CAPITAL MARKETS

SSW goes ahead with odd-lot share repurchase

South Africa-based miner Sibanye-Stillwater is going ahead with its share buy-back from its large number of small shareholders.

Staff reporter
 PGM producer Sibanye-Stillwater is set to tidy up its share register

PGM producer Sibanye-Stillwater is set to tidy up its share register

It said the offer price was at a 5% premium to the volume-weighted average price for its JSE-listed shared over the 10 days to December 10, equal to about R57.23 less any dividends withholding tax.

The company had made an odd-lot offer to those holding less than 100 shares, and offered to repurchase shares from those holding between 100-400 shares, on November 2.

It had said at the time about 50% of its 30,000 shareholders held less than 400 shares, or 0.05% of its shares on issue.

Shareholders approved the proposal to tidy up the register at a general meeting on December 1.

"Further to the results of [the] general meeting … shareholders are advised that all conditions precedent to the offers have now been fulfilled and that the offers are accordingly unconditional, and Sibanye-Stillwater will proceed with the implementation of the offers," the company said.

The offers was set to be implemented on December 28.

The company planned to use existing cash resources for the repurchase.

It reported having R15.1 billion (US$904 million) cash on hand at September 30.

Its shares closed on Friday at R54.16, valuing it at R158.4 billion (US$10.5 billion).

A growing series of reports, each focused on a key discussion point for the farming sector, brought to you by the Kondinin team.

A growing series of reports, each focused on a key discussion point for the farming sector, brought to you by the Kondinin team.

editions

Mining Journal Intelligence Project Pipeline Handbook 2024

View our 50 top mining projects, handpicked using a unique, objective selection process from a database of 450+ global assets.

editions

Mining Journal Intelligence Investor Sentiment Report 2024

Survey revealing the plans, priorities, and preferences of 120+ mining investors and their expectations for the sector in 2024.

editions

Mining Journal Intelligence Mining Equities Report 2023

Access an exclusive, inside look on the quarterly mining IPOs and secondary raisings data and mining equities performance tables with an annual Stock Exchange Comparisons supplement.

editions

Mining Journal Intelligence World Risk Report 2023 (feat. MineHutte ratings)

A detailed analysis of mining investment risks across 121 jurisdictions globally, built on 11 ‘hard risk’ metrics and an industrywide survey.