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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
  0.0025 1.32% 0.1925 0.185 0.20 0.1925 0.19 0.19 1,101,191 13:41:27
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers 0.0 0.0 0.0 - 7

Tower Resources PLC Grant of Options under Annual LTIP

16/08/2022 7:00am

UK Regulatory (RNS & others)


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RNS Number : 0890W

Tower Resources PLC

16 August 2022

16 August 2022

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 with its focus on Africa, announces that it has made an annual award of share options under its Long Term Incentive plan.

The share options (the "Options") over a total of 148 million new ordinary shares ("Shares") in the capital of the Company were awarded on 15 August 2022 at an exercise price of 0.30 pence per ordinary share, being a premium of 48% over the closing price of the Shares on that 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 Long Term Incentive plan is an annual event, which normally takes place in the first quarter of each year, but was delayed in 2022 due to a closed period and other factors.

Details of the grant to directors, PDMRs and consultants are set out below:

 
 Director/PDMR       Existing number   Number of new      Total number 
                      of options        options granted    of options held 
                                                           following issue 
 Jeremy Asher(++)    180,000,000       100,000,000        280,000,000 
                    ----------------  -----------------  ----------------- 
 Honore Dairou       45,000,000        34,000,000         79,000,000 
                    ----------------  -----------------  ----------------- 
 Consultants         16,500,000        11,000,000         27,500,000 
                    ----------------  -----------------  ----------------- 
 Others              2,500,000         3,000,000          5,500,000 
                    ----------------  -----------------  ----------------- 
 TOTAL               244,000,000       148,000,000        392,000,000 
                    ----------------  -----------------  ----------------- 
 

++ 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 392,000,000 equating to 8.30 % 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             +44 20 7157 9625 
 Jeremy Asher 
  Chairman and CEO 
 
   Andrew Matharu 
   VP - Corporate Affairs 
 
 SP Angel Corporate Finance 
  LLP 
  Nominated Adviser and Joint 
  Broker 
  Stuart Gledhill                + 44 20 3470 
  Caroline Rowe                   0470 
 Novum Securities Ltd 
  Joint Broker 
  Jon Bellis                     + 44 20 7399 
  Colin Rowbury                   9400 
 
 Panmure Gordon (UK) Limited 
  Joint Broker 
  John Prior                     + 44 20 7886 
  Hugh Rich                       2500 
 
 
 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 CEO 
     ---------------------------------  ------------------------------------------ 
 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 of 
       instrument, type of instrument:    0.001 pence each 
       Identification code:               GB00BZ6D6J81 
     ---------------------------------  ------------------------------------------ 
 b)   Nature of the transaction:          Grant of Share Options 
     ---------------------------------  ------------------------------------------ 
 c)   Price(s) and volume(s):              Price(s)      Volume(s) 
                                            0.30 pence    100,000,000 
                                                         ------------ 
     ---------------------------------  ------------------------------------------ 
 d)   Aggregated information:            Single transaction 
       Aggregated volume:                 as in 4 c) above Price(s)      Volume(s) 
       Price:                              0.30 pence    100,000,000 
     ---------------------------------  ------------------------------------------ 
 e)   Date of the transaction:           15 August 2022 
                                          18:00 BST 
     ---------------------------------  ------------------------------------------ 
 f)   Place of the transaction:          Outside a trading 
                                          venue 
     ---------------------------------  ------------------------------------------ 
 
 
 1.   Details of the person discharging managerial responsibilities/person 
       closely associated 
 a)   Name:                              Honore Dairou 
     ---------------------------------  ------------------------------------------ 
 2.   Reason for the notification 
     ----------------------------------------------------------------------------- 
 a)   Position/status:                   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       Ordinary Shares of 
       instrument, type of instrument:    0.001 pence each 
       Identification code:               GB00BZ6D6J81 
     ---------------------------------  ------------------------------------------ 
 b)   Nature of the transaction:          Grant of Share Options 
     ---------------------------------  ------------------------------------------ 
 c)   Price(s) and volume(s):              Price(s)      Volume(s) 
                                            0.30 pence    34,000,000 
                                                         ----------- 
     ---------------------------------  ------------------------------------------ 
 d)   Aggregated information:            Single transaction 
       Aggregated volume:                 as in 4 c) above Price(s)      Volume(s) 
       Price:                              0.30 pence    34,000,000 
     ---------------------------------  ------------------------------------------ 
 e)   Date of the transaction:           15 August 2022 
                                          18:00 BST 
     ---------------------------------  ------------------------------------------ 
 f)   Place of the transaction:          Outside a trading 
                                          venue 
     ---------------------------------  ------------------------------------------ 
 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

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August 16, 2022 02:00 ET (06:00 GMT)

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