Tower Resources PLC Grant of Options (9771A)

TIDMTRP

RNS Number : 9771A

Tower Resources PLC

31 December 2014

Tower Resources plc

Grant of Options

31 December 2014

Tower Resources plc (the "Company" or "Tower" (TRP.L, TRP LN)), the AIM listed Africa focussed oil and gas exploration company, announces the following grant of options to an executive director and certain members of the management team and retained consultants.

The Remuneration Committee of the Board has decided to grant options over an aggregate of 78,700,000 ordinary shares at an exercise price of 0.70p pence per share, being the closing price of the ordinary shares on 24 December 2014, to an executive director and certain staff and retained consultants as detailed below. 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.

 
 Director/PDMR                            Number of new options granted 
---------------------------------------  ------------------------------ 
 Graeme Thomson, CEO                      35,000,000 
---------------------------------------  ------------------------------ 
 Nigel Quinton, Head of Exploration       15,000,000 
---------------------------------------  ------------------------------ 
 Andrew Matharu, VP Corporate 
  Affairs                                 10,000,000 
---------------------------------------  ------------------------------ 
 Andrew Smith, Financial Controller(*)    10,700,000 
---------------------------------------  ------------------------------ 
 Eric Griffith, Asset Manager             2,500,000 
---------------------------------------  ------------------------------ 
 Others                                   5,500,000 
---------------------------------------  ------------------------------ 
 Total                                    78,700,000 
---------------------------------------  ------------------------------ 
 

(*) Share options awarded to Andrew Smith on joining Tower Resources (announced 23 December 2014)

The total number of outstanding options is now 209,200,000 representing 5.2 per cent of the fully diluted issued share capital of the Company.

Contacts

Tower Resources plc

Graeme Thomson (CEO)

Andrew Matharu (VP - Corporate Affairs)

[phone]

Peel Hunt LLP (Nominated Adviser and Joint Broker)

Richard Crichton/Charles Batten

[phone]

GMP Securities Europe LLP (Joint Broker)

Rob Collins/Emily Morris

[phone]

Vigo Communications

Chris McMahon/ Peter Reilly

[phone]

This information is provided by RNS

The company news service from the London Stock Exchange

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