REG - Sylvania Platinum - Share Buyback Programme <Origin Href="QuoteRef">SLPL.L</Origin>

Sylvania PlatinumAnnouncement

21/08/2017 08:00

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 18th 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)
+44 (0) 777 533 7175


Nominated Advisor and Broker

Liberum Capital Limited
+44 (0) 20 3100 2000
Richard Crawley / Neil Elliot 



Facilitator 

Bennett & Co
+61 8 6316 2200
David Sanders/ Heidi Gan



Communications

Alma PR Limited
+44 (0) 77 8090 1979
Josh Royston / Helena Bogle / Hilary Buchanan 


This information is provided by RNS
The company news service from the London Stock Exchange
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