Issue of Equity

RNS Number : 1320O

Tower Resources PLC

26 May 2015

 

Tower Resources plc

Issue of Equity  

26 May 2015

Tower Resources plc (the "Company" or "Tower" (TRP.L, TRP LN)), the AIM listed Africa focussed oil and gas exploration company, announces the following issuance of New Ordinary Shares.

Pursuant to contractual arrangements Tower has issued 10,170,604 New Ordinary Shares as part payment for services provided in the first quarter of 2015 and to certain Directors and management in sacrifice of an aggregate of £38,750 of fees and salaries. The new Ordinary Shares will be issued at a price of 0.381p per share representing the average of the closing share price for the calendar quarter ending 31 March 2015.

A total of 6,561,680 New Ordinary Shares have been issued to P.D.F Limited, the Company's Outsourced Exploration Department (OExD®), a company owned by Dr. Mark Enfield, Managing Director, in part payment for services for the period covering 1 January 2015 to 31 March 2015. P.D.F Limited now holds a total of 65,660,543 Ordinary Shares, including 17,350,438 Ordinary Shares in Tower owned by Dr. Mark Enfield, representing a combined interest of 1.71% of the issued share capital.

A total of 3,608,924 New Ordinary Shares have been issued to certain Directors and management in lieu of salary and fees foregone in the first quarter of 2015. The following table sets out the Directors and management shareholdings and percentage interests in the issued share capital of the Company following the new issue together with options.

	Shareholding	% of Issued Share Capital	Number of Options
Jeremy Asher†	276,384,252*	7.2%
Graeme Thomson†	10,000,000	0.3%	85,000,000
Peter Blakey†	99,130,216	2.6%
Peter Taylor†	107,253,051	2.8%
Philip Swatman†	4,500,000**	0.1%	1,500,000
Nigel Quinton	15,638,628‡	0.4%	42,000,000

†denotes a Director of the Company

* These shares are held by Agile Energy Limited, which is owned by the Asher Family Trust of which Jeremy Asher is the lifetime beneficiary.

**2,000,000 of these shares are held by Raigersfield Capital Limited, a company controlled and 52% owned by Philip Swatman.

‡4,670,124 of these shares are held by QX Energy Limited, a company controlled by Nigel Quinton, Head of Exploration, and his family.   

Application has been made to the London Stock Exchange for the New Ordinary Shares to be admitted to trading on AIM. The shares will rank pari passu in all respects with the Company's existing Ordinary Shares. It is expected that the admission will become effective and that trading in the New Ordinary Shares will commence at 8.00am on or around 1 June 2015.

Following Admission of the above New Ordinary Shares, the Company's enlarged issued share capital will comprise of 3,830,166,030 Ordinary Shares of 0.1 pence each with voting rights. This figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.

Contacts

Tower Resources plc

Graeme Thomson (CEO)
Andrew Matharu (VP - Corporate Affairs)
[phone]

Peel Hunt LLP (Nominated Adviser and Joint Broker)

Richard Crichton/Charles Batten
[phone]

GMP Securities Europe LLP (Joint Broker)

Rob Collins/Emily Morris
[phone]

Vigo Communications

Chris McMahon/ Peter Reilly
[phone]

 

END

 

 

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