Goldplat plc Share buy-back programme (3074G)
29 March 2022 - 5:00PM
UK Regulatory
TIDMGDP
RNS Number : 3074G
Goldplat plc
29 March 2022
G ol dp lat plc / Ti cker: GDP / Index: AIM / Secto r: M in i ng
& E x p l o rati on
29 March 2022
Goldplat plc
( 'Goldplat', t he 'Group' or 'the Company ')
Share buy-back programme
G ol dp lat pl c, the AIM li sted g o ld p r o ducer, w ith
internati onal g o ld reco very o perati ons l o cated in South Afr
i ca and Ghana, is p leased to announce the launch of a share
buy-back programme (the "Programme").
As previously announced, with the changes in strategy of the
business to focus on the recovery operations, the intention of the
Board is to distribute free cashflow generated in these operations
back to shareholders, subsequent to regular reviews of capital
allocations to optimise long-term returns for shareholders. The
Board considered returning value to shareholders either through
dividends or as a share buy-back. It is the Board's opinion that
the Company's shares currently trade at significant discount to its
intrinsic value per share, despite the strong operational and
financial momentum of the business. The Board therefore believes
that share buybacks are an appropriate means of returning value,
whilst maximising sustainable long-term growth for shareholders,
given the enhancement to net asset value, earnings and dividends
per share that will result from reducing the number of shares in
issue. The purpose of the Programme is therefore to reduce the
issued ordinary share capital of the Company.
Accordingly, the Company today announces the commencement of the
Programme, for the repurchase of its ordinary shares of one penny
each ("Ordinary Shares") of up to a total value of GBP200,000. The
Programme can commence from the date of this announcement and will
expire at 30 June 2022, or when shares to the value of GBP200,000
have been bought back, if earlier. The Company has an arrangement
with WH Ireland Limited ("WH Ireland") to run and manage the
Programme and WH Ireland will have full discretion in relation to
the Programme, within the parameters set out below, and are
entitled to make independent trading and commercial decisions
regarding the Programme.
Any purchase of Ordinary shares will be executed in accordance
with the limits of the Company's general authority to
repurchase Ordinary shares granted by its shareholders at the
Company's 2021 Annual General Meeting on 31 December 2021
-- The maximum price at which Ordinary Shares may be purchased
shall be 5 percent above the average of the middle market
quotations for the Ordinary Shares as taken from the Daily Official
List of the London Stock Exchange for the five business days
preceding the date of purchase and the minimum price shall be
GBP0.01, being the nominal value of the Ordinary Shares
-- No more than 17,210,766 will be repurchased under the Programme.
It is intended that the Programme will be effected as far as
possible in accordance with the Market Abuse Regulation 596/2014/EU
(as in force in the UK and as amended by the Market Abuse
(Amendment) (EU Exit) Regulations 2019). Given the level of
liquidity in the Company's shares, Shareholders should be aware
that a purchase of Ordinary Shares by the Company on any given
trading day may represent a significant proportion of the daily
trading volume in the Goldplat Ordinary Shares and could exceed 25
per cent of the average daily trading volume in the month preceding
this announcement. The trading volume however will be limited to
50% of the average daily trading volume in the month preceding this
announcement, which was circa 350,000 shares.
Under the terms of the agreement, WH Ireland will make purchases
of the Shares under the buy-back programme independently of, and
uninfluenced by, the Company. Purchases may continue during any
closed period to which the Company is subject. The Company confirms
that it currently has no unpublished inside information.
All shares repurchased under the Programme will be
cancelled.
The Board will keep the Programme under review to make sure it
continues as an efficient and effective means of generating value
for shareholders. While the Company has launched the Programme,
there is no certainty on the volume of shares that may be acquired
under the Programme and the pace of acquisitions.
The Company will make further announcements in due course
following the completion of any buyback of shares.
For further i n fo rmat i on v i s it www .g o ld p lat.com, f o
l l ow on Twitter @GoldPlatGDP or contact:
Werner Klingenberg Goldplat plc Tel: +27 (0) 82 051 1071
(CEO)
Colin Aaronson / George Grant Thornton UK LLP Tel: +44 (0) 20 7383
Grainger / Samuel Littler (Nominated Adviser) 5100
Jessica Cave / Andrew WH Ireland Limited Tel: +44 (0) 207 220
de Andrade (Broker) 1666
Tim Thompson / Mark Edwards Flagstaff Strategic and Tel: +44 (0) 207 129
/ Fergus Mellon Investor Communications 1474
goldplat@flagstaffcomms.com
The information contained within this announcement is deemed to
constitute inside information as stipulated under the retained EU
law version of the Market Abuse Regulation (EU) No. 596/2014 (the
"UK MAR") which is part of UK law by virtue of the European Union
(Withdrawal) Act 2018. The information is disclosed in accordance
with the Company's obligations under Article 17 of the UK MAR. Upon
the publication of this announcement, this inside information is
now considered to be in the public domain.
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