TIDMAPF
RNS Number : 0720A
Anglo Pacific Group PLC
25 September 2020
News Release
25 September 2020
Anglo Pacific Group PLC
Announcement of GBP5m share buyback programme
Anglo Pacific Group PLC ("Anglo Pacific", the "Company" or the
"Group") (LSE: APF, TSX: APY), is pleased to announce the
initiation of a share buyback programme to purchase up to GBP5
million of the Company's Ordinary Shares ("the Programme").
The Anglo Pacific Board believes that at the current price the
Company's shares offer significant value given the implied discount
to its underlying net asset value and other valuation metrics. The
Company has, therefore, taken the decision to implement a share
buyback programme, in order to return value to shareholders in a
manner which is accretive to our key performance indicators. The
share buyback programme is also being undertaken in a way that does
not jeopardise our ability to finance future royalty additions,
which remains our core focus.
Julian Treger, Chief Executive Officer of the Company,
commented:
"Today's announcement reflects our continued confidence in the
underlying value and prospects of the Company, and adds to the
significant on-market share purchases made by members of our Board
over the past twelve months. The current share price offers, in our
view, an attractive yield in a market where real interest rates are
negative and widescale dividend cuts have been implemented.
This buyback is largely being financed from the partial disposal
of the Company's non-core equity holdings and so does not impact
materially on our firepower for completing new royalty
transactions. We remain firmly in growth mode and expect to
announce further progress on this front in the coming months."
Process
To facilitate the Programme, Anglo Pacific has today entered
into an engagement with Peel Hunt LLP under which it has issued a
non-discretionary irrevocable instruction to Peel Hunt LLP to
repurchase, on its behalf and within certain pre-set parameters,
ordinary shares in the Company to be held in treasury. The
Programme will commence today, 25 September 2020, and end no later
than 25 November 2020. Purchases may continue during any closed
periods of the Company during this period.
Purchases pursuant to the Programme will be carried out in
accordance with the Company's existing general authority to
repurchase Ordinary Shares (at the AGM in 2020, shareholders gave
the Company authority to purchase a maximum of 18,147,039 ordinary
shares) and the provisions of the Market Abuse Regulation
596/2014/EU.
The purchases will take place on the London Stock Exchange only
and not on the Toronto Stock Exchange. Details of any purchases
made under the Programme will be provided via RNS announcements and
published on the Company's website.
For further information:
Anglo Pacific Group PLC +44 (0) 20 3435 7400
Julian Treger - Chief Executive Officer
Kevin Flynn - Chief Financial Officer
and Company Secretary
Website: www.anglopacificgroup.com
Berenberg +44 (0) 20 3207 7800
Matthew Armitt / Jennifer Wyllie / Detlir
Elezi
Peel Hunt LLP +44 (0) 20 7418 8900
Ross Allister / Alexander Allen / David
McKeown
RBC Capital Markets
Farid Dadashev / Marcus Jackson / Jamil
Miah +44 (0) 20 7653 4000
Camarco +44 (0) 20 3757 4997
Gordon Poole / Owen Roberts / James
Crothers
Notes to Editors
About the Company
Anglo Pacific Group PLC is a global natural resources royalty
and streaming company. The Company's strategy is to become a
leading natural resources company through investing in high quality
projects in preferred jurisdictions with trusted counterparties,
underpinned by strong ESG principles. It is a continuing policy of
the Company to pay a substantial portion of these royalties and
streams to shareholders as dividends.
Cautionary statement on forward-looking statements and related
information
Certain statements in this announcement, other than statements
of historical fact, are forward-looking statements based on certain
assumptions and reflect the Group's expectations and views of
future events. Forward-looking statements (which include the phrase
'forward-looking information' within the meaning of Canadian
securities legislation) are provided for the purposes of assisting
readers in understanding the Group's financial position and results
of operations as at and for the periods ended on certain dates, and
of presenting information about management's current expectations
and plans relating to the future. Readers are cautioned that such
forward-looking statements may not be appropriate other than for
purposes outlined in this announcement. These statements may
include, without limitation, statements regarding the operations,
business, financial condition, expected financial results, cash
flow, requirement for and terms of additional financing,
performance, prospects, opportunities, priorities, targets, goals,
objectives, strategies, growth and outlook of the Group including
the outlook for the markets and economies in which the Group
operates, costs and timing of acquiring new royalties and making
new investments, mineral reserve and resources estimates, estimates
of future production, production costs and revenue, future demand
for and prices of precious and base metals and other commodities,
for the current fiscal year and subsequent periods.
Forward-looking statements include statements that are
predictive in nature, depend upon or refer to future events or
conditions, or include words such as 'expects', 'anticipates',
'plans', 'believes', 'estimates', 'seeks', 'intends', 'targets',
'projects', 'forecasts', or negative versions thereof and other
similar expressions, or future or conditional verbs such as 'may',
'will', 'should', 'would' and 'could'. Forward-looking statements
are based upon certain material factors that were applied in
drawing a conclusion or making a forecast or projection, including
assumptions and analyses made by the Group in light of its
experience and perception of historical trends, current conditions
and expected future developments, as well as other factors that are
believed to be appropriate in the circumstances. The material
factors and assumptions upon which such forward-looking statements
are based include: the stability of the global economy; the
stability of local governments and legislative background; the
relative stability of interest rates; the equity and debt markets
continuing to provide access to capital; the continuing of ongoing
operations of the properties underlying the Group's portfolio of
royalties, streams and investments by the owners or operators of
such properties in a manner consistent with past practice; no
material adverse impact on the underlying operations of the Group's
portfolio of royalties, steams and investments from a global
pandemic; the accuracy of public statements and disclosures
(including feasibility studies, estimates of reserve, resource,
production, grades, mine life and cash cost) made by the owners or
operators of such underlying properties; the accuracy of the
information provided to the Group by the owners and operators of
such underlying properties; no material adverse change in the price
of the commodities produced from the properties underlying the
Group's portfolio of royalties, streams and investments; no
material adverse change in foreign exchange exposure; no adverse
development in respect of any significant property in which the
Group holds a royalty or other interest, including but not limited
to unusual or unexpected geological formations and natural
disasters; successful completion of new development projects;
planned expansions or additional projects being within the
timelines anticipated and at anticipated production levels; and
maintenance of mining title.
Forward-looking statements are not guarantees of future
performance and involve risks, uncertainties and assumptions, which
could cause actual results to differ materially from those
anticipated, estimated or intended in the forward-looking
statements. Past performance is no guide to future performance and
persons needing advice should consult an independent financial
adviser. No statement in this communication is intended to be, nor
should it be construed as, a profit forecast or a profit
estimate.
By its nature, this information is subject to inherent risks and
uncertainties that may be general or specific and which give rise
to the possibility that expectations, forecasts, predictions,
projections or conclusions will not prove to be accurate; that
assumptions may not be correct and that objectives, strategic goals
and priorities will not be achieved.
A variety of material factors, many of which are beyond the
Group's control, affect the operations, performance and results of
the Group, its businesses and investments, and could cause actual
results to differ materially from those suggested by any
forward-looking information. Such risks and uncertainties include,
but are not limited to current global financial conditions,
royalty, stream and investment portfolio and associated risk,
adverse development risk, financial viability and operational
effectiveness of owners and operators of the relevant properties
underlying the Group's portfolio of royalties, streams and
investments; royalties, steams and investments subject to other
rights, and contractual terms not being honoured, together with
those risks identified in the 'Principal Risks and Uncertainties'
section of our most recent Annual Report, which is available on our
website. If any such risks actually occur, they could materially
adversely affect the Group's business, financial condition or
results of operations. Readers are cautioned that the list of
factors noted in the section herein entitled 'Risk' is not
exhaustive of the factors that may affect the Group's
forward-looking
statements. Readers are also cautioned to consider these and
other factors, uncertainties and potential events carefully and not
to put undue reliance on forward-looking statements.
This announcement also contains forward-looking information
contained and derived from publicly available information regarding
properties and mining operations owned by third parties. This
announcement contains information and statements relating to the
Kestrel mine that are based on certain estimates and forecasts that
have been provided to the Group by Kestrel Coal Pty Ltd ("KCPL"),
the accuracy of which KCPL does not warrant and on which readers
may not rely.
The Group's management relies upon this forward-looking
information in its estimates, projections, plans and analysis.
Although the forward-looking statements contained in this
announcement are based upon what the Group believes are reasonable
assumptions, there can be no assurance that actual results will be
consistent with these forward-looking statements. The
forward-looking statements made in this announcement relate only to
events or information as of the date on which the statements are
made and, except as specifically required by applicable laws,
listing rules and other regulations, the Group undertakes no
obligation to update or revise publicly any forward-looking
statements, whether as a result of new information, future events
or otherwise, after the date on which the statements are made or to
reflect the occurrence of unanticipated events.
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END
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