Tower Resources PLC (TRP) - Board Changes and Grant of Options RNS Number : 1916C Tower Resources PLC 27 April 2012 PRESS RELEASE 27 April 2012 Tower Resources plc ("Tower" or the "Company") Board changes and grant of options Tower Resources plc ("Tower"), LN: TRP, the AIM listed exploration company, is pleased to announce the appointment of Philip Swatman as an independent, non-executive director with immediate effect. In addition to serving as Tower's Senior Independent Director, he will join the Company's Remuneration Committee and (from May 2012) will chair the Company's Audit Committee.Under the terms of his contract with the Company, Mr Swatman has been granted 1.5 million share options at an exercise price of 2.85p per share. Philip Swatman, 62, was Vice-Chairman of Investment Banking at NM Rothschild from 2001 until his retirement in September 2008, having originally joined NM Rothschild in 1979 as a Corporate Financier, becoming a Director in 1986. He subsequently became a Managing Director and later Co-Head of Investment Banking. During his distinguished career with NM Rothschild, the bank made significant progress in repositioning itself as a leading global advisory firm and a permanent fixture at or near the top of the major M&A league tables. He was accordingly involved in numerous transactions, including the sale of Chubb to Williams, Northern Foods' acquisition of Express Dairies, the IPOs of Vodafone and William Hill, the defence of BPB plc against a hostile bid from St Gobain, and the sale of Abbot Group plc to First Reserve. Philip qualified as a Chartered Accountant with KPMG after graduating from Christ Church, Oxford. He is a Fellow of the Institute of Chartered Accountants in England and Wales, and also serves as Chairman of Merlin Reputation Management Ltd, Chairman of Cambria Automobile plc, and as a non-executive Director at New England Seafood International, Investec Structured Products Calculus VCT PLC and Mytrah Energy Limited. Tower also announces that non-executive Director, Mark Savage has informed the Company of his intention to resign from the Board once the 2011 accounts and annual report are issued and before the upcoming AGM, due to the pressure of other commitments. Mark currently chairs the Audit Committee, Jeremy Asher, Chairman of Tower, commented: "The whole board owes great thanks to Mark for his considerable contributions and wisdom since the original flotation of the Company in January 2006, and we look forward to his remaining closely engaged with us as a major shareholder in the years ahead." "We are also delighted to welcome Philip to Tower's Board of Directors. He brings a wealth of experience, both financial and commercial, to the Company, and he is joining us at a very exciting time. We expect to appoint a new CEO and a further independent Director in due course." Contacts: Northland Capital Partners Limited (Nominated Adviser and Joint Broker) Gavin Burnell, Edward Hutton John-Henry Wicks / Alice Lane (Broking) 0207 796 8800 Investec (Joint Broker) Ben Colegrave, Chris 0207 Sim 597 4000 M Communications Patrick d'Ancona, Chris McMahon, Andrew Benbow 020 7920 2358 Philip Hilary Swatman Mr. Swatman is, or has within the past five years been, a director or partner of the following companies/partnerships: Current directorships/partnerships Cambria Automobiles Plc New England Seafood International Limited Investec Structured Products Calculus VCT PLC Mytrah Energy Limited Raigersfield Capital Limited Cardinal Advisers LLP Dream Control LLP Nomina No 115 LLP Kingston Central Two (Kingston) Management Company Limited Merlin Corporate Reputation Management Limited Past directorships/partnerships in the last 5 years Cardinal Partners Limited Atrium Underwriting Group Limited NM Rothschild Corporate Finance Limited Carillion (AM) Limited Carwash Café (UK) PLC Philip Swatman was appointed as a director of Cardinal Partners Limited on 16 May 2003. Cardinal Partners Limited was subsequently placed into voluntary liquidation. Mr Swatman's 1.5m share options will vest in three equal tranches 12, 24 and 36 months respectively after the date of his appointment and will all expire if not previously exercised on the fifth anniversary of their issue. No further information with respect to Philip Hilary Swatman is required to be disclosed in accordance with Schedule Two (g) of the AIM Rulesfor Companies. This information is provided by RNS The company news service from the London Stock Exchange END BOASEIFWMFESESL -0- Apr/27/2012 06:00 GMT
Tower Resources PLC TRP Board Changes and Grant of Options
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