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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December 11, 2023 02:00 ET (07:00 GMT)

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