PLUS1
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.0% | 0.39 | 0.38 | 0.40 | 0.39 | 0.365 | 0.39 | 17,096,880 | 11:00:15 |
| Industry Sector | Turnover (m) | Profit (m) | EPS - Basic | PE Ratio | Market Cap (m) |
|---|---|---|---|---|---|
| Oil & Gas Producers | 0.0 | -3.8 | -1.0 | - | 7 |
Tower Resources PLC Issue of Director Warrants
31/12/2020 7:00am
UK Regulatory (RNS & others)
Tower Resources (LSE:TRP)
Historical Stock Chart
From Dec 2020 to Feb 2021
TIDMTRP
RNS Number : 2119K
Tower Resources PLC
31 December 2020
31 December 2020
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 GBP30,000 (in aggregate) of Directors fees to Paula Brancato and Mark Enfield (Non-Executive Directors), and Jeremy Asher (as Chairman) in settlement of fees due for the period from 1 January 2021 to 31 March 2021, to conserve the Company's working capital.
The warrants are exercisable at a strike price of 0.45 pence ("Warrants"), which is a premium of 29% to the closing share price of 0.35 pence per share on 30 December 2020, and is the same strike price used for the company's recent Long Term Incentive options for management, and are exercisable for a period of 5 years from the date of issue. The Warrants being issued are detailed below:
Director Number of Total number Shareholding % of issued
Warrants being of Warrants upon exercise share capital
issued held including of total number upon exercise
this issue* of Warrants of Warrants
held
Jeremy Asher 6,058,158 258,277,027 597,408,108 30.7%
---------------- ---------------- ----------------- ---------------
Paula Brancato 3,029,079 5,769,306 5,769,306 0.3%
---------------- ---------------- ----------------- ---------------
Mark Enfield 3,029,079 3,925,458 5,802,602 0.3%
---------------- ---------------- ----------------- ---------------
*Warrants are held at different prices.
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.
Warrants and Options in issue
Following the above issue of Warrants, the total number of warrants in issue is 620,444,335 equating to 29.5% of the Company's enlarged share capital assuming full exercise of all warrants and also stock options.
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 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 + 44 20 3470 0470 Stuart Gledhill Caroline Rowe Turner Pope Investments (TPI) Limited Joint Broker Andy Thacker Zoe Alexander + 44 20 3657 0050 Whitman Howard Limited Joint Broker Nick Lovering + 44 20 7659 1234
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: Mark Enfield
--------------------------------- ------------------------------------------
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 of
instrument, type of instrument: 0.001 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)
0.45 pence 3,029,079
----------
--------------------------------- ------------------------------------------
d) Aggregated information: Single transaction
Aggregated volume: as in 4 c) above Price(s) Volume(s)
Price: 0.45 pence 3,029,079
--------------------------------- ------------------------------------------
e) Date of the transaction: 31 December 2020
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: Paula Brancato
--------------------------------- ------------------------------------------
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 of
instrument, type of instrument: 0.001 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)
0.45 pence 3,029,079
----------
--------------------------------- ------------------------------------------
d) Aggregated information: Single transaction
Aggregated volume: as in 4 c) above Price(s) Volume(s)
Price: 0.45 pence 3,029,079
--------------------------------- ------------------------------------------
e) Date of the transaction: 31 December 2020
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 of
instrument, type of instrument: 0.001 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)
0.45 pence 6,058,158
----------
--------------------------------- ------------------------------------------
d) Aggregated information: Single Transaction
Aggregated volume: as in 4 c) above Price(s) Volume(s)
Price: 0.45 pence 6,058,158
--------------------------------- ------------------------------------------
e) Date of the transaction: 31 December 2020
07:00 GMT
--------------------------------- ------------------------------------------
f) Place of the transaction: Outside a trading
venue
--------------------------------- ------------------------------------------
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December 31, 2020 02:00 ET (07:00 GMT)
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