Business
Cancellation of Share Option Plan
Cancellation of Share Option Plan.
About this update from Sylvania Platinum Ltd.
[{"type":"text","content":"\n \nRNS Number : 0343Y Sylvania Platinum Limited 01 December 2017 \n\n \n \n \n \n \n \nSylvania Platinum Limited \n (\"Sylvania\", \"the Company\")\n AIM (SLP)\n \nExercise of Share Options, Buy Back and Cancellation of Shares\n \n \n \n1 December 2017\n \nThe Company today announces that following the transfer of shares from Treasury to satisfy the exercising of Share Options granted under the Sylvania Platinum Limited Share Option Scheme (\"the Option Plan\") by certain former employees, the Board have taken the decision to cancel the current employee share Option Plan and all surplus shares held in Treasury. This has reduced the total number of shares in issue, in line with the Company's strategy to return value to its Shareholders. \n \nKey details:\n \n· 1,150,000 Options exercised and converted to USD0.01 Ordinary Shares (\"Ordinary Shares\"); \n· Following the exercise, the Option Plan approved in 2011 to be cancelled;\n· 4,339,396 Ordinary Shares held in Treasury cancelled;\n· Total of 6,848,235 Ordinary Shares cancelled in the financial year to date.\n \n \nBACKGROUND\nIn terms of the rules of the Option Plan, approved at the Annual General Meeting on 29 December 2011 and further detailed most recently in the announcement on 10 November 2017, the Board may at any time cancel the Option Plan.\n \nRECENT EVENTS\nThe vested Options, once exercised convert to 1,150,000 shares of USD0.01 each in the Company (\"Ordinary Shares\"). \n \nThe Company has agreed to buy back 250,000 of these Ordinary Shares at the 30 day VWAP of 11.75 pence. \n \nAs the Company does not intend to grant any further Options under the Option Plan, a decision has been taken by the Board to cancel the Option Plan. \n \nFurthermore, with the completion of the first phase of the small non-UK shareholder buy-back programme (\"the Programme\") announced on 21 August 2017 and extended on 1 November 2017, the Company has cancelled the 1,515,224 Ordinary Shares acquired during the first phase. The cancelled shares represent 36% of the 4,156,982 Ordinary Shares identified under the Programm...