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27 Oct 2008 17:03
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27Β October 2008
TowerΒ ResourcesΒ PlcΒ ('Company')
Directors' ShareholdingsΒ
OnΒ 22 October 2008Β the Company announcedΒ theΒ placing of 51.5 million new ordinary sharesΒ ('Placing'). It was statedΒ Mark Savage,Β a non-Executive DirectorΒ ofΒ the Company,Β would subscribe for 11,600,000 new shares.Β MarkΒ Savage is aΒ USΒ citizen and is unable to participate in the Placing. TheΒ 11.6 millionΒ shares will beΒ subscribedΒ forΒ in full by a business associate ofΒ Mark Savage.Β
TowerΒ Resources'Β Directors, Peter Kingston, Peter Taylor, Peter BlakeyΒ andΒ Jeremy Asher have participated in the Placing and have subscribed for 1,000,000, 5,800,000, 5,800,000,Β andΒ 5,800,000Β Placing Shares respectively.Β
The CompanyΒ hasΒ alsoΒ has become awareΒ thatΒ the shareholding of Jeremy Asher, a non executive director of the Company,Β was incorrectly disclosed in both the announcement of 22 October and in the Company's audited accounts for the year ended 31 December 2007. At 31 December 2007 andΒ prior to the Placing,Β Mr Asher,Β through Agile Energy Limited,Β was interestedΒ in 52,000,000 ordinary sharesΒ in the Company.Β
Following the Placing, the interests of the Directors will be:
No. of shares % of total enlarged share capital
Β
Mark Savage 100,000,000 17.0
Peter Blakey 58,869,105 10.0
Peter Taylor 58,869,106 10.0
Jeremy Asher* 57,800,000 Β 9.8
Peter Kingston 1,774,545 0.3
Β
*Β Shares heldΒ in the name ofΒ Agile Energy Limited
The 51,500,000 new ordinary shares in the Company issued pursuant to the Placing will be admitted to trading on AIM on 28 October 2008. Following admission,Β the Company'sΒ total issued share capital will comprise of 589,329,422Β ordinaryΒ sharesΒ of 0.1p.Β
For further information, please contact:
Tower Resources plc www.towerresources.co.uk
Peter Kingston, Chairman 07802 804852
Blue Oar Securities, NOMAD and Broker
Jerry Keen / Andrew Raca 020 7448 4400
Aquila Financial LimitedΒ (PR) www.aquila-financial.com
Peter Reilly 0118 979 4100
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