Share Buyback Programme

RNS Number : 4740O

Sylvania Platinum Limited

21 August 2017

 

Sylvania Platinum Limited

("Sylvania" or "the Company")

 AIM (SLP)

Share Buyback programme

21 August 2017

Sylvania Platinum Limited, the low cost Platinum Group Metal ("PGM") processor and developer, today announces a proposed share buyback programme. The purpose of which is to facilitate the sale of shares held by small non-UK shareholders prohibited from so doing by the cost and administrative burden of trading certificated shares outside of the UK.

Sylvania's Board has approved a programme to offer to buy back up to 4,156,982 of the Company's shares from certain of its smaller non-UK shareholders, where the individual shareholding is no more than 175,000 ordinary shares and is in certificated format (the "Share Buyback programme"). The Company will repurchase these shares at the 60 Day VWAP (calculated at the close of business on Friday 18^th August 2017) of Aus$0.1619 ("Purchase Price").

The Company has appointed Bennett & Co ("Bennett"), commercial and corporate lawyers of Perth, Australia to manage the Share Buyback programme for the Australian shareholders, with the Company managing the Share Buyback programme for the non-Australian shareholders.  The Share Buyback programme is an irrevocable, non-discretionary programme and the Company and the Company's directors have no power to invoke any changes to the Share Buyback programme.   Shares purchased will be cancelled.

The Share Buyback programme will run from the date of this announcement to 31 October 2017 with the ability to extend further at the discretion of the Company. Purchases may continue during any closed period to which the Company is subject during the operation of the Share Buyback programme. The maximum number of shares that may be purchased pursuant to the Share Buyback programme is 4,156,982 which represents 1.4% of the Company's issued share capital. 

The Share Buyback programme has a maximum value at the Purchase Price of Aus$673,016 and will be funded from the Company's current net cash balances which stood at approximately US$15.3 million as at 30 June 2017. 

The Share Buyback programme falls within the parameters of the Market Abuse Regulation 596/2014/EU and the Commission Delegated Regulation 2016/1052/EU.

Full details of the Share Buyback programme may be found on the Company's website www.sylvaniaplatinum.com.

Terry McConnachie, CEO, commenting on the Share Buyback said:

"As a board, we have been conscious that certain smaller non-UK shareholders have been adversely affected by our de-listing from the ASX in April 2012, as trading small amounts of certificated shares is prohibitively expensive and complicated.  We hope that this Share Buyback programme will facilitate those of our smaller non-UK shareholders who would like to sell their shares to do so on a par with UK shareholders, whilst also reducing the administrative cost to the Company.  The total number of shares to which this programme relates is 4,156,982 and the share buyback will be funded from our cash resources.  All shares purchased will be cancelled."

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)	[phone]
Nominated Advisor and Broker
Liberum Capital Limited	[phone]
Richard Crawley / Neil Elliot
Facilitator
Bennett & Co	[phone]
David Sanders/ Heidi Gan
Communications
Alma PR Limited	[phone]
Josh Royston / Helena Bogle / Hilary Buchanan

 

END

 

 

MSCPMMLTMBBTBIR