Tower Resources PLC Results of Open Offer and Director's Dealing (2979N)
August 07 2017 - 9:00AM
UK Regulatory
TIDMTRP
RNS Number : 2979N
Tower Resources PLC
07 August 2017
7 August 2017
Tower Resources plc
Results of Open Offer and Director's Dealing
Tower Resources plc (the "Company" (TRP.L, TRP LN)), the AIM
listed Africa focused oil and gas exploration company, announced on
30 June 2017 the completion of a GBP180,000 Placing at 1.0 pence
per share and the Company's intention to launch an Open Offer of up
to approximately GBP188,000 at 1.0 pence per share. The Open Offer,
together with the Notice of Annual General Meeting, was
subsequently announced on 14 July 2017.
The Open Offer has now closed in accordance with its terms and
was substantially over-subscribed, resulting in an allocation of
the Open Offer shares among Qualifying Shareholders. After scaling
back excess applications, the Company will issue 18,789,013 Open
Offer Shares. This represents the maximum number of Shares
available under the Open Offer. The Company has therefore raised
gross proceeds of approximately GBP187,890 through the Open
Offer.
Application has been made for these 18,789,013 Open Offer
Shares, which will rank pari passu in all respects with the
existing Ordinary Shares, to be admitted to the AIM Market of the
London Stock Exchange. It is expected that Admission of the Open
Offer Shares will occur at 8.00 a.m. on 11 August 2017.
Following Admission of the Open Offer Shares and in accordance
with Disclosure Guidance and Transparency Rules, the Company's
issued ordinary share capital is now comprised of 140,917,601
Ordinary Shares of 1.0 pence each with voting rights.
The above figure may be used by shareholders as a 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 FCA's Disclosure Guidance and Transparency
Rules.
The following table sets out the Directors' shareholding and
percentage interest in the issued share capital of the Company
after the Open Offer:
Holding prior Number of Immediately
to the announcement Shares acquired following Admission
of the Open pursuant of the Open
Offer to the Open Offer shares
Offer
----------------- ------------------------ ----------------- ------------------------
Number % of Number of Number % of
of Ordinary issued Ordinary of Ordinary issued
Shares share Shares Shares share
capital capital
----------------- ------------- --------- ----------------- ------------- ---------
Jeremy Asher(*) 15,041,495 12.3 - 15,041,495 10.7
----------------- ------------- --------- ----------------- ------------- ---------
Peter Taylor 10,451,726 8.6 - 10,451,726 7.4
----------------- ------------- --------- ----------------- ------------- ---------
Graeme Thomson 3,597,333 2.9 553,434 4,150,767 2.9
----------------- ------------- --------- ----------------- ------------- ---------
* 1,805,308 of these shares are held by Agile Energy Limited,
which is owned by the Asher Family Trust of which Jeremy Asher is a
lifetime beneficiary.
Jeremy Asher, Chairman and CEO, commented "We are very pleased
with the response of our shareholders to the Open Offer. This
allows us to refocus our attention on our work programme in
Cameroon and its financing, which remain the principal
uncertainties facing the company but also contain great potential
opportunities. We realise that shareholders would like to see our
stock trading again, and we are working to resolve these
uncertainties so this can resume as soon as possible."
Contacts
Tower Resources plc
Jeremy Asher (Chairman and 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
Regulatory
Notification and public disclosure of transactions by persons
discharging managerial responsibilities and persons closely
associated with them:
Details of the person discharging managerial
responsibilities / person closely associated
------------------------------------------------------------------
Name Graeme Thomson
------------------------------ ----------------------------------
Reason for the notification
------------------------------------------------------------------
Position/status Non-Executive Director
------------------------------ ----------------------------------
Initial notification Initial Notification
/Amendment
------------------------------ ----------------------------------
Details of the issuer, emission allowance
market participant, auction platform, auctioneer
or auction monitor
------------------------------------------------------------------
Name Tower Resources plc
------------------------------ ----------------------------------
LEI 2138002J9VH6PN7P2B09
------------------------------ ----------------------------------
Details of the transaction(s): section to
be repeated for (i) each type of instrument;
(ii) each type of transaction; (iii) each
date; and (iv) each place where transactions
have been conducted
------------------------------------------------------------------
Description Ord Shares of 1.0p each
of the
Financial
instrument,
type
of instrument
Identification
code
------------------------------ ----------------------------------
Nature of Open Offer
the transaction
------------------------------ ----------------------------------
Price(s) and Price(s) Volume(s)
volume(s) --------- ----------
1.0p 553,434
--------- ----------
------------------------------ ----------------------------------
Aggregated
information 553,434 shares
* Aggregated volume 1.0p per share
* Price
------------------------------ ----------------------------------
Date of the 2017-08-07
transaction
------------------------------ ----------------------------------
Place of the London Stock Exchange, AIM (XLON)
transaction
------------------------------ ----------------------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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