Alba Mineral Resources plc has cancelled and reissued of certain enterprise management incentive (EMI) share options to management and granted certain new share options.
A total 313 million share options to management have been cancelled and replaced with 360m new share options.
The figure represents approximately 5.17% of the company’s current undiluted issued share capital, compared with 7.5% at the date of grant of the previous options in August 2020.
The company has also created an options pool of 40 million EMI options at 0.16p which may be awarded to non-management employees in the future.
DIRECTORS’ AWARDS
Chief operating officer and senior geologist Mark Austin now holds 30m EMI options at 0.16p, vesting immediately and expiring August 2030.
Chief executive George Frangeskides, 60m unapproved options at 0.4p (vested, expiry January 2027, and 60m unapproved options at 0.42p (vested, expiry May 2028).
Non-executive directors Elizabeth Henson and Mike Nott each have 20m unapproved options at 0.16p (vesting immediately, expiry August 2030).
Chief finance officer Sarah Potter holds none.
The share option awards are held at the same exercise price of 0.16p as the last awards in 2020 and at a premium of circa 80% over the closing price of Alba shares on the last trading date, 7 December 2023.