TIDMTRP
RNS Number : 8661G
Tower Resources PLC
01 April 2022
1 April 2022
Tower Resources plc
Issue of Warrants to Directors
Director Dealings
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 and a
consultant to the Company 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 April 2022 to 30 June 2022, to conserve
the Company's working capital.
The warrants are exercisable at a strike price of 0.2625 pence
("Warrants"), which is just above the most recent placing announced
on 14 January 2022 and equal to the closing share price of 0.2625
pence per share on 31 March 2022. The Warrants are exercisable for
a period of 5 years from the date of issue and those 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 7,940,709 283,111,442 651,857,907 18.9%
---------------- ---------------- ----------------- ---------------
Paula Brancato 3,970,355 24,649,015 24,649,015 0.7%
---------------- ---------------- ----------------- ---------------
Mark Enfield 3,970,355 22,805,167 24,682,713 0.7%
---------------- ---------------- ----------------- ---------------
*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 shares 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.
The Company also announces the issue of 3,970,355 warrants, on
the same terms as the Warrants issued to Directors, to Mr Duncan
Rushworth, a consultant to the Company, in lieu of fees for his
work for the Company during the period from 1 April 2022 to 30 June
2022.
Warrants in issue
Following the above issue of Warrants, the total number of
Warrants in issue is 758,645,262 equating to 20.6% of the Company's
enlarged share capital assuming full exercise of all warrants and
share options.
Director Dealings
In addition, on 31 March 2022, Dr Mark Enfield, a Non-Executive
Director of the Company, carried out a sale and repurchase of
shares in the Company, pursuant to which he sold 69,402 Ordinary
shares held in his own name, and repurchased them into Geoscience
Equity Limited (in which he holds a 100% interest). Both the sale
and the repurchase were priced at 0.2625 pence per share.
Following the sale and repurchase, Mr Enfield remains beneficial
owner of 1,877,546 shares in the Company, now held entirely though
Geoscience Equity Limited.
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 Limited
Joint Broker
Jon Bellis + 44 20 7399
Colin Rowbury 9400
Panmure Gordon (UK) Limited
Joint Broker
Nick Lovering + 44 20 7886
Hugh Rich 2500
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)
0.2625 pence 3,970,355
----------
--------------------------------- --------------------------------------------
d) Aggregated information: Single transaction
Aggregated volume: as in 4 c) above Price(s) Volume(s)
Price: 0.2625 pence 3,970,355
--------------------------------- --------------------------------------------
e) Date of the transaction: 1 April 2022
07:00 BST
--------------------------------- --------------------------------------------
f) Place of the transaction: Outside a trading
venue
--------------------------------- --------------------------------------------
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: i) Sale of shares
held in own name
ii) Repurchase of
shares into Geoscience
Equity Limited
--------------------------------- --------------------------------------------
c) Price(s) and volume(s): i) Price(s) Volume(s)
0.2625 pence 69,402
----------
ii) Price(s) Volume(s)
0.2625 pence 69,402
----------
--------------------------------- --------------------------------------------
d) Aggregated information: Single transaction
Aggregated volume: as in 4 c) above Price(s) Volume(s)
Price: 0.2625 pence 69,402
--------------------------------- --------------------------------------------
e) Date of the transaction: 1 April 2022
07:00 BST
--------------------------------- --------------------------------------------
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)
0.2625 pence 3,970,355
----------
--------------------------------- --------------------------------------------
d) Aggregated information: Single transaction
Aggregated volume: as in 4 c) above Price(s) Volume(s)
Price: 0.2625 pence 3,970,355
--------------------------------- --------------------------------------------
e) Date of the transaction: 1 April 2022
07:00 BST
--------------------------------- --------------------------------------------
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)
0.2625 pence 7,940,709
----------
--------------------------------- --------------------------------------------
d) Aggregated information: Single Transaction
Aggregated volume: as in 4 c) above Price(s) Volume(s)
Price: 0.2625 pence 7,940,709
--------------------------------- --------------------------------------------
e) Date of the transaction: 1 April 2022
07:00 BST
--------------------------------- --------------------------------------------
f) Place of the transaction: Outside a trading
venue
--------------------------------- --------------------------------------------
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END
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April 01, 2022 02:01 ET (06:01 GMT)
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