Tower Resources plc (the “Company” or “Tower” (TRP.L, TRP LN)), the AIM listed oil and gas company with its focus on Africa, announces the following issuance of new ordinary shares of 1.0 pence each in the capital of the Company (the “New Shares”).
The Board has agreed to issue 3,064,907 New Shares to allow its subsidiary, Tower Resources Cameroon S.A, to make a share award to Honore Mbouombouo Dairou, Country Manager Cameroon, in lieu of a bonus. The New Shares are being issued at a price of 1.45p per New Share being the share price of the closing trade on 8 May 2018. The total value of the award is approximately $60,000 (£44,400).
Related Party Transaction
Honore Mbouombouo Dairou, as a director of Tower Resources Cameroon S.A, is a related party to Tower, as defined in the AIM Rules for Companies. The issue of New Shares is therefore considered a related party transaction for the purposes of Rule 13 of the AIM Rules (“Related Party Transaction”).
Jeremy Asher, Peter Taylor, Graeme Thomson and David M Thomas, being the independent Directors for the purposes of the Related Party Transaction, consider, having consulted with the Company’s nominated adviser, SP Angel Corporate Finance LLP, that the terms and conditions of the Related Party Transaction are fair and reasonable insofar as the shareholders of the Company are concerned.
Details of the New Shares
Application will be made for the New Shares, which will rank pari passu with the existing shares, to be admitted to trading on AIM (“Admission”). It is expected that Admission will become effective and dealings will commence in the New Shares on or around 14 May 2017.
Total Voting Rights
Following the issue of the New Shares, the issued share capital of the Company will consist of 377,335,427 shares. No shares were held in treasury at the date of this announcement. The total current voting rights in the Company are therefore 377,335,427.
The above total current voting rights number is the figure which may be used by shareholders as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change to their interest in the Company.
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
Tower Resources plc
Jeremy Asher, Chairman and CEO
Andrew Matharu, VP – Corporate Affairs
+44 207 157 9625
SP Angel Corporate Finance LLP
Nominated Adviser and Broker
+44 20 3470 0470