Share Buyback Announcement

RNS Number : 8173E

Sylvania Platinum Limited

03 March 2020

 

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Sylvania Platinum Limited

("Sylvania" or "the Company")

 AIM (SLP)

Share Buyback programme

3 March 2020

Sylvania Platinum Limited, a Platinum Group Metal ("PGM") processor and developer, today announces a proposed share buyback programme, the purpose of which is to facilitate the trading of shares held by small non-UK shareholders prohibited from so doing by the cost and administrative burden of trading certificated shares outside of the UK.

Sylvania's Board has approved a programme to offer to buy back up to 1,650,339 ordinary shares of USD0.01 each in the Company ("Ordinary Shares") from certain of its smaller non-UK shareholders, where the individual shareholding is no more than 175,000 ordinary shares and is in certificated format (the "Share Buyback programme"). The Company will offer to repurchase these shares at the 60 Day volume weighted average price ("VWAP") (calculated at the close of business on Friday, 28 February 2020) of Aus$0.9195 ("Purchase Price").

The Share Buyback programme is an irrevocable, non-discretionary programme and the Company and the Company's directors have no power to invoke any changes to the Share Buyback programme.  Shares purchased will be placed in treasury to satisfy the Employee Share Plan or cancelled.

The Share Buyback programme will run from the date of this announcement to 30 June 2020 with an option to extend further at the discretion of the Company. Purchases may continue during any applicable closed period during the operation of the Share Buyback programme. The maximum number of shares that may be purchased pursuant to the Share Buyback programme is 1,650,339 which represents 0.57% of the Company's issued share capital.  Shares purchased under this programme will form part of the proposal to buyback approximately 12 million shares under various programmes, as announced in the Company's Half-Year Results Announcement released 17 February 2020.  These shares will be placed in Treasury to satisfy the Employee Share Scheme, which will comprise of 7 million shares, and any shares bought over and above the 7 million of the 12 million will be cancelled.   

The Share Buyback programme has a maximum value at the Purchase Price of Aus$1,517,487 and will be funded from the Company's current net cash balances which stood at approximately US$33.8 million as at 31 December 2019. 

The Share Buyback programme falls within the parameters of the Market Abuse Regulation 596/2014/EU and the Commission Delegated Regulation 2016/1052/EU.

Full details of the Share Buyback programme may be found on the Company's website www.sylvaniaplatinum.com .

CORPORATE INFORMATION

Registered office:	Sylvania Platinum Limited
	Clarendon House
	2 Church Street
	Hamilton HM 11
	Bermuda
Postal address:	PO Box 976
	Florida Hills, 1716
	South Africa

Sylvania Website : www.sylvaniaplatinum.com

CONTACT DETAILS

For further information, please contact:
Jaco Prinsloo CEO Lewanne Carminati CFO	[phone]
Nominated Adviser and Broker
Liberum Capital Limited	[phone]
Richard Crawley / Ed Phillips
Communications
Alma PR Limited	[phone]
Josh Royston / Helena Bogle
Facilitator
Bennett & Co	[phone]
David Sanders

 

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