Last checked at 24 Jun 2019 07:00
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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 Website: www.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 |