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
|