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Results of Open Offer and Director's Dealing

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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 £180,000 Placing at 1.0 pence per share and the Company's intention to launch an Open Offer of up to approximately £188,000 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 £187,890 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 to the announcement of the Open Offer

Number of Shares acquired pursuant to the Open Offer

Immediately following Admission of the Open Offer shares


Number of Ordinary Shares

% of issued share capital

Number of Ordinary Shares

Number of Ordinary Shares

% of issued share capital

Jeremy Asher*






Peter Taylor






Graeme Thomson







* 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."





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



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


Graeme Thomson

Reason for the notification


Non-Executive Director

Initial notification


Initial Notification           

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor


Tower Resources plc



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 of the

Financial instrument, type

of instrument

Identification code

Ord Shares of 1.0p each

Nature of the transaction

Open Offer



Price(s) and volume(s)







Aggregated information

·      Aggregated volume

·      Price




1.0p per share

Date of the transaction


Place of the transaction

London Stock Exchange, AIM (XLON)





This information is provided by RNS
The company news service from the London Stock Exchange

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