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20
December 2024
Sylvania Platinum
Limited
("Sylvania", the
"Company" or the "Group")
Share Buyback
Sylvania (AIM: SLP),
the platinum group metals ("PGM") producer and
developer with assets in South Africa, announces that it intends to conduct a Share Buyback on-market
to purchase Ordinary US$0.01 Shares ("Ordinary Shares") of the
Company's issued share capital, up to a maximum consideration of
US$1.6 million.
The purpose of the Share Buyback is
to reduce the share capital of the Company. The Share Buyback will
be carried out under the terms and authority of the Company's Bye
Laws and all Ordinary Shares purchased will be
cancelled.
The Company has instructed Panmure
Liberum Limited 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.
Given the limited liquidity in the
Ordinary Shares, the Company may not be able to benefit from the
exemption laid down in Article 5(1) of Regulation (EU) No 596/2014,
whereby the Company would not purchase shares at a price higher
than the higher of the price of the last independent trade and the
highest current independent purchase bid on the trading venue where
the purchase is carried out. Furthermore, a buyback of Ordinary
Shares on any trading day is likely to represent a significant
proportion, or possibly all, of the daily trading volume in the
ordinary shares on the London Stock Exchange (and is likely to
exceed the 25% limit of the average daily trading volume as laid
down in Article 5(1) of Regulation (EU) No 596/2014).
There is no guarantee that the Share
Buyback will be implemented in full or that any repurchases will be
made.
The Share Buyback will be effective
from the date of this announcement and will expire on 28 February
2025.
The Company will make further
announcements in due course following any share
purchases.
The information contained within
this announcement is deemed by the Company to constitute inside
information as stipulated under the Market Abuse regulation (EU)
no.596/2014 as amended by the Market Abuse (Amendment) (EU Exit)
Regulations 2019.
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.
CONTACT DETAILS
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For further information, please
contact:
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Jaco Prinsloo CEO
Lewanne Carminati CFO
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+27 11 673 1171
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Nominated Adviser and
Broker
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Panmure Liberum Limited
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+44 (0) 20 3100 2000
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Scott Mathieson / John More / Joshua
Borlant
Kieron Hodgson
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Communications
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BlytheRay
Tim Blythe/ Megan Ray/ Alastair
Roberts
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+44 (0) 20 7138 3204
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CORPORATE INFORMATION
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Registered and postal address:
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Sylvania Platinum Limited
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Clarendon House
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2 Church Street
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Hamilton HM 11
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Bermuda
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SA
Operations postal address:
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PO Box 976
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Florida Hills, 1716
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South Africa
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Sylvania Website:
www.sylvaniaplatinum.com
About Sylvania Platinum Limited
Sylvania Platinum is a lower-cost
producer of platinum group metals ("PGMs") (platinum, palladium and
rhodium) with operations located in South Africa. The Sylvania Dump
Operations ("SDO") is comprised of six chrome beneficiation and PGM
processing plants focusing on the retreatment of PGM-rich chrome
tailings materials from mines in the Bushveld Igneous Complex
("BIC"). The SDO is the largest PGM producer from chrome tailings
re-treatment in the industry. In FY2023, the Company entered into
the Thaba Joint Venture ("Thaba JV") which comprises chrome
beneficiation and PGM processing plants, and which will treat a
combination of run of mine ("ROM") and historical chrome tailings
from the JV partner, adding a full margin chromite concentrate
revenue stream. The Group also holds mining rights for PGM projects
in the Northern Limb of the BIC.
For more information
visit https://www.sylvaniaplatinum.com/