Sibanye spends R8.1bn as share buyback programme concludes

Sibanye SENS statement: 

Sibanye-Stillwater is pleased to advise shareholders that it has successfully concluded the on-market repurchase of its ordinary shares up to, but not exceeding, 5% of its ordinary shares in issue (“Repurchase Programme”), in accordance with the general authority granted by shareholders at the Group’s annual general meeting held on 25 May 2021.

The Repurchase Programme was initiated on 2 June 2021 with a targeted completion date of between 4 October 2021 and 6 April 2022 (“buyback period”). At the close of business on 4 October 2021, it has, in a series of unrelated transactions, cumulatively repurchased 5% or 147,700,000 of its ordinary shares (“Repurchased shares”) for an aggregate purchase price of R8,081,618,197 (excluding costs). The Repurchased shares have been, or will be, cancelled and their listing removed between 9 June and about 14 October 2021.

In accordance with paragraph 5.72(h) of the JSE Listings Requirements, Sibanye-Stillwater appointed Morgan Stanley & Co. International Plc. to conduct the buyback programme and make investment decisions in relation to the Company’s shares independently of, and uninfluenced by, the Company, during the buyback period.

Sibanye-Stillwater CEO, Neal Froneman said: “We remain convinced that our shares are substantially undervalued and are therefore pleased to have completed a very meaningful repurchase of our shares. The buyback underpins our commitment to creating value for all stakeholders through disciplined application of our capital allocation framework. This initiative will contribute significantly to shareholder value in the months and years ahead.”

Read also:

(Visited 1,171 times, 2 visits today)