Last checked at 4 Mar 2024 07:00
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4 March 2024
Sylvania Platinum Limited
("Sylvania", the "Company" or the "Group")
Share Buyback
Sylvania Platinum Limited (AIM: SLP) announces that it intends to conduct a Share Buyback on-market to purchase Ordinary US$0.01 Shares ("Ordinary Shares") of the Company's issued share capital, up to a maximum consideration of US$3 million.
The purpose of the Share Buyback is to reduce the share capital of the Company. The Share Buyback will be done under the terms and authority of the Company's Bye Laws and all Ordinary Shares purchased will be cancelled.
The Company has instructed Liberum Capital Limited to execute the Share Buyback, including its irrevocable appointment to purchase shares with absolute discretion during any closed period. The Share Buyback will be funded from the Company's current cash balance.
Given the limited liquidity in the Ordinary Shares, the Company may not be able to benefit from the exemption laid down in Article 5(1) of Regulation (EU) No 596/2014, whereby the Company would not purchase shares at a price higher than the higher of the price of the last independent trade and the highest current independent purchase bid on the trading venue where the purchase is carried out. Furthermore, a buyback of Ordinary Shares on any trading day is likely to represent a significant proportion, or possibly all, of the daily trading volume in the ordinary shares on the London Stock Exchange (and is likely to exceed the 25% limit of the average daily trading volume as laid down in Article 5(1) of Regulation (EU) No 596/2014).
There is no guarantee that the Share Buyback will be implemented in full or that any repurchases will be made.
The Share Buyback will be effective from the date of this announcement and will expire on 30 April 2024.
The Company will make further announcements in due course following any share purchases.
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse regulation (EU) no.596/2014 as amended by the Market Abuse (Amendment) (EU Exit) Regulations 2019.
For the purposes of MAR and Article 2 of Commission Implementing Regulation (EU) 2016/1055, this announcement is being made on behalf of the Company by Jaco Prinsloo.
CONTACT DETAILS
For further information, please contact: |
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Jaco Prinsloo CEO Lewanne Carminati CFO | +27 11 673 1171 |
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Nominated Adviser and Broker | |
Liberum Capital Limited | +44 (0) 20 3100 2000 |
Richard Crawley / Scott Mathieson / John More | |
Communications | |
BlytheRay | +44 (0) 20 7138 3205 |
Tim Blythe / Megan Ray | sylvania@BlytheRay.com |
CORPORATE INFORMATION
Registered and postal address: | Sylvania Platinum Limited |
| Clarendon House |
| 2 Church Street |
| Hamilton HM 11 |
| Bermuda |
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SA Operations postal address: | PO Box 976 |
| Florida Hills, 1716 |
| South Africa |
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Sylvania Website: www.sylvaniaplatinum.com
About Sylvania Platinum Limited
Sylvania Platinum is a lower-cost producer of platinum group metals (PGM) (platinum, palladium and rhodium) with operations located in South Africa. The Sylvania Dump Operations (SDO) comprises six chrome beneficiation and PGM processing plants focusing on the retreatment of PGM-rich chrome tailings materials from mines in the Bushveld Igneous Complex. The SDO is the largest PGM producer from chrome tailings re-treatment in the industry. Additionally, the Thaba JV comprises chrome beneficiation and PGM processing plants, which will treat a combination of run of mine (ROM) and historical chrome tailings from the JV partner, adding a full margin chromite concentrate revenue stream. The Group also holds mining rights for PGM projects in the Northern Limb of the Bushveld Complex.
For more information visit https://www.sylvaniaplatinum.com/