- Title:
Issue of Director Warrants - Time:
07:00:05 - Date:
31 Dec 2020 - Category:
Director/PDMR dealings - ID:
2119K
31 December 2020
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 £30,000 (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 January 2021 to 31 March 2021, to conserve the Company's working capital.
The warrants are exercisable at a strike price of 0.45 pence ("Warrants"), which is a premium of 29% to the closing share price of 0.35 pence per share on 30 December 2020, and is the same strike price used for the company's recent Long Term Incentive options for management, and are exercisable for a period of 5 years from the date of issue. The Warrants being issued are detailed below:
| Director |
Number of Warrants being issued |
Total number of Warrants held including this issue* |
Shareholding upon exercise of total number of Warrants held |
% of issued share capital upon exercise of Warrants |
| Jeremy Asher |
6,058,158 |
258,277,027 |
597,408,108 |
30.7% |
| Paula Brancato |
3,029,079 |
5,769,306 |
5,769,306 |
0.3% |
| Mark Enfield |
3,029,079 |
3,925,458 |
5,802,602 |
0.3% |
*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.
Warrants and Options in issue
Following the above issue of Warrants, the total number of warrants in issue is 620,444,335 equating to 29.5% of the Company's enlarged share capital assuming full exercise of all warrants and also stock options.
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 |
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| Jeremy Asher |
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Andrew Matharu |
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| SP Angel Corporate Finance LLP |
+44 20 3470 0470 |
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| Stuart Gledhill Caroline Rowe |
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| Turner Pope Investments (TPI) Limited Andy Thacker Zoe Alexander
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+44 20 3657 0050 |
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| Whitman Howard Limited Nick Lovering
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+44 20 7659 1234 |
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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 |
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| a) |
Name: |
Mark Enfield |
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| 2. |
Reason for the notification |
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| a) |
Position/status: |
Non-Executive Director |
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| b) |
Initial notification/Amendment: |
Initial notification |
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| 3. |
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor |
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| a) |
Name: |
Tower Resources PLC |
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| b) |
LEI: |
2138002J9VH6PN7P2B09 |
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| 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 |
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| a) |
Description of the financial instrument, type of instrument: Identification code: |
Ordinary Shares of 0.001 pence each GB00BZ6D6J81
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| b) |
Nature of the transaction: |
Warrants in lieu of Directors fees |
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| c) |
Price(s) and volume(s): |
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| d) |
Aggregated information: Aggregated volume: Price: |
Single transaction as in 4 c) above
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| e) |
Date of the transaction: |
31 December 2020 07:00 GMT |
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| f) |
Place of the transaction: |
Outside a trading venue |
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| 1. |
Details of the person discharging managerial responsibilities/person closely associated |
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| a) |
Name: |
Paula Brancato |
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| 2. |
Reason for the notification |
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| a) |
Position/status: |
Non-Executive Director |
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| b) |
Initial notification/Amendment: |
Initial notification |
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| 3. |
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor |
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| a) |
Name: |
Tower Resources PLC |
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| b) |
LEI: |
2138002J9VH6PN7P2B09 |
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| 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 instrument, type of instrument: Identification code: |
Ordinary Shares of 0.001 pence each GB00BZ6D6J81
|
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| b) |
Nature of the transaction: |
Warrants in lieu of Directors fees |
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| c) |
Price(s) and volume(s): |
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| d) |
Aggregated information: Aggregated volume: Price: |
Single transaction as in 4 c) above
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| e) |
Date of the transaction: |
31 December 2020 07:00 GMT |
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| f) |
Place of the transaction: |
Outside a trading venue |
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| 1. |
Details of the person discharging managerial responsibilities/person closely associated |
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| a) |
Name: |
Jeremy Asher |
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| 2. |
Reason for the notification |
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| a) |
Position/status: |
Chairman and Chief Executive Officer |
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| b) |
Initial notification/Amendment: |
Initial notification |
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| 3. |
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor |
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| a) |
Name: |
Tower Resources PLC |
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| b) |
LEI: |
2138002J9VH6PN7P2B09 |
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| 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 instrument, type of instrument: Identification code: |
Ordinary Shares of 0.001 pence each GB00BZ6D6J81
|
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| b) |
Nature of the transaction: |
Warrants in lieu of Directors fees
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| c) |
Price(s) and volume(s): |
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| d) |
Aggregated information: Aggregated volume: Price: |
Single Transaction as in 4 c) above
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| e) |
Date of the transaction: |
31 December 2020 07:00 GMT |
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| f) |
Place of the transaction: |
Outside a trading venue |
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Issue of Director Warrants07:00:0531 Dec 2020Director/PDMR dealings2119K