Tower Resources PLC Posting of Annual Report, Accounts and AGM Notice (2873B)
05 Giugno 2019 - 6:12PM
UK Regulatory
TIDMTRP
RNS Number : 2873B
Tower Resources PLC
05 June 2019
5 June 2019
Tower Resources plc
Posting of Annual Report and Accounts, Notice of Meeting and
Proposed Share Capital Reorganisation
Tower Resources plc (the "Company" or "Tower" (TRP.L, TRP LN)),
the AIM listed oil and gas company with its focus on Africa,
announces that its Annual Report and accounts for the year ended 31
December 2018, together with the Notice of Annual General Meeting
"(AGM") and a shareholder circular for a proposed Share Capital
Reorganisation to reduce par value, has been posted to shareholders
and will be available on the Company's website at
www.towerresources.co.uk
The AGM is convened to be held at the Royal Society for the
Arts, Folkstone Room, 8 John Adam Street, London WC2N 6EZ on Friday
28 June at 14:00.
As part of the special business of the AGM the Company is
proposing a Share Capital Reorganisation via the subdivision and
re-designation of the existing share capital of the Company and an
amendment to the Company's articles of association, in order to
achieve a reduction in the par value of each Existing Ordinary
Share from GBP0.01 to GBP0.00001 per Share. This will enable the
Company to issue shares in the future at an issue price which
exceeds their nominal value, while maintaining the same number of
ordinary shares in issue.
The Share Capital Reorganisation will involve the subdivision
and redesignation of the 565,716,052 Existing Ordinary Shares of
GBP0.01 each in the capital of the Company into 565,716,052 New
Ordinary Shares of GBP0.00001 each and 565,150,335,948 B Deferred
Shares of GBP0.00001 each in the capital of the Company. It is
proposed that each B Deferred Share will have very limited rights
and will effectively be valueless. CREST accounts of Shareholders
will not be credited in respect of any entitlement to B Deferred
Shares and the Company will not issue any share certificates in
respect of B Deferred Shares and B Deferred Shares are likely to be
cancelled in the future.
The trading price of the New Ordinary Shares is not expected to
be affected by the Share Capital Reorganisation. It is only the
nominal value of the New Ordinary Shares which will change, to
GBP0.00001, compared to the current nominal value of the Existing
Ordinary Shares of GBP0.01.
The expected timetable of the Share Capital Reorganisation is as
follows:
Circular posted to Shareholders 5 June 2019
Latest time and date for receipt of Forms of Proxy 2.00 pm
on 26 June 2019
Annual General Meeting 2.00 pm
on 28 June 2019
Record Date for the Share Capital Reorganisation 6.00pm
on 28 June 2019
Admission of the New Ordinary Shares to trading on AIM 8.00
am
on 1 July 2019
Expected date on which CREST accounts are to be updated to
reflect holdings 1 July 2019
of New Ordinary Shares instead of Existing Ordinary Shares
Contacts
Tower Resources plc +44 20 7157 9625
info@towerresources.co.uk
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 +44 20 3621 4120
Whitman Howard Limited
Joint Broker
Nick Lovering
Hugh Rich +44 20 7659 1234
Yellow Jersey PR Limited +44 20 3735 8825
Tim Thompson
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contact rns@lseg.com or visit www.rns.com.
END
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June 05, 2019 12:12 ET (16:12 GMT)
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