Sylvania, a platinum group metals (PGM) and emerging chrome producer and developer with assets in South Africa, has announced its intention to conduct an on-market share buyback programme to purchase ordinary shares of US 1 cent each, up to a maximum consideration of $1.5 million.
The purpose of the buyback is to return capital to shareholders, as announced in the company's full year financial results.
The company has instructed Panmure Liberum Limited to execute the buyback, including its irrevocable appointment to purchase shares with absolute discretion during any closed period.
The buyback will be carried out under the terms and authority of the company's bye-laws, and all ordinary shares purchased will be held in treasury.
The buyback will be funded from the company's current cash balance.
It said 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 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.
Mathew Nyaungwa, Editor-In-Chief, Rough & Polished
