Business
Share Buy Back & Deferred Consideration Payment
Share Buy Back & Deferred Consideration Payment.
About this update from Talisman Metals Plc
[{"type":"text","content":"\n \nRNS Number : 4299S Ovoca Gold PLC 24 September 2014 \n\nOvoca Gold plc\n(\"Ovoca\" or the \"Company\")\n \nProposed Share Buy Back\nAnd\nProposed Stakhanovsky Deferred Consideration Payment\n \nThe Board of Ovoca announces that it is seeking to put in place the necessary shareholder authorities to repurchase up to 20 per cent. of the Company's issued share capital by way of on-market share purchases. The Company does not currently have any authority to repurchase its own shares.\n \nIn addition, Ovoca also announces that it intends to seek approval from Independent Shareholders to satisfy Ovoca's obligations in relation to the payment of deferred consideration relating to the acquisition of the Stakhanovsky Licence, by way of a final payment by Ovoca of US$3 million.\n \nThe resolutions to approve the Share Buy Back and Stakhanovsky Deferred Consideration Payment will be proposed at an extraordinary general meeting of the Company to be held at Buswells hotel, 23-25 Molesworth Street, Dublin 2, Ireland, at 3.30 p.m. on 17 October 2014 (or, if later, immediately following the conclusion or adjournment of the annual general meeting of the Company which has been convened to be held at 3.00 p.m. on the same day and at the same location). \n \nOvoca has today issued a circular to Shareholders containing further details on the proposals and which contains the notice convening the extraordinary general meeting of the Company (the \"Circular\"). The Company has also posted the notice of its annual general meeting to be held at Buswells hotel, 23-25 Molesworth Street, Dublin 2, Ireland, at 3.00 p.m. on 17 October 2014. Both documents are also available to view and download from the Company's website, www.ovocagold.com.\n \nFurther information on the background to the proposals is contained below:\n \nShare Buy Back\n \nOvoca had net assets of €26.0 million as at 31 December 2013, being the date of its most recent financial year end, which included cash and cash equivalents of €14.1 million and available for sale financial assets of €10.8 million. Ovoca has no current outstanding debt. In February 2014 Ovoca provided a secured loan repayable by 5 June 2014 (with extension rights) of US$6.3 million (€4.9 million) to Taymura LLC, an unrelated company registered in Russia engaged in the...