Business
Further Interest in Horse Hill
Further Interest in Horse Hill.
About this update from Alba Mineral Resources Plc
[{"type":"text","content":"\n \nRNS Number : 8964X Alba Mineral Resources PLC 29 November 2017 \n\nAlba Mineral Resources plc\n(\"Alba\" or the \"Company\")\nCompletion of Acquisition of further 3.1% interest in Horse Hill Developments Limited Takes Alba's Ownership to 18.1%\n \nFurther to the announcement of 18 October 2017, Alba Mineral Resources plc (AIM: ALBA) is pleased to announce that it has now completed the acquisition of a further 3.1% interest in Horse Hill Developments Limited (\"HHDL\") from Regency Mines plc (\"Regency\"). This brings Alba's shareholding in HHDL to 18.1%, consolidating the Company's position as the second largest shareholder in the HHDL consortium, behind only UK Oil & Gas Investments plc (\"UKOG\").\n \nHHDL has a 65 per cent participating interest and operatorship of the Horse Hill oil & gas project (licences PEDL 137 and PEDL 246) in the UK Weald Basin. \n \nThe total consideration payable is £630,000 including the assignment to Alba of the benefit of all accrued loans in respect of the 3.1% interest. Of this consideration, £315,000 is being settled by the issue to Regency of 74,733,096 fully paid ordinary Alba shares at a trading 15 day volume weighted average price of 0.4215 pence per share (\"VWAP\"), with the balance payable in cash.\n \nAdmission to AIM \nApplication will be made for the 74,733,096 new ordinary Alba shares to be admitted to trading on AIM (\"Admission\"). It is expected that Admission will become effective at 8.00 a.m. on or around 5 December 2017. The new ordinary shares will be issued credited as fully paid and will rank in full for all dividends and other distributions declared, made or paid after Admission and will otherwise rank on Admission pari passu in all respects with the existing ordinary shares. \n \nTotal Voting Rights\nFollowing Admission, the total number of ordinary shares in issue will be 2,248,614,935. The Company does not hold any ordinary shares in treasury. Therefore, the total number of ordinary shares with voting rights will be 2,248,614,935. This figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial Conduct Authority...