RNS Number : 3564D
Tower Resources PLC
16 February 2024
 

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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

Jeremy Asher

Chairman & CEO

 

Andrew Matharu

VP - Corporate Affairs

 

+44 20 7157 9625

 

BlytheRay

Financial PR

Tim Blythe

Megan Ray

+44 20 7138 3208

 

 

SP Angel Corporate Finance LLP
Nominated Adviser and Joint Broker

Stuart Gledhill

Caroline Rowe

Kasia Brzozowska

 

+44 20 3470 0470

Axis Capital Markets Limited
Joint Broker

Lewis Jones

Ben Tadd

+44 203 026 2689

 

 

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

 

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:

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)

1)    0.018 pence

 

2)    0.018 pence

800,000,000

270,000,000

 

d)

Aggregated information:

Aggregated volume:

Price:

Single transaction as in 4 c) above

Price(s)

Volume(s)

1)    0.018 pence

 

2)    0.018 pence

800,000,000

270,000,000

e)

Date of the transaction:

15 February 2024

19:00 GMT

f)

Place of the transaction:

Outside a trading venue

 

 

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