Corporate Overview
Tower Resources began trading on AIM under the ticker TRP in August 2005, and bought Neptune Petroleum Limited in January 2006. Through the takeover of Neptune, Tower Resources acquired its licences in northern Namibia and northern Uganda.
At the time of the takeover, Tower Resources issued 133.3 million new shares, raising additional funds of £2.0 million before expenses. The vendor consideration payable for the acquisition of Neptune was in the form of 200 million new shares issued to Neptune shareholders Peter Blakey, Peter Taylor and Mark Savage (through Bayview Investments LLC). They then took up positions as Non-executive Director’s on Tower’s Board and, at the time of listing, owned 46% of Tower Resources.
Peter Kingston joined the Board as a Non-executive Chairman on 1st February 2006 and became Executive Chairman in December 2006.
Following the placing of 45 million new ordinary shares to a privately held energy investment company, Agile Energy, announced on 21 December 2006, Agile chairman Jeremy Asher has now joined Tower Resources board as non-executive director.
Full details of Board members are provided within the Directors section of the site.