Tower Resources PLC Results of Open Offer and Director's Dealing (2979N)

TIDMTRP

RNS Number : 2979N

Tower Resources PLC

07 August 2017

7 August 2017

Tower Resources plc

Results of Open Offer and Director's Dealing

Tower Resources plc (the "Company" (TRP.L, TRP LN)), the AIM listed Africa focused oil and gas exploration company, announced on 30 June 2017 the completion of a GBP180,000 Placing at 1.0 pence per share and the Company's intention to launch an Open Offer of up to approximately GBP188,000 at 1.0 pence per share. The Open Offer, together with the Notice of Annual General Meeting, was subsequently announced on 14 July 2017.

The Open Offer has now closed in accordance with its terms and was substantially over-subscribed, resulting in an allocation of the Open Offer shares among Qualifying Shareholders. After scaling back excess applications, the Company will issue 18,789,013 Open Offer Shares. This represents the maximum number of Shares available under the Open Offer. The Company has therefore raised gross proceeds of approximately GBP187,890 through the Open Offer.

Application has been made for these 18,789,013 Open Offer Shares, which will rank pari passu in all respects with the existing Ordinary Shares, to be admitted to the AIM Market of the London Stock Exchange. It is expected that Admission of the Open Offer Shares will occur at 8.00 a.m. on 11 August 2017.

Following Admission of the Open Offer Shares and in accordance with Disclosure Guidance and Transparency Rules, the Company's issued ordinary share capital is now comprised of 140,917,601 Ordinary Shares of 1.0 pence each with voting rights.

The above figure may be used by shareholders as a denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, Tower under the FCA's Disclosure Guidance and Transparency Rules.

The following table sets out the Directors' shareholding and percentage interest in the issued share capital of the Company after the Open Offer:

 
                         Holding prior           Number of             Immediately 
                      to the announcement      Shares acquired     following Admission 
                          of the Open             pursuant             of the Open 
                             Offer               to the Open           Offer shares 
                                                    Offer 
-----------------  ------------------------  -----------------  ------------------------ 
                          Number       % of          Number of         Number       % of 
                     of Ordinary     issued           Ordinary    of Ordinary     issued 
                          Shares      share             Shares         Shares      share 
                                    capital                                      capital 
-----------------  -------------  ---------  -----------------  -------------  --------- 
 Jeremy Asher(*)      15,041,495       12.3          -             15,041,495       10.7 
-----------------  -------------  ---------  -----------------  -------------  --------- 
 Peter Taylor         10,451,726        8.6          -             10,451,726        7.4 
-----------------  -------------  ---------  -----------------  -------------  --------- 
 Graeme Thomson        3,597,333        2.9       553,434           4,150,767        2.9 
-----------------  -------------  ---------  -----------------  -------------  --------- 
 

* 1,805,308 of these shares are held by Agile Energy Limited, which is owned by the Asher Family Trust of which Jeremy Asher is a lifetime beneficiary.

Jeremy Asher, Chairman and CEO, commented "We are very pleased with the response of our shareholders to the Open Offer. This allows us to refocus our attention on our work programme in Cameroon and its financing, which remain the principal uncertainties facing the company but also contain great potential opportunities. We realise that shareholders would like to see our stock trading again, and we are working to resolve these uncertainties so this can resume as soon as possible."

Contacts

Tower Resources plc

Jeremy Asher (Chairman and CEO)

Andrew Matharu (VP - Corporate Affairs)

[phone]

Peel Hunt LLP (Nominated Adviser and Broker)

Richard Crichton/Ross Allister

[phone]

Regulatory

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them:

 
 Details of the person discharging managerial 
  responsibilities / person closely associated 
------------------------------------------------------------------ 
 Name                            Graeme Thomson 
------------------------------  ---------------------------------- 
 Reason for the notification 
------------------------------------------------------------------ 
 Position/status                 Non-Executive Director 
------------------------------  ---------------------------------- 
 Initial notification            Initial Notification 
  /Amendment 
------------------------------  ---------------------------------- 
 Details of the issuer, emission allowance 
  market participant, auction platform, auctioneer 
  or auction monitor 
------------------------------------------------------------------ 
 Name                            Tower Resources plc 
------------------------------  ---------------------------------- 
 LEI                             2138002J9VH6PN7P2B09 
------------------------------  ---------------------------------- 
 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 
------------------------------------------------------------------ 
 Description                     Ord Shares of 1.0p each 
  of the 
  Financial 
  instrument, 
  type 
  of instrument 
  Identification 
  code 
------------------------------  ---------------------------------- 
 Nature of                       Open Offer 
  the transaction 
------------------------------  ---------------------------------- 
 Price(s) and                      Price(s)   Volume(s) 
  volume(s)                        ---------  ---------- 
                                      1.0p     553,434 
                                   ---------  ---------- 
------------------------------  ---------------------------------- 
      Aggregated 
       information                 553,434 shares 
        *    Aggregated volume     1.0p per share 
 
 
        *    Price 
------------------------------  ---------------------------------- 
 Date of the                     2017-08-07 
  transaction 
------------------------------  ---------------------------------- 
 Place of the                    London Stock Exchange, AIM (XLON) 
  transaction 
------------------------------  ---------------------------------- 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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August 07, 2017 09:00 ET (13:00 GMT)