TIDMTRP
RNS Number : 0149H
Tower Resources PLC
01 December 2020
1 December 2020
Tower Resources plc
Board Changes and Issue of Warrants
Tower Resources plc (the "Company" or "Tower" (TRP.L, TRP LN)),
the AIM listed oil and gas company with its focus on Africa, is
pleased to announce the following board changes.
Dr Mark Enfield has agreed to join the board as an independent
Non-Executive Director with immediate effect. Mark is CEO of
Geoscience at EPI Group and has been an advisor to the Company's
board for more than five years, first through P.D.F. Ltd, which
Mark founded in 1994, and more recently through EPI Geoscience,
which was created through the acquisition of P.D.F. Ltd by EPI in
2016. Mark completed his doctorate in structural geology at the
Royal School of Mines, Imperial College, London and has more than
three decades of experience as a geoscientist working in
hydrocarbon exploration, appraisal and development across a diverse
range of geological settings across the globe. Mark will also serve
as Chair of the Remuneration Committee.
The Company also announces that Peter Taylor, Non-Executive
Director, will be stepping down from the board with effect from 31
December 2020. Peter is one of the founders of the Company,
together with Peter Blakey who left the board in 2016, having
contributed the original Neptune Petroleum Ltd assets in Namibia
and Uganda in an RTO that established Tower Resources plc as an
exploration company in January 2006, so he is now approaching his
fifteenth anniversary on the Company's board. The board wishes him
the very best in his future endeavours.
The Company also announces an issue of warrants in lieu of fees
to Dr Enfield, amounting to 896,379 5-year warrants at a strike
price of 0.375 pence, being the most recent closing price of the
Company's shares, in lieu of director fees for the month of
December 2020. Following this issue of warrants, Dr Enfield's
interest in the Company's shares and warrants is as follows:
Director Shareholding % of issued Number of Number of
share capital Options held Warrants held
*
Jeremy Asher 339,131,081 25.6% 60,000,000 252,218,869
------------- --------------- -------------- ---------------
Mark Enfield 1,877,546 0.1% - 896,379
------------- --------------- -------------- ---------------
Paula Brancato - - - 2,740,227
------------- --------------- -------------- ---------------
*Warrants are held at different prices.
1,808,144 of these shares are held by Geoscience Equity Ltd of
which Mark Enfield is the beneficial owner.
Finally, the Company is also making a further issue of 4,033,704
warrants to Mr Duncan Rushworth, who has agreed to work with the
Company as an ad hoc strategic advisor to the Company's board. Mr
Rushworth has recently stepped down as the VP Business Development
for Svenska Petroleum Exploration AB, where he has worked since
2007 across Svenska's portfolio of assets in West Africa and
Europe. Having studied both Geology and Petroleum Law, Mr
Rushworth's experience prior to Svenska included LASMO, Waterous,
Deloitte & Touche and Anardako, and the Company's board looks
forward to his contribution.
Jeremy Asher, Chairman and CEO, commented: "We are delighted to
welcome Mark to the board, both for his technical expertise and
also for his entrepreneurial experience in our sector. We also hope
that Duncan will bring us a fresh perspective on our existing
assets and perhaps more. While I wish that Peter could have stayed
on Tower's board forever, that is neither possible nor appropriate
for a non-executive; however, I hope and believe we will continue
to be able to draw on Peter's counsel in the future."
The following information is disclosed pursuant to Rule 17 and
Schedule Two paragraph (g) of the AIM Rules for Companies in
relation to:
Dr. Mark Andrew Enfield, aged 60:
Current Directorships Previous Directorships
EPI Limited TerraMod Limited
P.D.F. Ltd
Geoscience Equity Ltd
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
Panmure Gordon (UK) Limited
Joint Broker
Nick Lovering
Hugh Rich + 44 20 7886 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)
0.375 pence 896,379
----------
--------------------------------- -------------------------------------------
d) Aggregated information: Single transaction
Aggregated volume: as in 4 c) above Price(s) Volume(s)
Price: 0.375 pence 896,379
--------------------------------- -------------------------------------------
e) Date of the transaction: 1 December 2020
07:00 BST
--------------------------------- -------------------------------------------
f) Place of the transaction: Outside a trading
venue
--------------------------------- -------------------------------------------
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END
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(END) Dow Jones Newswires
December 01, 2020 02:00 ET (07:00 GMT)
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