REG - Griffin Mining Ltd - CANCELLATION OF SHARES

Griffin MiningAnnouncement

26/02/2024 10:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240226:nRSZ4450Ea&default-theme=true

RNS Number : 4450E  Griffin Mining Limited  26 February 2024

 

8(th) Floor, Royal Trust House, 54 Jermyn Street, London. SW1Y 6LX.  United Kingdom
Telephone: + 44 (0)20 7629 7772  Facsimile:  + 44 (0)20 7629 7773

E mail: griffin@griffinmining.com (mailto:griffin@griffinmining.com)

 

Cancellation of Shares and Share Buy Back Programme

 

26(th) February 2024

 

Cancellation of shares

 

The directors have resolved to cancel 10,297,943 shares purchased under the
share buy back programmes currently held in treasury.  Following the
cancellation of these shares there will be 184,530,477 ordinary shares in
issue.

 

 

Share Buy Back Programme

 

In light of the undervalued nature of Griffin Mining Ltd.'s ("the Company")
share price, the cash generated by operations and funds available outside of
China to the Company, the Directors have resolved to renew the share buy-back
programme announced on 25(th) February 2021 which expired on 25(th) February
2024, to return excess monies not required to meet financial and working
capital requirements to shareholders. Under the new share buy back programme
(the "Buy-Back Programme") the Company will purchase up to 10 million
outstanding ordinary shares beginning immediately and up to a value of $10m
for six months, after which the Directors will consider a further Buy-Back
Programme and or other ways of returning funds to shareholders. This
arrangement is in accordance with the Company's general authority to
repurchase shares.

 

The Programme will be carried out on the London Stock Exchange and will be
effected within the safe harbour provisions set out in the Market Abuse
Regulation 596/2014 ("MAR"), the Commission Delegated Regulation (EU)
2016/1052 and the applicable laws and regulations of the London Stock
Exchange.

 

Purchases will be carried out in compliance with the relevant conditions for
trading, restrictions regarding time and volume, disclosure and reporting
obligations, and price conditions.

 

The Company will seek to make market purchases at a price or prices and volume
that the Company believes will be value-enhancing for the Company's
shareholders. Notwithstanding the average daily volume restriction set out in
Article 3(3) of the Commission Delegated Regulation (EU) 2016/1052, the
Company may make purchases in excess of these volume restrictions, subject to
prevailing market conditions and liquidity.

 

In addition to the Buy-Back Programme, the directors reserved the right
(subject to compliance with applicable law) to:

 

1.   purchase large blocks of shares from individual shareholders where the
large number of such shares offered in the market may cause instability in the
Company's share price; and

 

2.   purchase a larger number of shares via a tender offer which would be
the subject of further documentation being sent to non-US resident
shareholders.

 

 

 

 

About Griffin Mining Limited

 

Griffin Mining Limited's shares are quoted on the Alternative Investment
Market (AIM) of the London Stock Exchange (symbol GFM). Griffin Mining Limited
owns and operates in China, through its 88.8% owned Joint Venture stock
company, the Caijiaying Zinc Gold Mine, a profitable mine producing zinc,
gold, silver, and lead metals in concentrates. For more information, please
visit the Company's website www.griffinmining.com.

Further information

 

Griffin Mining Limited

Mladen Ninkov - Chairman
Telephone: +44(0)20 7629 7772

Roger Goodwin - Finance Director

 

Panmure Gordon (UK)
Limited
Telephone: +44 (0)20 7886 2500

             Dominic Morley

             Dougie McLeod

 

Berenberg
 
Telephone: +44(0)20 3207 7800

            Matthew Armitt

Jennifer Lee

 

This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) No. 596/2014 as it forms part of UK domestic
law by virtue of the European Union (Withdrawal) Act 2018 ("MAR").

 

Griffin Mining Limited's shares are quoted on the Alternative Investment
Market (AIM) of the London Stock Exchange (symbol GFM).

 

The Company's news releases are available on the Company's web site:
www.griffinmining.com (http://www.griffinmining.com/)

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  POSTFMLTMTITMII