REG - Sylvania Platinum - Share Buyback

Sylvania PlatinumAnnouncement

02/05/2023 07:00

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RNS Number : 0595Y  Sylvania Platinum Limited  02 May 2023

 
 

 

 

 

 

 
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2 May 2023

 

 

Sylvania Platinum Limited

 ("Sylvania", the "Company" or the "Group")

 

 

Share Buyback

 

 

Sylvania Platinum Limited (AIM: SLP) announces that it intends to conduct a
Share Buyback ("Share Buyback") on-market to purchase Ordinary US$0.01 Shares
("Ordinary Shares") of the Company's issued share capital, up to a maximum
consideration of US$10 million.

 

The purpose of the Share Buyback is to reduce the share capital of the
Company.  The Share Buyback will be done under the terms and authority of the
Company's Bye Laws and all Ordinary Shares purchased will be cancelled.

 

The Company has instructed Liberum Capital Limited ("Liberum") to execute the
Share Buyback, including its irrevocable appointment to purchase shares with
absolute discretion during any closed period.  The Share Buyback will be
funded from the Company's current cash balance.

 

Given the limited liquidity in the Ordinary Shares, the Company may not be
able to benefit from the exemption laid down in Article 5(1) of Regulation
(EU) No 596/2014, whereby the Company would not purchase shares at a price
higher than the higher of the price of the last independent trade and the
highest current independent purchase bid on the trading venue where the
purchase is carried out. Furthermore, a buyback of Ordinary Shares on any
trading day is likely to represent a significant proportion, or possibly all,
of the daily trading volume in the ordinary shares on the London Stock
Exchange (and is likely to exceed the 25% limit of the average daily trading
volume as laid down in Article 5(1) of Regulation (EU) No 596/2014).

 

There is no guarantee that the Share Buyback will be implemented in full or
that any repurchases will be made.

 

The Share Buyback will be effective from the date of this announcement and
will expire on 7 September 2023 or on attainment of the maximum consideration
of US$10 million, whichever occurs first.

 

The Company will make further announcements in due course following any share
purchases.

 

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse regulation
(EU) no.596/2014 as amended by the Market Abuse (Amendment) (EU Exit)
Regulations 2019.

 

For the purposes of MAR and Article 2 of Commission Implementing Regulation
(EU) 2016/1055, this announcement is being made on behalf of the Company by
Jaco Prinsloo.

 

CONTACT DETAILS

 

 For further information, please contact:
 Jaco Prinsloo CEO                                  +27 11 673 1171

 Lewanne Carminati CFO

 Nominated Adviser and Broker
 Liberum Capital Limited                            +44 (0) 20 3100 2000
 Richard Crawley / Scott Mathieson / Kane Collings

 Communications
 BlytheRay                                          +44 (0) 20 7138 3205
 Tim Blythe / Megan Ray / Rachael Brooks            sylvania@BlytheRay.com (mailto:sylvania@BlytheRay.com)

 

 

CORPORATE INFORMATION

 

 Registered and postal address:  Sylvania Platinum Limited
                                 Clarendon House
                                 2 Church Street
                                 Hamilton HM 11
                                 Bermuda

 SA Operations postal address:   PO Box 976
                                 Florida Hills, 1716
                                 South Africa

 

Sylvania Website: www.sylvaniaplatinum.com (http://www.sylvaniaplatinum.com)

 

 

About Sylvania Platinum Limited

 

Sylvania Platinum is a lower-cost producer of platinum group metals (PGM)
(platinum, palladium and rhodium) with operations located in South Africa. The
Sylvania Dump Operations (SDO) comprises six chrome beneficiation and PGM
processing plants focusing on the retreatment of PGM-rich chrome tailings
materials from mines in the Bushveld Igneous Complex. The SDO is the largest
PGM producer from chrome tailings re-treatment in the industry. The Group also
holds mining rights for PGM projects in the Northern Limb of the Bushveld
Complex.

 

 

For more information visit https://www.sylvaniaplatinum.com/
(https://www.sylvaniaplatinum.com/)

 

 

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