Cancellation of Loan Shares

RNS Number : 0544S
Sylvania Platinum Limited
27 November 2012
 



Sylvania Platinum Limited

("Sylvania Platinum", "Sylvania" or the "Company")

(AIM: SLP)

 

Cancellation of Loan Shares, Director's Dealing

and Total Voting Rights

 

Sylvania Platinum Limited announces that it has today bought back and cancelled 2,533,000 shares (Plan Shares) which were issued under the terms of the Company's Share Plan (Share Plan), (Buy-back).

 

The Plan Shares were acquired by certain employees of the Company (and one director, as referred to below) with a loan provided by the Company to each employee for the purpose of the acquisition (Loan).  The Plan Shares were not able to be sold or otherwise dealt with until inter alia, the relevant Loan was repaid to the Company in full.  

 

However, in accordance with the terms of the Share Plan and the agreement pursuant to which each relevant employee acquired their Plan Shares, the Company is entitled to buy back the Plan Shares from each employee and apply the proceeds otherwise payable to the employee to fully satisfy the employee's Loan.

 

Accordingly, the Company has today bought back the Plan Shares at a price of 9.10 pence per Plan Share, being the closing price of the Company's shares on AIM on 26 November 2012.  This is a cash neutral transaction as the consideration to be received by each employee under the Buy-back has been applied in repayment of their Loan so that upon completion of the Buy-back the relevant Loans are fully satisfied. 

 

The Company notes that 1,000,000 of the Plan Shares were held by Richard Rossiter, the Company's non-executive Chairman. These Plan Shares were included in the Buy-back on the basis set out above.

 

Details of Mr Rossiter's revised interest in the Company are set out below:

 


No. of shares held prior to Share Buy-Back

No. of share held after Share Buy-Back

% of issued share capital after Share Buy-Back

No. of options

Richard Rossiter

1,032,000(1)

32,000(1)

0.01%

1,000,000

(1)   32,000 shares are held in the name of Mr Rossiter's wife, Lee Rossiter.

 

As a result of the Buy-back, Sylvania Platinum now has 298,718,805 fully paid common shares on issue.

 

Ends



CORPORATE INFORMATION

 

Registered office:    Sylvania Platinum Limited

                                    Clarendon House

                                    2 Church Street

                                    Hamilton HM 11

                                    Bermuda

                                   

Postal address:         PO Box 524

                                    Wembley WA 6913

                                    Australia

 

CONTACT DETAILS

 

For further information please contact: 

 

South Africa
Terence McConnachie (CEO)

Nigel Trevarthen (Deputy CEO)

Sylvania Platinum Limited
+27 (11) 673 1171

 

Louis Carroll

(Director/Assistant Company Secretary)
Sylvania Platinum Limited
+44 (0) 7969 170 622

 

Australia

Richard Rossiter (Chairman)
Sylvania Platinum Limited

+61 (4) 1868 8338

 

 

Grant Button

(Director/Assistant Company Secretary)

Sylvania Platinum Limited
+61 (8) 9226 4777

 

United Kingdom
Nominated Adviser

Liberum Capital Limited

Michael Rawlinson/Tom Fyson/Christopher Kololian

+44 (0) 20 3100 2000

 

Sylvania Website: www.sylvaniaplatinum.com

Communications

Newgate Threadneedle

Graham Herring/Beth Harris

+44 (0) 20 7653 9850

 

 

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
MSCLIFFVLSLDFIF
UK 100