 December 2020 at an exercise price of 0.45 pence per ordinary share, being a premium of 20% 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 Options represent, in aggregate, approximately 4.1% of the fully diluted Shares outstanding, and will bring the total number of share options outstanding under the Company's share option scheme to 157,600,800, comprising approximately 7.5% of the fully diluted Shares outstanding.

This 2020 award of Options has been made later than usual in the calendar year, as a result of restrictions on director dealings earlier in the year, and subsequently the Board's preference to bring its new members onto the Remuneration Committee and get them fully up to date before making the annual award.

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‡	60,000,000	60,000,000	120,000,000
Honore Dairou	5,004,000	20,000,000	25,004,000
Consultants	5,000,000	5,000,000	11,000,000
Others	1,596,800	1,000,000	2,596,800
TOTAL	71,600,800	86,000,000	157,600,800

‡ Held by Pegasus Petroleum Ltd, which is owned and controlled by Jeremy Asher

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

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	[phone]
Stuart Gledhill Caroline Rowe
Turner Pope Investments (TPI) Limited Joint Broker Andy Thacker Zoe Alexander	[phone]
Panmure Gordon (UK) Limited Joint Broker Nick Lovering Hugh Rich	[phone]

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:	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:	Share Options
c)	Price(s) and volume(s):	Price(s) Volume(s) 0.45 pence 60,000,000
d)	Aggregated information: Aggregated volume: Price:	Single transaction as in 4 c) above Price(s) Volume(s) 0.45 pence 60,000,000
e)	Date of the transaction:	18 December 2020 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:	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:	Share Options
c)	Price(s) and volume(s):	Price(s) Volume(s) 0.45 pence 20,000,000
d)	Aggregated information: Aggregated volume: Price:	Single transaction as in 4 c) above Price(s) Volume(s) 0.45 pence 20,000,000
e)	Date of the transaction:	18 December 2020 07:00 BST
f)	Place of the transaction:	Outside a trading venue

 

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