Sylvania Platinum Limited Exercise of Vested Shares and Buyback (3115B)

TIDMSLP

RNS Number : 3115B

Sylvania Platinum Limited

30 September 2022 _____________________________________________________________________________________________________________________________

30 September 2022

Sylvania Platinum Limited

("Sylvania", the "Company" or the "Group")

Exercise of vested bonus shares

Sylvania (AIM: SLP) today announces that certain Directors, senior management and employees have, following the vesting of deferred share awards, granted to them in August 2019 under the Sylvania Platinum Limited Deferred Share Award Scheme, exercised their rights over a total of 1,755,000 Ordinary Shares in the capital of the Company. This has been satisfied by issuing Ordinary Shares held in Treasury.

702,300 of the Ordinary Shares were immediately repurchased by the Company at the vesting price of 96.5 pence, in order to satisfy the tax liabilities of the PDMRs and employees.

A further 382,700 Ordinary Shares have been repurchased by the Company at the 30-day VWAP of 90.91 pence, calculated at the close of business on 29 September 2022. These Ordinary Shares were repurchased at the request of certain employees under the terms of the Deferred Share Award Rules.

All of the 1,085,000 Ordinary Shares repurchased by the Company are being held in Treasury.

Of the total 1,755,000 Bonus Shares being exercised the following relate to Directors and senior management of the Company:

 
  Director      Bonus                      Shares sold                      B onus       Total     % of share capital 
               shares                                                       shares      shares     (Shares with voting 
                being                                                      retained      held            rights) 
              exercised                                                                  after 
                                                                                         event 
                          Sales for   Price per     Other     Price per 
                           tax and      share       share       share 
                           dealing                  sales 
                            costs 
                         ----------  ----------  ----------  ----------- 
 Jaco 
  Prinsloo     165,000     74,250       96.5p         -           -         90,750     1,463,144          0.55% 
             ----------  ----------  ----------  ----------  -----------  ----------  ----------  -------------------- 
 Lewanne 
  Carminati    150,000     67,500       96.5p         -           -         82,500     1,326,831          0.50% 
             ----------  ----------  ----------  ----------  -----------  ----------  ----------  -------------------- 
 
 
         PDMR              Bonus                  Shares sold                  Bonus      Total    % of share capital 
                          shares                                               Shares    shares    (Shares with voting 
                           being                                              retained    held           rights) 
                         exercised                                                        after 
                                                                                          event 
                                      Sales     Price     Other     Price 
                                     for tax     per      share      per 
                                       and      share     sales     share 
                                     dealing 
                                      costs 
                                    --------  --------  --------  --------- 
 Albert Jordaan           150,000    67,500     96.5p    10,000     90.91p     72,500    259,000          0.10% 
                        ----------  --------  --------  --------  ---------  ---------  --------  --------------------

Following the above transaction, the Company's issued share capital amounts to 280,155,657 Ordinary Shares of which a total of 13,354,869 Ordinary Shares are held in Treasury. Therefore, the total number of Ordinary Shares with voting rights in Sylvania 266,800,788 Ordinary Shares.

CONTACT DETAILS

 
 For further information, please 
  contact: 
 Jaco Prinsloo CEO 
  Lewanne Carminati CFO               +27 11 673 1171 
 
 Nominated Adviser and Broker 
 Liberum Capital Limited              +44 (0) 20 3100 2000 
 Richard Crawley / Scott Mathieson 
  / Kane Collings 
 
 Communications 
 Alma PR Limited                      +44 (0) 20 3405 0205 
 Justine James / Josh Royston /       sylvania@almapr.co.uk 
  Matthew Young

CORPORATE INFORMATION

 
 Registered and postal   Sylvania Platinum Limited 
  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

About Sylvania Platinum Limited

Sylvania Platinum is a lower-cost producer of platinum group metals (PGM) (platinum, palladium and rhodium) with operations located in South Africa. The Sylvania Dump Operations (SDO) comprises six chrome beneficiation and PGM processing plants focusing on the retreatment of PGM-rich chrome tailings materials from mines in the Bushveld Igneous Complex. The SDO is the largest PGM producer from chrome tailings re-treatment in the industry. The Group also holds mining rights for PGM projects in the Northern Limb of the Bushveld Complex.

For more information visit https://www.sylvaniaplatinum.com/

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse regulation (EU) no.596/2014 as amended by the Market Abuse (Amendment) (EU Exit) Regulations 2019.

For the purposes of MAR and Article 2 of Commission Implementing Regulation (EU) 2016/1055, this announcement is being made on behalf of the Company by Jaco Prinsloo .

The notifications below, made in accordance with the requirements of the EU Market Abuse Regulation, provide further detail.