TIDMALBA
RNS Number : 2555W
Alba Mineral Resources PLC
11 December 2023
Alba Mineral Resources plc
("Alba" or the "Company")
Grant of Share Options
Alba Mineral Resources plc (AIM: ALBA) (the "Company" or "Alba")
announces the cancellation and re-issue of certain share options to
management as well as the grant of certain new share options.
In aggregate, as set out below, a total of 313 million share
options to management have been cancelled and have been replaced
with a total of 360 million new share options. An options pool has
also been created comprising 40 million share options which may be
awarded to non-management employees in the future.
The total number of share options granted to management
represents approximately 5.17 per cent. of the current undiluted
issued share capital of the Company, compared with 7.5 per cent. as
at the date of grant of the previous awards in August 2020.
Table 1: Changes to Existing Share Option Awards
Participant Existing Options cancelled New Options granted
Mark Austin(1) 30 million unapproved 60 million EMI options
options at 0.16p (expiry at 0.16p (vesting immediately,
December 2023) expiry August 2030)
--------------------------- --------------------------------
George Frangeskides 140 million EMI options 140 million EMI options
at 0.16p (expiry August at 0.16p (vesting immediately,
2030)(2) expiry August 2030)
--------------------------- --------------------------------
60 million EMI options 60 million unapproved options
at 0.4p (vested, expiry at 0.4p (vested, expiry
January 2027) and 60 January 2027) and 60 million
million EMI options at unapproved options at 0.42p
0.42p (vested, expiry (vested, expiry May 2028)
May 2028)(3)
--------------------------- --------------------------------
Elizabeth Henson 8 million unapproved 20 million unapproved options
options at 0.5p (expiry at 0.16p (vesting immediately,
December 2023) expiry August 2030)
--------------------------- --------------------------------
Mike Nott 15 million unapproved 20 million unapproved options
options at 0.16p (expiry at 0.16p (vesting immediately,
December 2023) expiry August 2030)
--------------------------- --------------------------------
Sarah Potter None None
--------------------------- --------------------------------
Table 2: New Share Option Awards
Participant Options granted
Employee pool 40 million EMI options at 0.16p
available for grant to employees
----------------------------------
Notes:
(1) Since the last share option award in August 2020, Mr Austin
has become the Company's COO and Senior Geologist and is eligible
for an EMI option award.
(2) The EMI options awarded to Mr Frangeskides in August 2020
were not validly issued as EMI options and have therefore been
cancelled and re-issued.
(3) The share options issued to Mr Frangeskides in 2017 and
2018, which have fully vested, do not qualify as EMI options and
have therefore been cancelled and re-issued as fully vested
unapproved share options on the same terms.
The 60 million EMI options issued to Ms Potter, the Company's
CFO, in August 2020 are unchanged and remain valid in accordance
with their terms on grant.
An options pool of 40 million share options ("Options Pool") has
been created to incentivise non-management employees of the
Company. If issued, in whole or in part, in the future, the share
options in the Options Pool will be awarded as either EMI options
or unapproved options, at an exercise price at the higher of 0.16p
per share and the volume weighted average closing price of Alba
shares in the five trading days prior to the option grant, with an
expiry date and vesting terms to be determined by the Board on a
case-by-case basis.
The above share option grants have been issued subject to the
terms and conditions of the EMI Scheme Rules, which rules govern
the issue by the Company of both EMI share options and unapproved
share options.
In summary, whilst the Company is of the view that it is
important to regularly review the Company's share option schemes
and awards so as to appropriately incentivise management and
employees in the creation of shareholder value, the Board is also
acutely aware of the present difficult market conditions for Alba
shareholders, in common with investors generally (with the AIM All
Share Index having fallen circa 45% since September 2021). In
order, therefore, to strike an appropriate balance between these
factors, these Alba share option awards have been held at the
exercise price of the last awards in 2020, namely 0.16p. This
represents a premium of circa 80% over the closing price of Alba
shares on the last trading date, 7 December 2023, which was 0.09p,
and is therefore a significantly increased hurdle, relative to the
current share price, compared to the premium of 23% which applied
at the time of the last 0.16p share option awards in 2020 when the
share price was 0.13p.
The above share option awards to the Directors are deemed to be
a related party transaction for the purposes of Rule 13 of the AIM
Rules . As there are no independent directors to provide the fair
and reasonable statement required by AIM Rule 13, the Company's
Nominated Adviser, SPARK Advisory Partners Limited, considers that
the terms of the grant of options are fair and reasonable insofar
as the Company's shareholders are concerned.
This announcement contains inside information for the purposes
of the UK Market Abuse Regulation and the Directors of the Company
are responsible for the release of this announcement.
For further information, please visit www.albamineralresources.com or contact:
Alba Mineral Resources plc
George Frangeskides, Executive Chairman +44 (0) 20 3950 0725
SPARK Advisory Partners Limited (Nomad)
Andrew Emmott +44 (0) 20 3368 3555
----------------------
CMC Markets plc (Broker)
Thomas Smith / Douglas Crippen +44 (0) 20 3003 8632
----------------------
Alba's Projects & Investments
Projects Operated by Alba Location Ownership
------------ -----------
Clogau (gold) Wales 100%
------------ -----------
Dolgellau Gold Exploration (gold) Wales 100%
------------ -----------
Gwynfynydd (gold) Wales 100%
------------ -----------
Investments Held by Alba Location Ownership
------------ -----------
GreenRoc Mining Plc (mining) Greenland 37.49%
------------ -----------
Horse Hill (oil) England 11.765%
------------ -----------
PDMR dealing notifications
The following notification is provided in accordance with the
requirements of the UK Market Abuse Regulation.
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Mark Austin PDMR
George Frangeskides Director
Mike Nott Director
Elizabeth Henson Director
----------------------- -------------------------------------------------------------------------------
2 Reason for the notification
--------------------------------------------------------------------------------------------------------
a) Position/status See 1(a) above for all positions - classified
as PDMRs of the Company
----------------------- -------------------------------------------------------------------------------
b) Initial notification Initial Notification
/Amendment
----------------------- -------------------------------------------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
--------------------------------------------------------------------------------------------------------
a) Name Alba Mineral Resources plc
----------------------- -------------------------------------------------------------------------------
b) LEI 213800Z1BU53AWR9J329
----------------------- -------------------------------------------------------------------------------
4 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
--------------------------------------------------------------------------------------------------------
a) Description Participant Existing Options New Options granted
of the financial cancelled
instrument, Mark Austin 30 million unapproved 60 million EMI options
type of instrument options at 0.16p (expiry at 0.16p (vesting immediately,
December 2023) expiry August 2030)
-------------------------- --------------------------------
George 140 million EMI options 140 million EMI options
Frangeskides at 0.16p (expiry August at 0.16p (vesting immediately,
2030) expiry August 2030)
-------------------------- --------------------------------
60 million EMI options 60 million unapproved
at 0.4p (vested, expiry options at 0.4p (vested,
January 2027) and expiry January 2027)
60 million EMI options and 60 million unapproved
at 0.42p (vested, options at 0.42p (vested,
expiry May 2028) expiry May 2028)
-------------------------- --------------------------------
Elizabeth 8 million unapproved 20 million unapproved
Henson options at 0.5p (expiry options at 0.16p (vesting
December 2023) immediately, expiry
August 2030)
-------------------------- --------------------------------
Mike Nott 15 million unapproved 20 million unapproved
options at 0.16p (expiry options at 0.16p (vesting
December 2023) immediately, expiry
August 2030)
-------------------------- --------------------------------
Identification GB00B06KBB18
code
b) Nature of the Award of Performance Rights, Retention Rights,
transaction Co-Investment Options
----------------------- -------------------------------------------------------------------------------
c) Price(s) and See 4 (a) above
volume(s)
d) Aggregated information n/a - single transaction
Volume
Price
e) Date of the 10/12/2023
transaction
f) Place of the Outside a trading venue
transaction
----------------------- -------------------------------------------------------------------------------
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END
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