The original7 Apr 2016 11:12
Tower Resources plc (the “Company” or “Tower” (TRP.L, TRP LN)), the AIM-listed Africa-focussed oil and gas exploration company, is pleased to announce that at the Annual General Meeting (“AGM”) of the Company held earlier today, all of the resolutions proposed in the notice of meeting set out in a circular to shareholders dated 14 March 2016 (“Circular”), were duly passed. Mr Peter Blakey has, as previously announced, stepped down from the Board following the AGM.
In addition to the usual business, the Company also sought shareholder approval for a consolidation and sub-division of the Company’s share capital (the “Share Capital Reorganisation”), details of which were included in the Circular.
Following the passing of the Share Capital Reorganisation resolutions, every 250 existing ordinary shares of 0.1p each (“Existing Ordinary Shares”) that are in issue as at 5.00pm today will be consolidated into one new ordinary share of £0.01 each (“New Ordinary Share”). Other than the change in nominal value, the New Ordinary Shares arising on implementation of the share consolidation will have the same rights as the Existing Ordinary Shares, including voting and other rights. All existing options and warrants will be consolidated on the same 250-to-1 basis and the Company’s new SEDOL code will be BZ6D6J8 and its new ISIN code will be GB00BZ6D6J81.
All shareholders and option holders will retain the same percentage interest in the Company post consolidation as previously held.
Application has been made for the New Ordinary Shares to be admitted to trading on AIM and this is expected to become effective at 8.00am on or around 7 April 2016. With effect from admission, the Company’s issued share capital will comprise 27,228,472 New Ordinary Shares with each share carrying the right to one vote. There are no shares held in treasury. The total number of voting rights in the Company is therefore 27,228,472 and this figure may be used by shareholders as the denominator for the calculations by which they determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA’s Disclosure and Transparency Rules.
Shareholders who hold Existing Ordinary Shares in uncertificated form will have their CREST accounts credited with the New Ordinary Shares following Admission on 7 April 2016. Following the Share Capital Reorganisation, existing share certificates will cease to be valid and new share certificates will be despatched to those shareholders who hold their Existing Ordinary Shares in certificated form, on or before 21 April 2016.
At the AGM the Chairman, Mr Jeremy Asher, who owns 6.6% of the issued share capital, said:
“2015 was a year of transition for Tower, as we explained in our Annual Report. We have repositioned our portfolio to include proven basins, with the signing