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TRP Tower Resources Plc

0.0205
0.0005 (2.50%)
18 Mar 2024 - Closed
Delayed by 15 minutes
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
  0.0005 2.50% 0.0205 0.02 0.021 0.021 0.0195 0.0205 631,990,347 16:09:39
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Crude Petroleum & Natural Gs 0 -1.01M -0.0001 -2.00 1.69M

Tower Resources PLC Issue of Warrants to Directors (6361A)

02/01/2018 7:00am

UK Regulatory


Tower Resources (LSE:TRP)
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TIDMTRP

RNS Number : 6361A

Tower Resources PLC

02 January 2018

2 January 2018

Tower Resources plc

Issue of Warrants to Directors

Tower Resources plc (the "Company" or "Tower" (TRP.L, TRP LN)), the AIM listed oil and gas company with its focus on Africa, announces the following issue of warrants to Directors in lieu of fees.

Warrants are being issued in lieu of GBP15,000 (in aggregate) of Directors fees to Peter Taylor and Graeme Thomson (non-executive directors), and Jeremy Asher (as Chairman) in partial settlement of fees due for the period from 1 Jan 2018 to 31 March 2018, to conserve the Company's working capital.

The warrants are exercisable at a price of 1.0 pence, which is a premium of 29% to the Company's closing share price on 29(th) December 2017, and are exercisable for a period of 5 years from the date of issue. The Warrants being issued are detailed below:

 
 Director          Number          Total number   Shareholding     % of issued 
                    of Warrants     of Warrants    upon exercise    share capital 
                    being issued    held           of Warrants      upon exercise 
                                                                    of Warrants 
----------------  --------------  -------------  ---------------  --------------- 
 Peter Taylor      635,593         7,733,398      23,185,124       5.7% 
----------------  --------------  -------------  ---------------  --------------- 
 Graeme Thomson    635,593         7,733,398      12,884,165       3.2% 
----------------  --------------  -------------  ---------------  --------------- 
 Jeremy Asher      1,271,186       11,908,814     41,950,309       10.3% 
----------------  --------------  -------------  ---------------  --------------- 
 

As previously announced the Directors will consider issuing further warrants in lieu of fees for each calendar quarter based on the closing price of the stock and the warrant valuation on the last day of the previous quarter, and will make an election and announce the issue of warrants (if so elected) at the earliest opportunity in each calendar quarter. This election will be made by the Board with each Director taking into consideration the working capital position of the Company.

Director Dealings and Related Party Transaction

Peter Taylor, Graeme Thomson and Jeremy Asher are considered to be "related parties" as defined under the AIM Rules and accordingly, the issue of Warrants to them constitutes a related party transaction for the purposes of Rule 13 of the AIM Rules.

David M Thomas, being the sole Director independent of the transaction, considers, having consulted with SP Angel Corporate Finance LLP, the Company's nominated adviser, that the terms of the issue of warrants are fair and reasonable insofar as the Company's shareholders are concerned.

Warrants and Options in issue and Total Voting Rights

Following the above issue of warrants, the total number of warrants in issue are 34,492,981 equating to 8.4% of the company's issued share capital on a fully diluted basis. The issued share capital of the Company consists of 374,270,520 Shares. No Shares were held in treasury at the date of this announcement. The total current voting rights in the Company are therefore 374,270,520.

The above total current voting rights number is the figure which may be used by shareholders as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change to their interest in the Company.

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       info@towerresources.co.uk 
  plc 
 
 Jeremy Asher 
  Chairman and CEO 
 Andrew Matharu 
  VP - Corporate 
  Affairs 
 
 SP Angel Corporate 
  Finance LLP 
  Nominated Adviser 
  and Broker           +44 20 3470 0470 
 Stuart Gledhill 
 Caroline Rowe 
 

NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM:

MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM

 
 1.   Details of the person discharging managerial 
       responsibilities/person closely associated 
---  --------------------------------------------------------------------------- 
 a)   Name:                              Peter Taylor 
---  ---------------------------------  ---------------------------------------- 
 2.   Reason for the notification 
---  --------------------------------------------------------------------------- 
 a)   Position/status:                   Non-Executive 
                                          Director 
---  ---------------------------------  ---------------------------------------- 
 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       Ordinary Shares 
       instrument, type of instrument:    of 1 pence each 
       Identification code:               GB00BZ6D6J81 
---  ---------------------------------  ---------------------------------------- 
 b)   Nature of the transaction:         Warrants in lieu 
                                          of Directors 
                                          fees 
---  ---------------------------------  ---------------------------------------- 
 c)   Price(s) and volume(s):              Price(s)    Volume(s) 
                                           ----------  ---------- 
                                            1 pence     635,593 
                                           ----------  ---------- 
---  ---------------------------------  ---------------------------------------- 
 d)   Aggregated information:            Single transaction 
       Aggregated volume:                 as in 4 c) above Price(s)    Volume(s) 
       Price:                             ----------  ---------- 
                                           1 pence     635,593 
---  ---------------------------------  ---------------------------------------- 
 e)   Date of the transaction:           2 January 2018 
                                          07:00 GMT 
---  ---------------------------------  ---------------------------------------- 
 f)   Place of the transaction:          Outside a trading 
                                          venue 
---  ---------------------------------  ---------------------------------------- 
 
 
 1.   Details of the person discharging managerial 
       responsibilities/person closely associated 
---  --------------------------------------------------------------------------- 
 a)   Name:                              Graeme Thomson 
---  ---------------------------------  ---------------------------------------- 
 2.   Reason for the notification 
---  --------------------------------------------------------------------------- 
 a)   Position/status:                   Non-Executive 
                                          Director 
---  ---------------------------------  ---------------------------------------- 
 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       Ordinary Shares 
       instrument, type of instrument:    of 1 pence each 
       Identification code:               GB00BZ6D6J81 
---  ---------------------------------  ---------------------------------------- 
 b)   Nature of the transaction:         Warrants in lieu 
                                          of Directors 
                                          fees 
---  ---------------------------------  ---------------------------------------- 
 c)   Price(s) and volume(s):              Price(s)    Volume(s) 
                                           ----------  ---------- 
                                            1 pence     635,593 
                                           ----------  ---------- 
---  ---------------------------------  ---------------------------------------- 
 d)   Aggregated information:            Single transaction 
       Aggregated volume:                 as in 4 c) above Price(s)    Volume(s) 
       Price:                             ----------  ---------- 
                                           1 pence     635,593 
---  ---------------------------------  ---------------------------------------- 
 e)   Date of the transaction:           2 January 2018 
                                          07:00 GMT 
---  ---------------------------------  ---------------------------------------- 
 f)   Place of the transaction:          Outside a trading 
                                          venue 
---  ---------------------------------  ---------------------------------------- 
 
 
 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 
                                          Chief Executive 
                                          Officer 
---  ---------------------------------  ---------------------------------------- 
 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       Ordinary Shares 
       instrument, type of instrument:    of 1 pence each 
       Identification code:               GB00BZ6D6J81 
---  ---------------------------------  ---------------------------------------- 
 b)   Nature of the transaction:         Warrants in lieu 
                                          of Directors 
                                          fees 
---  ---------------------------------  ---------------------------------------- 
 c)   Price(s) and volume(s):              Price(s)    Volume(s) 
                                           ----------  ---------- 
                                            1 pence     1,271,186 
                                           ----------  ---------- 
---  ---------------------------------  ---------------------------------------- 
 d)   Aggregated information:            Single Transaction 
       Aggregated volume:                 as in 4 c) above Price(s)    Volume(s) 
       Price:                             ----------  ---------- 
                                           1 pence     1,271,186 
---  ---------------------------------  ---------------------------------------- 
 e)   Date of the transaction:           2 January 2018 
                                          07:00 GMT 
---  ---------------------------------  ---------------------------------------- 
 f)   Place of the transaction:          Outside a trading 
                                          venue 
---  ---------------------------------  ---------------------------------------- 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

DSHEANFFEDFPEFF

(END) Dow Jones Newswires

January 02, 2018 02:00 ET (07:00 GMT)

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