Ferroglobe Receives Approval From 99.91% of Shareholders Voting to Effect Share Repurchases
August 03 2018 - 10:05AM
Ferroglobe PLC (NASDAQ:GSM) (“Ferroglobe” or the “Company”), a
global leader in the production of silicon metal and silicon- and
manganese-based specialty alloys, is pleased to announce that
authority was granted today for the Company to make purchases of
its own shares “off-market” (for purposes of the U.K. Companies Act
2006). At a general meeting of its shareholders held on 3 August
2018, 99.91% of shareholders voting voted in favour of the
resolution granting authority to the Company to effect share
repurchases.
The Company is accordingly authorised for a
period of five years to enter into contracts with appointed brokers
under which the Company may undertake purchases of its ordinary
shares - acquired by the brokers on the NASDAQ and through other
permitted channels - of up to approximately 10% of its issued
ordinary share capital, at a minimum price of $0.01 per share, a
maximum price for such shares of 5% above the average
volume-weighted average price of the Company’s shares over the five
business days prior to purchase and subject to additional
restrictions (including as to pricing, volume, timing and the use
of brokers or dealers) under applicable U.S. securities laws.
The actual timing, number and value of shares
repurchased (if any) will depend on a number of factors, including
market conditions, general business conditions, available
liquidity, cash flow and applicable legal requirements. The Company
is not obligated to carry out any share repurchases, and, if
commenced, share repurchases may be suspended, discontinued or
modified at any time, for any reason and without previous notice,
in accordance with applicable laws and regulations.
Javier Lopez Madrid, Executive Chairman of
Ferroglobe, said: “We’re delighted that our shareholders have shown
such support for the Company in seeking power to make purchases of
its own shares. In current market conditions and given the shares’
attractive value proposition, the Board will consider carefully
whether to set up a share repurchase programme as a means of
returning value swiftly to shareholders.”
The results of voting at the general meeting, including the
number of votes cast for and against, are available on the
Company's website
at http://investor.ferroglobe.com/corporate-governance.cfm.
About FerroglobeFerroglobe PLC
is one of the world's leading suppliers of silicon metal,
silicon-based specialty alloys and ferroalloys serving a customer
base across the globe in dynamic and fast-growing end markets, such
as solar, automotive, consumer products, construction and energy.
The Company is based in London. For more information, visit
http://investor.ferroglobe.com/.
Forward-Looking StatementsThis
release contains "forward-looking statements" within the meaning of
U.S. securities laws. Forward-looking statements are not historical
facts but are based on certain assumptions of management and
describe the Company's future plans, strategies and expectations.
Forward-looking statements often use forward-looking terminology,
including words such as "anticipate", "believe", "could",
"estimate", "expect", "forecast", "guidance", "intends", "likely",
"may", "plan", "potential", "predicts", "seek", "will" and words of
similar meaning or the negative thereof.
Forward-looking statements contained in this
press release are based on information presently available to the
Company and assumptions that we believe to be reasonable but are
inherently uncertain. As a result, Ferroglobe's actual
results, performance or achievements may differ materially from
those expressed or implied by these forward-looking statements,
which are not guarantees of future performance and involve known
and unknown risks, uncertainties and other factors that are, in
some cases, beyond the Company's control.
All information in this press release is as of
the date of its release. Ferroglobe does not undertake
any obligation to update publicly any of the forward-looking
statements contained herein to reflect new information, events or
circumstances arising after the date of this press release. You
should not place undue reliance on any forward-looking statement
which are made only as of the date of this press release.
INVESTOR CONTACTS: Pedro Larrea Paguaga: +44
(0) 203 129 2261, +44 (0) 7553 989 394 Chief Executive Officer
Email: pedro.larrea@ferroglobe.com
Phillip Murnane: +44 (0) 203 129 2265, +44 (0) 7771 544 988Chief
Financial Officer Email: phillip.murnane@ferroglobe.com
Ferroglobe (NASDAQ:GSM)
Historical Stock Chart
From Mar 2024 to Apr 2024
Ferroglobe (NASDAQ:GSM)
Historical Stock Chart
From Apr 2023 to Apr 2024