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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Tower Resources Plc | LSE:TRP | London | Ordinary Share | GB00BZ6D6J81 | ORD GBP0.00001 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.001 | -4.88% | 0.0195 | 0.019 | 0.02 | 0.0205 | 0.0195 | 0.0205 | 147,390,060 | 10:13:18 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Crude Petroleum & Natural Gs | 0 | -1.01M | -0.0001 | -2.00 | 1.69M |
TIDMTRP
RNS Number : 6772N
Tower Resources PLC
28 October 2016
28 October 2016
Tower Resources plc
Directorate Changes
Tower Resources plc (the "Company" or "Tower" (TRP.L, TRP LN)), the AIM listed Africa focussed oil and gas exploration company, announces the following changes to the Board as part of the previously announced restructuring of the Company's cost base.
Graeme Thomson has notified the company of his decision to step down as Chief Executive Officer of the Company, with effect from 31 October, in order to help deliver the necessary reduction in costs. We are pleased to announce that Graeme has agreed to continue with the Company as a Non-Executive Director. From 1 November, Jeremy Asher will assume the combined role of Chairman and Chief Executive Officer.
Nigel Quinton, Exploration Director, has relinquished his role as Exploration Director with effect from 26 October, but will remain available to the Company, as required, on a consultancy basis.
In addition, Non-Executive Directors Philip Swatman and Philip Frank have offered to resign from the Board, and the Company has accepted these resignations with effect from 31 December 2016.
In total, the effect of these changes will be to reduce the company's payroll costs substantially. The only cost to implement these changes, Graeme Thomson and Nigel Quinton having waived any contractual notice entitlements, will be around GBP40,000 of legal and settlement expenses, and the issuance of 1.5 million fully vested stock options (at a strike price of 2.25p with an expiry date of 26 October 2021) to Nigel Quinton as part of establishing the new consultancy arrangements.
Following these changes the Board will be comprised as follows:
Jeremy Asher (Chairman and Chief Executive Officer)
Peter Taylor (Non-Executive Director)
Graeme Thomson (Non-Executive Director)
Jeremy Asher, Chairman of Tower, commented:
"Peter and I are very grateful to Graeme, Nigel, Philip and Philip for their contributions to the Company to date, and for their kindness in proposing these changes as part of our cost reduction programme. Philip and Philip have both been consummate non-executive Directors, and when we began discussing the reduction of senior staff costs, it was typical of their integrity to propose that a smaller board was also appropriate and to offer to help achieve that. The Company now has a lower cost base, and still has the resources it requires to achieve its objectives, notably in respect of Thali, and I am looking forward to updating shareholders over the coming months on our progress."
This announcement is inside information for the purposes of Article 7 of Regulation 596/2014.
Contacts
Tower Resources plc
Jeremy Asher (Chairman)
Andrew Matharu (VP - Corporate Affairs)
+44 20 7253 6639
Peel Hunt LLP (Nominated Adviser and Broker)
Richard Crichton/Ross Allister
+44 20 7418 8900
The notifications below, made in accordance with the requirements of the Market Abuse Regulation, provide further detail.
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 Nigel Quinton --- ------------------------------ -------------------------------------- 2. Reason for the notification --- ---------------------------------------------------------------------- a. Position/status PCA/former PDMR (Exploration Director changing status) --- ------------------------------ -------------------------------------- b. Initial notification Initial Notification /Amendment --- ------------------------------ -------------------------------------- 3. Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor --- ---------------------------------------------------------------------- a. Name Tower Resources PLC --- ------------------------------ -------------------------------------- b. LEI - --- ------------------------------ -------------------------------------- 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 Options to subscribe for new ordinary of the shares of GBP0.01 each Financial instrument, type of instrument Identification code --- ------------------------------ -------------------------------------- b. Nature of Grant of Options the transaction --- ------------------------------ -------------------------------------- c. Price(s) Price(s) Volume(s) and volume(s) ----------- ---------- GBP0.0225 1,500,000 ----------- ---------- --- ------------------------------ -------------------------------------- d. Aggregated information * Aggregated volume N/A - single transaction N/A - single transaction * Price --- ------------------------------ -------------------------------------- e. Date of the 26 October 2016 transaction --- ------------------------------ -------------------------------------- f. Place of Outside of a trading venue the transaction --- ------------------------------ --------------------------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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(END) Dow Jones Newswires
October 28, 2016 02:00 ET (06:00 GMT)
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