24 Aug 2017 07:00
24 August 2017
South32 Limited
(Incorporated in Australia under the Corporations Act 2001 (Cth))
(ACN 093 732 597)
ASX / LSE / JSE Share Code: S32 ADR: SOUHY
ISIN: AU000000S320
south32.net
CHANGES RELATING TO ON-MARKET BUY-BACK
South32 Limited (ASX, LSE, JSE: S32; ADR: SOUHY) (South32) announced a US$500M capital management program, in the form of an on-market share buy-back to be conducted during the period 11 April 2017 to 10 April 2018. This was determined to be the most efficient mechanism available to return cash to shareholders at that time. To date, 105.8M shares have been purchased for a cash consideration of US$211M (A$2.66 per share).
South32 is pleased to announce that the capital management program has subsequently been increased to US$750M. South32 intends to buy-back shares during the period 11 April 2017 to 10 October 2018 (inclusive) or earlier if the maximum number of shares for which the total buy-back consideration paid reaches US$750M. The Company reserves the right to suspend or terminate the buy-back at any time.
The changes relating to the on-market buy-back (Appendix 3D) is lodged on the Australian Securities Exchange and voluntarily disclosed on the Johannesburg Stock Exchange and London Stock Exchange by way of submission to the National Storage Mechanism and will shortly be available for inspection at: http://www.hemscott.com/nsm.do
About South32
South32 is a globally diversified mining and metals company with high quality operations in Australia, Southern Africa and South America. Our purpose is to make a difference by developing natural resources, improving people's lives now and for generations to come. We are trusted by our owners and partners to realise the potential of their resources. We have a simple strategy to maximise the potential of our assets and shareholder returns by optimising our existing operations, unlocking their potential and identifying new opportunities to compete for capital.
Further information
INVESTOR RELATIONS | ||
Alex Volante T +61 8 9324 9029 M +61 403 328 408 E Alex.Volante@south32.net | Rob Ward T +61 8 9324 9340 M +61 431 596 831 E Robert.Ward@south32.net | |
MEDIA RELATIONS | ||
Hayley Cardy T +61 8 9324 9008 M +61 409 448 288 E Hayley.Cardy@south32.net | James ClothierT +61 8 9324 9697 M +61 413 319 031 E James.Clothier@south32.net | |
Further information on South32 can be found at www.south32.net.
JSE Sponsor: UBS South Africa (Pty) Ltd
24 August 2017
South32 (S32)