GRANT OF OPTIONS UNDER LONG TERM INCENTIVE PLAN-TOWER RESOURCES PLC

GRANT OF OPTIONS UNDER LONG TERM INCENTIVE PLAN-TOWER RESOURCES PLC

Tower Resources plc

Grant of Options under Annual Long Term Incentive Plan

 

Tower Resources plc (the "Company" or "Tower" (TRP.L, TRP LN)), the AIM listed oil and gas company focused on Africa, announces that it has made an annual award of share options under its Long Term Incentive plan ("LTIP").

The share options (the "Options"), over a total of 1,182,000,000 new ordinary shares ("Shares") in the capital of the Company, were awarded on 15 February 2024 at an exercise price of 0.018 pence per ordinary share, being the same as the price of the share subscription announced that same day. 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, and will be governed by the terms of the Company's existing share option scheme (the "Scheme"). The award of options under the LTIP is an annual event, which normally takes place in the first quarter of each year.

Details of the grant to directors, PDMRs and consultants are set out below:

Director/PDMR

Existing number of options

Number of new options granted

Total number of options held following issue

Jeremy Asher

420,000,000

800,000,000

1,220,000,000

Honore Dairou

142,000,000

270,000,000

412,000,000

Consultants

22,500,000

88,000,000

110,500,000

Others

5,500,000

24,000,000

29,500,000

TOTAL

590,000,000

1,182,000,000

1,772,000,000

‡ Held by Pegasus Petroleum Ltd, which is owned and controlled by Jeremy Asher

 

Options in issue

Following the above issue of Options, the total number of Options in issue is 1,772,000,000 equating to 8.9% of the Company's enlarged share capital assuming full exercise of all warrants and share options.

 

Market Abuse Regulation (MAR) Disclosure

 

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ('MAR'). Upon the publication of this announcement via Regulatory Information Service ('RIS'), this inside information is now considered to be in the public domain.

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