Sylvania Platinum Limited Share Buyback Update (5485I)

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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             [phone] 
 
 Nominated Adviser and Broker 
 Liberum Capital Limited            [phone] 
 Richard Crawley / Ed Phillips 
 
 Communications 
 Alma PR Limited                    [phone] 
 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 [e-mail] or visit www.rns.com.

END

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April 02, 2020 02:00 ET (06:00 GMT)