Sylvania Platinum Limited Share Buyback (0595Y)

TIDMSLP

RNS Number : 0595Y

Sylvania Platinum Limited

02 May 2023 _____________________________________________________________________________________________________________________________

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 
  Lewanne Carminati CFO               [phone] 
 
 Nominated Adviser and Broker 
 Liberum Capital Limited              [phone] 
 Richard Crawley / Scott Mathieson 
  / Kane Collings 
 
 Communications 
 BlytheRay                            [phone] 
 Tim Blythe / Megan Ray / Rachael     [e-mail] 
  Brooks 
 

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

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/

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May 02, 2023 02:00 ET (06:00 GMT)