Sylvania Platinum Limited Share Buyback Programme (4740O)
August 21 2017 - 2:00AM
UK Regulatory
TIDMSLP
RNS Number : 4740O
Sylvania Platinum Limited
21 August 2017
Sylvania Platinum Limited
("Sylvania" or "the Company")
AIM (SLP)
Share Buyback programme
21 August 2017
Sylvania Platinum Limited, the low cost Platinum Group Metal
("PGM") processor and developer, today announces a proposed share
buyback programme. The purpose of which is to facilitate the sale
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 4,156,982 of the Company's 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 repurchase these
shares at the 60 Day VWAP (calculated at the close of business on
Friday 18(th) August 2017) of Aus$0.1619 ("Purchase Price").
The Company has appointed Bennett & Co ("Bennett"),
commercial and corporate lawyers of Perth, Australia to manage the
Share Buyback programme for the Australian shareholders, with the
Company managing the Share Buyback programme for the non-Australian
shareholders. 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 cancelled.
The Share Buyback programme will run from the date of this
announcement to 31 October 2017 with the ability to extend further
at the discretion of the Company. Purchases may continue during any
closed period to which the Company is subject during the operation
of the Share Buyback programme. The maximum number of shares that
may be purchased pursuant to the Share Buyback programme is
4,156,982 which represents 1.4% of the Company's issued share
capital.
The Share Buyback programme has a maximum value at the Purchase
Price of Aus$673,016 and will be funded from the Company's current
net cash balances which stood at approximately US$15.3 million as
at 30 June 2017.
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.
Terry McConnachie, CEO, commenting on the Share Buyback
said:
"As a board, we have been conscious that certain smaller non-UK
shareholders have been adversely affected by our de-listing from
the ASX in April 2012, as trading small amounts of certificated
shares is prohibitively expensive and complicated. We hope that
this Share Buyback programme will facilitate those of our smaller
non-UK shareholders who would like to sell their shares to do so on
a par with UK shareholders, whilst also reducing the administrative
cost to the Company. The total number of shares to which this
programme relates is 4,156,982 and the share buyback will be funded
from our cash resources. All shares purchased will be
cancelled."
CORPORATE INFORMATION
Registered Sylvania Platinum Limited
office:
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:
Terence McConnachie (Chief
Executive Officer) +44 (0) 777 533 7175
Nominated Advisor and
Broker
Liberum Capital Limited +44 (0) 20 3100 2000
Richard Crawley / Neil
Elliot
Facilitator
Bennett & Co +61 8 6316 2200
David Sanders/ Heidi Gan
Communications
Alma PR Limited +44 (0) 77 8090 1979
Josh Royston / Helena
Bogle / Hilary Buchanan
This information is provided by RNS
The company news service from the London Stock Exchange
END
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