Griffin Mining Ld Share Buy-Back Program (2505Q)
25 Februar 2021 - 8:00AM
UK Regulatory
TIDMGFM
RNS Number : 2505Q
Griffin Mining Ld
25 February 2021
GRIFFIN MINING LIMITED
8th Floor, Royal Trust House, 54-56 Jermyn Street, London. SW1Y
6LX, United Kingdom
Telephone: + 44 (0)20 7629 7772 Facsimile: + 44 (0)20 7629
7773
E mail: griffin@griffinmining.com
Share Buy-Back Programme
25(th) February 2021
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:
1. 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
2. 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
3. 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.
Further information
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
John Prior
Dominic Morley
Berenberg Telephone: +44(0)20 3207 7800
Matthew Armitt
Jennifer Wyllie
Deltir Elezi
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
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END
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