Tower Resources PLC TRP Board Changes and Grant of Options

  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."


Northland Capital Partners Limited (Nominated Adviser and Joint Broker)                           

Gavin Burnell, Edward Hutton                                                                      

John-Henry Wicks / Alice Lane (Broking)                                                           0207

Investec (Joint Broker)
Ben Colegrave, Chris                                                                              0207
Sim 597
M Communications
Patrick d'Ancona, Chris McMahon, Andrew Benbow                                                    020

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 

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


BOASEIFWMFESESL -0- Apr/27/2012 06:00 GMT
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