Sylvania Platinum Limited Share Buyback Update (5485I)
02 Aprile 2020 - 8:00AM
UK Regulatory
TIDMSLP
RNS Number : 5485I
Sylvania Platinum Limited
02 April 2020
_____________________________________________________________________________________________________________________________
Sylvania Platinum Limited
("Sylvania" or "the Company")
AIM (SLP)
Share Buyback Update
2 April 2020
The Company today announces that it has purchased 5,215,000
Ordinary US$0.01 Shares ("Ordinary Shares") from Mr Terence
McConnachie under the terms of an agreement previously announced on
17 February, 2020. Mr McConnachie retired as CEO of the Company on
29 February 2020 and agreed to offer to sell his shares to the
Company at a 30-day volume weighted average price ("VWAP") expiring
on 30 March 2020. On 1 April 2020, Mr McConnachie exercised his
right and the Company bought back his shares at a 30-day VWAP of
49.4005 pence per Ordinary Share.
The 5,215,000 Ordinary Shares acquired by the Company represent
approximately 1.8% of the Company's issued share capital. The
Ordinary Shares will be placed into Treasury and of the total
17,499,115 Ordinary Shares held, 7,500,000 Ordinary Shares will be
transferred to the Employee Share Plan that is in the process of
being set up, 7,120,000 Ordinary Shares will remain in Treasury to
satisfy Bonus Share Awards already granted to Directors and senior
management but not yet vested, and the balance of 2,879,115
Ordinary Shares, representing approximately 1% of the Company's
issued share capital, will be cancelled.
Following the above transaction, the Company's issued share
capital is 286,845,657 Ordinary Shares, of which a total of
14,620,000 Ordinary Shares (after the aforementioned cancellation)
are held in Treasury. Therefore, the total number of Ordinary
Shares with voting rights in Sylvania is 272,225,657 Ordinary
Shares.
This announcement is released by Sylvania Platinum Limited and
contains inside information for the purposes of Article 7 of the
Market Abuse Regulation (EU) 596/2014 ("MAR"), and is disclosed in
accordance with the Company's obligations under Article 17 of
MAR.
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.
CORPORATE INFORMATION
Registered and postal Sylvania Platinum Limited
address:
Clarendon House
2 Church Street
Hamilton HM 11
Bermuda
SA Operations postal PO Box 976
address:
Florida Hills, 1716
South Africa
Sylvania Website : www.sylvaniaplatinum.com
CONTACT DETAILS
For further information, please
contact:
Jaco Prinsloo CEO
Lewanne Carminati CFO +27 11 673 1171
Nominated Adviser and Broker
Liberum Capital Limited +44 (0) 20 3100 2000
Richard Crawley / Ed Phillips
Communications
Alma PR Limited +44 (0) 20 3405 0208
Josh Royston / Justine James /
Helena Bogle
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 or visit www.rns.com.
END
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