Sylvania Platinum Limited Cancellation of Share Option Plan (0343Y)
December 01 2017 - 2:01AM
UK Regulatory
TIDMSLP
RNS Number : 0343Y
Sylvania Platinum Limited
01 December 2017
Sylvania Platinum Limited
("Sylvania", "the Company")
AIM (SLP)
Exercise of Share Options, Buy Back and Cancellation of
Shares
1 December 2017
The Company today announces that following the transfer of
shares from Treasury to satisfy the exercising of Share Options
granted under the Sylvania Platinum Limited Share Option Scheme
("the Option Plan") by certain former employees, the Board have
taken the decision to cancel the current employee share Option Plan
and all surplus shares held in Treasury. This has reduced the total
number of shares in issue, in line with the Company's strategy to
return value to its Shareholders.
Key details:
-- 1,150,000 Options exercised and converted to USD0.01 Ordinary Shares ("Ordinary Shares");
-- Following the exercise, the Option Plan approved in 2011 to be cancelled;
-- 4,339,396 Ordinary Shares held in Treasury cancelled;
-- Total of 6,848,235 Ordinary Shares cancelled in the financial year to date.
BACKGROUND
In terms of the rules of the Option Plan, approved at the Annual
General Meeting on 29 December 2011 and further detailed most
recently in the announcement on 10 November 2017, the Board may at
any time cancel the Option Plan.
RECENT EVENTS
The vested Options, once exercised convert to 1,150,000 shares
of USD0.01 each in the Company ("Ordinary Shares").
The Company has agreed to buy back 250,000 of these Ordinary
Shares at the 30 day VWAP of 11.75 pence.
As the Company does not intend to grant any further Options
under the Option Plan, a decision has been taken by the Board to
cancel the Option Plan.
Furthermore, with the completion of the first phase of the small
non-UK shareholder buy-back programme ("the Programme") announced
on 21 August 2017 and extended on 1 November 2017, the Company has
cancelled the 1,515,224 Ordinary Shares acquired during the first
phase. The cancelled shares represent 36% of the 4,156,982 Ordinary
Shares identified under the Programme. In addition to these
Ordinary Shares, a further 2,000,000 Ordinary Shares acquired in
the market and currently held in Treasury have also been cancelled.
This brings the total number of Ordinary Shares cancelled in FY2018
to 6,848,235.
Following the above transactions, the Company's issued share
capital is 291,133,661 Ordinary Shares, of which a total of
4,339,396 Ordinary Shares are held in Treasury. Therefore the total
number of Ordinary Shares with voting rights in Sylvania is
286,794,265 Ordinary Shares.
CORPORATE INFORMATION
Registered and Sylvania Platinum Limited
postal address:
Clarendon House
2 Church Street
Hamilton HM 11
Bermuda
SA Operations postal PO Box 976
address:
Florida Hills, 1716
South Africa
Sylvania Website: www.sylvaniaplatinum.com
CONTACT DETAILS
For further information,
please contact:
Terence McConnachie (Chief
Executive Officer) +44 777 533 7175
Nominated Advisor and Broker
Liberum Capital Limited +44 (0) 20 3100 2000
Richard Crawley / Neil
Elliot
Communications
Alma PR Limited +44 (0) 77 8090 1979
Josh Royston / Helena Bogle
/ Hilary Buchanan
This information is provided by RNS
The company news service from the London Stock Exchange
END
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