(Alliance News) - Griffin Mining Ltd on Friday commenced a share buyback programme, spurned by what the company deemed an undervaluation of its share price.
In February, the China-focused miner noted the "undervalued nature" of its share price. In light of this, Griffin commenced a new six month-long share buyback programme on Friday to repurchase up to 10 million shares to a value of GBP10 million.
Griffin shares were up 2.4% to 130.00 pence each in London on Friday morning. The stock is up 75% over the past 12 months.
A further buyback will be considered by Griffin following the conclusion of the programme.
The price at which Griffin will repurchase its shares was not disclosed, though in February the company said that this would be "at a price or prices and volume that the company believes will be value-enhancing for the company's shareholders".
Griffin has entered into an agreement with its corporate broker Panmure Gordon (UK) Ltd, to conduct the programme on its behalf.
Decisions made by Panmure relating to the programme will be done independently from Griffin, who do not consider themselves privy to inside information at the moment. Although, the previously outlined parameters of the buyback remain unchanged.
By Elijah Dale, Alliance News reporter
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Griffin Mining (GFM)