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16 Mar 2016 07:00
16 March 2016
Tower Resources plc
Grant of Options
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 certain directors, members of the management team and retained consultants.
The Remuneration Committee of the Board has decided to grant options over an aggregate of 134,400,000 ordinary shares at a premium of 150% over the current share price, being an exercise price of 0.19p per share and which was the Placing price of the Company's most recent placing announced on 15 July 2015. 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 options prior to grant | Number of options granted at 0.19p | Total number of remaining options |
Graeme Thomson, CEO | 68,000,000 | 31,500,000 | 99,500,000 |
Nigel Quinton, Exploration Director | 42,000,000 | 27,000,000 | 69,000,000 |
Philip Swatman, Non-Executive Director | - | 1,500,000 | 1,500,000 |
Philip Frank, Non-Executive Director | - | 1,500,000 | 1,500,000 |
Eric Griffith, Asset Manager | 18,700,000 | 22,700,000 | 41,400,000 |
Andrew Matharu, VP Corporate Affairs | 25,000,000 | 16,600,000 | 41,600,000 |
Andrew Smith, Financial Controller | 25,400,000 | 16,000,000 | 41,400,000 |
P.D.F Limited 2008 Employee Benefit Trust | 16,000,000 | 12,000,000 | 28,000,000 |
Others | 3,600,000 | 5,600,000 | 9,200,000 |
Total | 198,700,000 | 134,400,000 | 333,100,000 |
The total number of outstanding options is now 333,100,000 representing 4.6% of the fully diluted issued share capital of the Company with an exercise price ranging from 0.19 to 0.70 pence per share and with expiry dates ranging from December 2019 to February 2021.
Contacts
Tower Resources
Graeme Thomson (CEO)Andrew Matharu (VP - Corporate Affairs)+44 20 7253 6639
Peel Hunt LLP (Nominated Adviser and Broker)
Richard Crichton/Ross Allister+44 20 7418 8900
Vigo Communications
Chris McMahon/Alex Aleksandrov+44 20 7830 9702
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