REG - Goldplat plc - Extension of Share Buy-Back Programme

GoldplatAnnouncement

11/04/2022 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220411:nRSK8739Ha&default-theme=true

RNS Number : 8739H  Goldplat plc  11 April 2022

 

Goldplat plc / Ticker: GDP / Index: AIM / Sector: Mining
& Exploration

 

 

11 April 2022

 

     Goldplat plc

          ('Goldplat', the 'Group' or 'the Company')

 

Extension of Share buy-back programme

 

 

Goldplat plc, the AIM listed gold producer, with international gold recovery operations located in South
Africa and Ghana, is pleased to announce the extension of its share
buy-back programme (the "Programme").

 

Following the successful completion on 8 April 2022 of the share buy-back
programme initially announced on 29 March 2022, the Company has decided to
extend the Programme for the repurchase of its ordinary shares of one penny
each ("Ordinary Shares") for up to a further total value of £200,000.

 

The Board remains of the opinion that the Company's shares currently trade at
a significant discount to their intrinsic value per share, despite the strong
operational and financial momentum of the business, and therefore continues
with the belief that share buybacks are an appropriate means of returning
value whilst maximising sustainable long-term growth for shareholders, given
the enhancement to net asset value, earnings and dividends per share that will
result from reducing the number of shares in issue. The purpose of the
Programme is therefore to reduce the issued ordinary share capital of the
Company.

 

The Programme can commence from the date of this announcement and will expire
at 30 June 2022, or when additional shares to the value of £200,000 have been
bought back, if earlier.  The Company has an arrangement with WH Ireland
Limited ("WH Ireland") to run and manage the Programme and WH Ireland will
have full discretion in relation to the Programme, within the parameters set
out below, and are entitled to make independent trading and commercial
decisions regarding the Programme.

 

Any purchase of Ordinary Shares will be executed in accordance with the limits
of the Company's general authority to

repurchase Ordinary Shares granted by its shareholders at the Company's 2021
Annual General Meeting on 31 December 2021 which are as follows:

·    The maximum price at which Ordinary Shares may be purchased shall be
5 percent above the average of the middle market quotations for the Ordinary
Shares as taken from the Daily Official List of the London Stock Exchange for
the five business days preceding the date of purchase and the minimum price
shall be £0.01, being the nominal value of the Ordinary Shares; and

·    No more than 17,210,766 will be repurchased under the Programme.

 

It is intended that the Programme will be effected as far as possible in
accordance with the Market Abuse Regulation 596/2014/EU (as in force in the UK
and as amended by the Market Abuse (Amendment) (EU Exit) Regulations 2019).
Given the level of liquidity in the Company's shares, Shareholders should be
aware that a purchase of Ordinary Shares by the Company on any given trading
day may represent a significant proportion of the daily trading volume in the
Goldplat Ordinary Shares and could exceed 25 per cent of the average daily
trading volume in the month preceding this announcement. The trading volume
however will be limited to 250,000 shares.

 

Under the terms of the agreement, WH Ireland will make purchases of the Shares
under the buy-back programme independently of, and uninfluenced by, the
Company. Purchases may continue during any closed period to which the Company
is subject. The Company confirms that it currently has no unpublished inside
information.

 

All shares repurchased under the Programme will be held in treasury until the
end of the Programme and then cancelled..

 

The Board will keep the Programme under review to make sure it continues as an
efficient and effective means of generating value for shareholders. While the
Company has launched the Programme, there is no certainty on the volume of
shares that may be acquired under the Programme and the pace of acquisitions.

 

The Company will make further announcements in due course following the
completion of any buyback of shares.

 

For further information visit www.goldplat.com, follow
on Twitter @GoldPlatGDP or contact:

 

 Werner Klingenberg                                 Goldplat plc                                     Tel: +27 (0) 82 051 1071

                                                    (CEO)

 Colin Aaronson / George Grainger / Samuel Littler  Grant Thornton UK LLP                            Tel: +44 (0) 20 7383 5100

                                                    (Nominated Adviser)
 Jessica Cave / Andrew de Andrade                   WH Ireland Limited                               Tel: +44 (0) 207 220 1666

                                                    (Broker)

 Tim Thompson / Mark Edwards / Fergus Mellon        Flagstaff Strategic and Investor Communications  Tel: +44 (0) 207 129 1474

                                                                                                     goldplat@flagstaffcomms.com

 

The information contained within this announcement is deemed to constitute
inside information as stipulated under the retained EU law version of the
Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK
law by virtue of the European Union (Withdrawal) Act 2018. The information is
disclosed in accordance with the Company's obligations under Article 17 of the
UK MAR. Upon the publication of this announcement, this inside information is
now considered to be in the public domain.

 

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 (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  POSEADLEFFXAEFA