LONDON (Thomson Financial) - Griffin Mining Ltd. said it has agreed to buy
back 79.85 million shares from Citadel Equity Fund Ltd for a total 61.1 million
pounds, and added that it will realise a net gain of 18.7 million pounds from
the buyback.
Chairman Mladen Ninkov said the share buy-back enables Griffin to
significantly reduce its outstanding share capital, increase per share earnings
and maintain a large cash balance for future acquisitions.
Post transaction, the company's outstanding shares will have reduced to
181.65 million from 261.50 million.
The company added the final stage of the mill expansion at Caijiaying is due
for completion by the end of this summer.
TFN.newsdesk@thomson.com
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