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Pin to quick picksSylvania Platinum Regulatory News (SLP)

Share Price Information for Sylvania Platinum (SLP)

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Share Purchase

24 Jun 2019 07:00

RNS Number : 1528D
Sylvania Platinum Limited
24 June 2019
 

 

 

 

 

 

 

_____________________________________________________________________________________________________________________________

 

24 June 2019

Sylvania Platinum Limited

 ("Sylvania", "the Company")

 AIM (SLP)

Proposed Share Buyback

 

Sylvania Platinum Limited, the low cost Platinum Group Metal processor and developer, today announces that the Company has instructed Liberum Capital Limited ("Liberum") to acquire up to 2,100,000 ordinary shares of USD0.01 each in the Company ("Ordinary Shares") as part of a one-off share buyback under the terms and authority of the Company's Bye Laws.

The share buyback will run from the date of this announcement to 28 June 2019. The maximum number of shares that may be purchased pursuant to the Share Buyback programme is 2,100,000 which represents approximately 0.7% of the Company's issued share capital. The share buyback will be funded from the Company's current cash balances.

It is intended that 1,000,000 of the Ordinary Shares purchased will be used to satisfy the exercising of options granted under the Company's share option scheme and the balance will be cancelled.

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 buy-back 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 one-off share buyback will be implemented in full or that any repurchases will be made.

As at the time of this announcement, the Company's issued share capital is 289,724,772 Ordinary Shares, of which a total of 4,209,635 Ordinary Shares are held in treasury. Therefore, the total number of Ordinary Shares with voting rights in Sylvania is 285,515,137 Ordinary Shares.

This announcement is released by Sylvania Platinum Limited and contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.

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 Terence McConnachie.

 

 

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 Websitewww.sylvaniaplatinum.com

CONTACT DETAILS

For further information, please contact:

Terence McConnachie (Chief Executive Officer)

+44 777 533 7175

Nominated Adviser and Broker

Liberum Capital Limited

+44 (0) 20 3100 2000

Richard Crawley

Communications

Alma PR Limited

+44 (0) 77 8090 1979

Josh Royston / Helena Bogle

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
END
 
 
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28th Mar 20247:00 amRNSShare Buyback Update
27th Mar 20247:00 amRNSShare Buyback
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31st Jan 20247:00 amRNSSecond Quarter Report to 31 December 2023
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27th Nov 20237:00 amRNSResult of AGM
17th Nov 20237:00 amRNSExercise of vested bonus shares
13th Nov 20237:00 amRNSNotice of Transaction by PDMR
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7th Sep 20237:07 amRNSPublication of Corporate Investor Presentation
7th Sep 20237:04 amRNSAnnual Financial Report
27th Jul 20234:11 pmRNSFourth Quarter Report to 30 June 2023
27th Jul 20237:00 amRNSFourth Quarter Report to 30 June 2023
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15th Jun 202312:22 pmRNSShare Buyback Update
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13th Jun 20237:00 amRNSShare Buyback Update

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