From the RNS15 Jan 2025 19:34
"These negotiations required flexibility from all of us and, as a result, there have been some changes to the Pegasus Facility Agreement giving rise to the production-based payments already agreed in respect of the Thali farm-out. These payments were originally intended to be similar to those agreed in our earlier potential farm-out agreements, a portion of which were to be paid on to Pegasus as consideration for funding previously provided, but paid from the farm-out partner's share of production, so that Tower would incur no net cost. However, during these negotiations we agreed to amend the basis and reduce the amount of these payments in return for Tower retaining a larger participating interest in the license, alongside some cash payments to Tower and Pegasus at execution and completion. Pegasus will be using 50% of its share of these cash payments to subscribe for shares in Tower, half of which will be locked in for a year. Whilst this results in a significant increase in my beneficial shareholding in the Company due to my personal involvement in Pegasus, it achieves a similar purpose to the previous, more generous, production payment structure in that both are largely contingent on Thali's success, and it serves to further align my interests with those of my fellow-shareholders while also contributing significantly to the Company's current working capital position.