4 Aug 2011 16:00
Avocet Mining PLC ('Avocet' or 'The Company')
Purchase of Own Shares
The Board of Avocet announces that, on 3 August 2011, the Company purchased 769,279 Ordinary Shares of 5p ('Shares') on the market at an average price of 231 pence. These Shares will be held in treasury by the Company until such time as they are used for:
i). cancellation;
ii). to satisfy the Company's obligations for employee share options or other share awards; or
iii). issuance to third parties for corporate purposes.
Furthermore the Company has issued 45,380 of these treasury Shares to satisfy employee share awards at nil cost. These include the following awards, in respect of Shares, to Persons Discharging Managerial Responsibility ('PDMR's), in respect of their contribution to the part completion of the disposal of South East Asian assets announced on 24 July 2011:
Number of Share awards | Total number of Shares held following award | Total % Holding | |
Brett Richards (Director) | 8,721 | 729,572 | 0.4% |
Mike Norris (Director) | 14,535 | 458,897 | 0.2% |
Peter Flindell | 6,473 | 574,750 | 0.3% |
Jim Wynn | 3,256 | 3,256 | >0.1% |
The Company now holds 723,899 Ordinary Shares in treasury representing 0.4 per cent of the total ordinary shares in issue. The total number of voting rights (being ordinary shares in issue less those held in treasury) amounts to 198,822,811.
Contacts:
Jim Wynn, Company Secretary, Avocet Mining PLC +44 20 7766 7684
Samantha Harrison / Jen Boorer Ambrian Partners Limited, +44 20 7634 4700