Business
On-Market Share Buy-Back
On-Market Share Buy-Back.
About this update from Sylvania Platinum Ltd.
[{"type":"text","content":"\n \nRNS Number : 7151I Sylvania Platinum Limited 20 June 2011 \n \n\nSylvania Platinum Limited\n(\"Sylvania Platinum\", \"Sylvania\" or the \"Company\" \n(ASX: SLP, AIM: SLP)\n \nOn-Market Share Buy-Back\n \nThe Directors of Sylvania Platinum Limited (Sylvania or the Company) are pleased to announce that the Company intends to implement an on-market share buy-back (Buy-Back) of up to 10% of the Company's issued capital. The Company will acquire fully paid common shares in the capital of Sylvania Platinum (Shares) on ASX and depositary interests representing beneficial interests in Shares (DIs) on AIM. \n \nThe Buy-Back will commence on or around 21 June 2011 and, subject to prevailing market conditions, have a maximum duration of 12 months. The price to be paid will be no more than 5% above the average market price paid for Shares or DIs (as the case may be) over the last five days on which sales in Shares or DIs were recorded prior to the day on which the Buy-Back is made. Sylvania Platinum does not intend to undertake the Buy-Back during close periods in accordance with the AIM Rules, subject to any derogations obtained from AIM Regulation.\n \nAmbrian Partners Limited (Ambrian) in London and Patersons Securities Limited (Patersons) in Australia have been engaged by Sylvania Platinum to undertake the Buy-Back on the Company's behalf. The Buy-Back will be conducted in accordance with parameters set by the Board, but at the discretion of Ambrian.\n \nThe Buy-Back will be funded from the Company's existing cash reserves. Based on the closing price of the Shares on ASX on 17 June 2011, the Buy-Back will cost the Company approximately A$16.76 million. The Board will take into account the prevailing prices of Shares and DIs, liquidity, trading performance and other considerations when buying back Shares and DIs to ensure maximum value to shareholders.\n \nThe Board has decided to implement the Buy-Back as part of Sylvania Platinum's on-going focus on capital management. The Buy-Back will benefit sellers of Shares and DIs as it provides enhanced liquidity in the market for Shares and DIs. The Directors believe that the Buy-Back will also benefit the Company's continuing shareholders by adding value to the remaining Shares and DIs on issue. \n \nThe Co...