Grant of Restricted Shares under LTIP
Tower Resources plc has granted 1,540,000,000 restricted ordinary shares under its Long Term Incentive Plan to directors, employees, and consultants, with vesting scheduled for June 26, 2029. This award, consistent in number with the previous year, represents 9.5% of the company's enlarged share capital, totaling 4,706,000,000 shares including outstanding options and warrants. The grant price for these restricted shares was 0.018 pence each.
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Tower Resources plc (AIM: TRP), the AIM listed oil and gas company focused on Africa, announces that it has made an annual award of Restricted Shares to directors, employees and consultants under its Long Term Incentive Plan ("LTIP").
The award of Restricted Shares (the "Restricted Shares"), comprising 1,540,000,000 new ordinary shares ("Ordinary Shares") in the capital of the Company, was made on 26 June 2026 and the Restricted Shares will vest only at the end of three years, on 26 June 2029. The award of equity incentives under the LTIP (the "LTIP Award") is an annual event, which normally takes place in the first quarter of each year, and has in previous years been made in the form of share options vesting over three years; however, last year the Company decided to issue Restricted Shares which only vest at the end of three years, and the Company has decided to adopt the same approach this year and going forward.
The current year's award is for the same number of shares as last year, distributed among a slightly larger group of recipients, and remains within the Company's existing policy that the cumulative amount of shares which may be issued in future under LTIP awards, whether in the form of share options or restricted shares, shall not exceed 10% of the Enlarged Share Capital of the Company, being the sum of the currently issued shares and all future shares that the Company may be currently obliged to issue in future, including restricted shares, options or other conversion rights.
Details of the LTIP grant to directors, PDMRs and consultants are set out below:
| Director/PDMR | Existing number of LTIP share options and Restricted Share Awards | Number of new LTIP Restricted Shares granted | Total number of LTIP options and Restricted Shares held following issue |
|---|---|---|---|
| Jeremy Asher ‡ | 1,740,000,000 | 600,000,000 | 2,340,000,000 |
| Mark Enfield | 240,000,000 | 225,000,000 | 465,000,000 |
| Honore Dairou | 572,000,000 | 180,000,000 | 752,000,000 |
| Consultants | 506,000,000 | 440,000,000 | 946,000,000 |
| Others | 108,000,000 | 95,000,000 | 203,000,000 |
| TOTAL | 3,166,000,000 | 1,540,000,000 | 4,706,000,000 |
‡ Held by Pegasus Petroleum Ltd, which is owned and controlled by Jeremy Asher
LTIP Awards outstanding
Following this current grant of LTIP awards, the total number of shares (including Restricted Shares and shares subject to options) which the Company may be obliged to issue under outstanding LTIP Awards is 4,706,000,000 equating to 9.5% of the Company's enlarged share capital assuming full exercise of all warrants and share options.
| 2. | Reason for the notification | |
| a) | Position/status: | 1) Chairman and Chief Executive Officer 2) Director Tower Resources Cameroon S.A 3) Executive Director |
| b) | Initial notification/Amendment: | Initial notification |
| a) | Name: | Tower Resources PLC |
| b) | LEI: | 2138002J9VH6PN7P2B09 |
| a) | Description of the financial instrument, type of instrument: Identification code: | Ordinary Shares of 0.001 pence each GB00BZ6D6J81 |
| b) | Nature of the transaction: | Restricted Share Awards, vesting in three years |
| c) | Price(s) and volume(s): | Price(s) Volume(s) 1) 0.018 pence 2) 0.018 pence 3) 0.018 pence 600,000,000 180,000,000 225,000,000 |
| d) | Aggregated information: Aggregated volume: Price: | Single transaction as in 4 c) above Price(s) Volume(s) 1) 0.018 pence 2) 0.018 pence 3) 0.018 pence 600,000,000 180,000,000 225,000,000 |
| e) | Date of the transaction: | 26 June 2026 |
| f) | Place of the transaction: | Outside a trading venue |
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.