Business
Grant of Options under LTIP and Issue of Warrants
Grant of Options under LTIP and Issue of Warrants.
About this update from Tower Resources Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 2167U\n Tower Resources PLC\n 01 April 2021\n \n \n \n \n 1 April 2021\n \n \n \n \n \n Tower Resources plc\n \n \n Grant of Options under Annual Long Term Incentive Plan\n \n \n Issue of Warrants to Directors\n \n \n Tower Resources plc (the \"Company\" or \"Tower\" (TRP.L, TRP LN)), the AIM listed oil and gas company with its focus on Africa, announces that it has made an annual award of share options under its Long Term Incentive plan, and has also issued warrants in lieu of fees to Directors and to one of its contractors in respect of the second quarter of 2021.\n The share options (the \"Options\") over a total of 88 million new ordinary shares (\"Shares\") in the capital of the Company were awarded on 31 March 2021 at an exercise price of 0.45 pence per ordinary share, being a premium of 43% over the closing price of the Shares on that 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 Long Term Incentive plan is an annual event, which normally takes place in the first quarter of each year, but was delayed in 2020 due to a closed period and other factors.\n Details of the grant to directors, PDMRs and consultants are set out below:\n \n \n \n \n Director/PDMR\n \n \n Existing number of options\n \n \n Number of new options granted\n \n \n Total number of options held following issue\n \n \n \n \n Jeremy Asher‡\n \n \n 120,000,000\n \n \n 60,000,000\n \n \n 180,000,000\n \n \n \n \n Honore Dairou\n \n \n 25,000,000\n \n \n 20,000,000\n \n \n 45,000,000\n \n \n \n \n Consultants\n \n \n 10,000,000\n \n \n 6,500,000\n \n \n 16,500,000\n \n \n \n \n Others\n \n \n 2,500,000\n \n \n 1,500,000\n \n \n 4,000,000\n \n \n \n \n TOTAL\n \n \n 157,500,000\n \n \n 88,000,000\n \n \n 245,500,000\n \n \n \n \n ‡ Held by Pegasus Petroleum Ltd, which is owned and controlled by Jeremy Asher\n \n The Company also announces the following issue of warrants to Directors in lieu of fees. \n \n \n Warrants are being issued in lieu of £30,000 (in aggregate) of Directors fees to Paula Brancato and Mark Enfield (Non-Executive Directors), and J...