Tower Resources Plc ("Tower" or the "Company"), the AIM listed oil and gas exploration and production company, today announces that Russell Langusch, a director of the Company, has resigned from the board to pursue other interests. The Board would like to take this opportunity to thank Mr Langusch for his contribution to the Company during his period in office. Mr Langusch has exercised 1,000,000 options in Tower, and therefore now holds 3,500,000 ordinary shares in the Company, representing 0.66 per cent. of the current issued share capital. It is currently not the intention of Mr Langush to sell any of his shareholding.
Following the placing of new ordinary shares to Agile Energy, a privately held energy investment company, chaired by Jeremy Asher, which was first announced to the market on 21 December 2006, Tower announces that Jeremy Asher has joined the board as a non-executive director.
The Company also announce that following his appointment as Executive Chairman Peter Kingston has been paid a supplementary fee of £10,000, which has been satisfied by the issue of 320,000 new ordinary shares at 3.125p per ordinary share, the closing mid market price as at 8 February 2006. Mr Kingston has also been granted options over a total of 1,000,000 shares at 3.125p per share.
Application has been made for both the shares issued pursuant to the exercise of options and the shares issued to Mr Kingston to be admitted to trading on AIM and dealings are expected to commence at 8.00 a.m. on 15 February 2007.
Following the admission of these, the total number of voting rights in the Company will be 529,653,333. Tower does not hold any ordinary shares in Treasury
The above figure 529,653,333 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, Tower under the FSA’s Disclosure and Transparency Rules.