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
  +0.00p +0.00% 0.425p 0.40p 0.45p 0.425p 0.425p 0.425p 2,303,019 07:31:30
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers 0.0 -3.8 -1.0 - 2

Tower Resources PLC Issue of Warrants to Directors

01/07/2019 10:17am

UK Regulatory (RNS & others)


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RNS Number : 0080E

Tower Resources PLC

01 July 2019

1 July 2019

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 (non-executive director) and Jeremy Asher (as Chairman) in partial settlement of fees due for the period from 1 July 2019 to 30 September 2019, to conserve the Company's working capital.

The warrants are exercisable at a price of 1.00 pence ("Warrants"), which is a premium of 21% to the closing share price of 0.825 pence on 28 June 2019, 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*          of total number    upon exercise 
                                                   of Warrants        of Warrants 
                                                   held 
 Peter Taylor    1,428,571         18,618,984     37,070,710         4.5% 
                ----------------  -------------  -----------------  --------------- 
 Jeremy Asher    2,857,143         85,766,008     171,657,503        20.7% 
                ----------------  -------------  -----------------  --------------- 
 

*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.

Director Dealings and Related Party Transaction

Peter Taylor 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

Following the above issue of Warrants, the total number of warrants in issue is 249,937,405 equating to 30.1% of the Company's enlarged issued share capital assuming full exercise of all warrants. The current issued share capital of the Company comprises 580,716,052 shares.

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           info@towerresources.co.uk 
 
 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 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) 
                                            1.00 pence    1,428,571 
                                                         ---------- 
     ---------------------------------  ------------------------------------------ 
 d)   Aggregated information:            Single transaction 
       Aggregated volume:                 as in 4 c) above Price(s)      Volume(s) 
       Price:                              1.00 pence    1,428,571 
     ---------------------------------  ------------------------------------------ 
 e)   Date of the transaction:           1 July 2019 
                                          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) 
                                            1.00 pence    2,857,143 
                                                         ---------- 
     ---------------------------------  ------------------------------------------ 
 d)   Aggregated information:            Single Transaction 
       Aggregated volume:                 as in 4 c) above Price(s)      Volume(s) 
       Price:                              1.00 pence    2,857,143 
     ---------------------------------  ------------------------------------------ 
 e)   Date of the transaction:           1 July 2019 
                                          07:00 GMT 
     ---------------------------------  ------------------------------------------ 
 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.

END

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