Sylvania Platinum launches $2m share buyback programme
Aim-listed Sylvania Platinum has announced that it intends to conduct a share buyback programme on-market to buy ordinary shares at $0.01 each of the company's issued share capital, up to a maximum consideration of $2-million.
The purpose of the share buyback is to return capital back to shareholders, in line with the company's capital allocation framework.
The share buyback will be carried out under the terms and authority of the company's by-laws and all ordinary shares bought will be held initially in treasury.
The company says it has instructed UK-based investment banking company Panmure 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.
Sylvania says shareholders should be aware that the number of ordinary shares acquired by Panmure Liberum on any trading day shall not represent more than 25% of the average daily volume of the ordinary shares on that relevant trading venue calculated based on the average daily volume of ordinary shares traded during the 20 trading days preceding the date of purchase of such ordinary shares.
The company explains that there is no guarantee that the share buyback will be implemented in full or that any repurchases will be made.
The share buyback will start on March 23 and will terminate on the earliest of the date on which the maximum amount has been reached, or May 31.
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