Last checked at 31 Dec 2014 07:00
Tower Resources plc
Grant of Options
31 December 2014
Tower Resources plc (the "Company" or "Tower" (TRP.L, TRP LN)), the AIM listed Africa focussed oil and gas exploration company, announces the following grant of options to an executive director and certain members of the management team and retained consultants.
The Remuneration Committee of the Board has decided to grant options over an aggregate of 78,700,000 ordinary shares at an exercise price of 0.70p pence per share, being the closing price of the ordinary shares on 24 December 2014, to an executive director and certain staff and retained consultants as detailed below. The options will vest in three equal tranches being 12, 24 and 36 months respectively after issue and will expire, if not previously exercised, on the fifth anniversary of their issue.
Director/PDMR | Number of new options granted |
Graeme Thomson, CEO | 35,000,000 |
Nigel Quinton, Head of Exploration | 15,000,000 |
Andrew Matharu, VP Corporate Affairs | 10,000,000 |
Andrew Smith, Financial Controller* | 10,700,000 |
Eric Griffith, Asset Manager | 2,500,000 |
Others | 5,500,000 |
Total | 78,700,000 |
*Share options awarded to Andrew Smith on joining Tower Resources (announced 23 December 2014)
The total number of outstanding options is now 209,200,000 representing 5.2 per cent of the fully diluted issued share capital of the Company.
Contacts
Tower Resources plc
Graeme Thomson (CEO)Andrew Matharu (VP - Corporate Affairs)+44 20 7253 6639
Peel Hunt LLP (Nominated Adviser and Joint Broker)
Richard Crichton/Charles Batten+44 20 7418 8900
GMP Securities Europe LLP (Joint Broker)
Rob Collins/Emily Morris+44 20 7647 2800
Vigo Communications
Chris McMahon/ Peter Reilly+44 20 7016 9572