Business
Share Buy Back
Share Buy Back.
About this update from Talisman Metals Plc
[{"type":"text","content":"\n \nRNS Number : 6150H Ovoca Gold PLC 01 June 2011 \n\nOvoca Gold PLC\n1 June 2011\n \nOvoca Gold Plc (\"Ovoca\" or the \"Company\")\nCommencement of buy back program\n \n \nOvoca announces that on 31 May 2011 it commenced an on-market share buy back programme.\n \nOvoca has in place the necessary authorities to allow the Company purchase up to 10 per cent. of its issued share capital by way of on-market share buy backs. The Company intends that share buy backs will only be executed when appropriate financial and stock market conditions prevail and when management determines that share purchases are in the best interests of the Company and its Shareholders as a whole.\n \nOn 31 May 2011 Ovoca acquired 35,000 ordinary shares of €0.125 each (\"Ordinary Shares\") of the Company at an average price of GBP31p. Ovoca intends to hold these shares as treasury stock. Ovoca now has a total of 88,423,806 Ordinary Shares in issue excluding treasury shares and 35,000 Ordinary Shares held in treasury.\n \nTim McCutcheon, CEO, comments: \"Ovoca Gold has several investments in gold mining equities, which gives shareholders exposure to gold investment before we commence our own gold production (anticipated in 2013). As Ovoca's market value is at a discount to the Company's cash and securities position, Ovoca stock is a welcome addition to our overall portfolio.\"\n \n \nNotes to Editors\n \nOvoca Gold PLC (\"Ovoca\" or \"the Company\") is a mineral exploration and mine development company listed on the AIM market of the London Stock Exchange (Ticker: OVG) and on the ESM market of the Irish Stock Exchange (Ticker: OVX). The Company's principal activity is gold exploration in the Magadan Region of the Russian Federation. Previously Ovoca acquired, developed and sold to JSC Polymetal the Goltsovoye silver project located in the Magadan Region. Currently, Ovoca is aggressively exploring and developing its 100 per cent owned Stakhanovsky, Rassoshinskaya and Nevsko-Pestrinskoye licenses. \n \nStakhanovsky is located approximately 40 kilometres north of Susuman, the second largest city in the Magadan region. It is accessible by year-round road and there is power infrastructure on site. Stakhanovsky's initial independently established resource was announced in an RNS on 2 February 2011...