Alba Mineral Resources Plc held its Annual General Meeting (AGM), where all resolutions were passed. Additionally, the company announced a subscription of shares in its portfolio company, GreenRoc Mining Plc, by GreenRoc directors, persons discharging managerial responsibilities (PDMRs), and Alba, the largest shareholder. A total of 6,111,108 new ordinary shares were subscribed for at a price of 1.8 pence per share, amounting to approximately £110,000.
Alba subscribed for 3,888,890 shares at the Subscription Price, increasing its holding to 66,915,207 shares, equivalent to 35.69% of GreenRoc's issued capital. The subscriptions by Alba Directors Michael Nott and George Frangeskides, and COO Mark Austin, were considered related party transactions. The independent director of the Company, Elizabeth Henson, deemed the terms of the subscriptions fair and reasonable for the Company's shareholders.
The GreenRoc announcement detailed the subscriptions by GreenRoc directors and PDMRs, as well as Alba and its concert parties. The subscriptions by the GreenRoc directors were also considered related party transactions, with the independent director, Mark Rachovides, deeming the terms fair and reasonable for the Company's shareholders.
Application has been made for the Subscription Shares to be admitted to trading on AIM, and they will rank pari passu with the existing ordinary shares. The total voting rights and interests of the directors and PDMRs in GreenRoc following the subscription were also outlined in the announcement.