Griffin Mining Limited (“Griffin” or the “Company”) is pleased to announce that it has established a share buyback program of up to a value of $10 million to acquire up to five million ordinary shares over the next 3 years to return excess monies not required to meet financial commitments and working capital requirements to shareholders, subject to cash balances being available to undertake those purchases. Griffin believes the buybacks will be value accretive and value-enhancing for the shareholders. The Company cannot guarantee that it will be successful in executing this program over the period stated. This arrangement is in accordance with the Company’s general authority to repurchase shares.
The programme will commence with effect from today and share repurchases continue until the earlier of the maximum amount being repurchased and the end of the three year period.
Purchases will be carried out in compliance with the relevant conditions for trading, restrictions regarding time and volume, disclosure and reporting obligations, and price conditions. The Ordinary Shares will be repurchased at a price (excluding expenses) provided that:
- the maximum price payable for an ordinary share on the Exchange shall not exceed:
i. the last independent trade or the highest current independent bid on the relevant trading platform; or
ii. 105 per cent. of the average market value of an Ordinary Share as derived from the AIM Appendix to the London Stock Exchange Daily Official List for the five business days immediately preceding the date of purchase; and
- the issuer must not purchase more than 25% of the average daily volume of the shares, being based on the average daily volume traded in the 20 trading days preceding the date of purchase; and
- the aggregate number of ordinary shares which may be acquired on behalf of the Company in connection with the Share Repurchases shall not exceed $10 million in value.
Griffin will make further announcements in due course following the completion of any share repurchases. The ordinary shares bought back will be held as treasury shares or cancelled.
GRIFFIN MINING LIMITED
Telephone: +44(0)20 7629 7772
Mladen Ninkov – Chairman
Roger Goodwin – Finance Director
PANMURE GORDON (UK) LIMITED
Telephone: +44 (0)20 7886 2500
Telephone: +44(0)20 3207 7800
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014
Griffin Mining Limited’s shares are quoted on the Alternative Investment Market (AIM) of the London Stock Exchange (symbol GFM). The Company’s news releases are available on the Company’s web site: www.griffinmining.com