Sylvania Platinum buys back award shares

Sylvania Platinum announced a buyback of shares granted under its deferred awards scheme on Wednesday.

The AIM-traded firm said that under the scheme’s rules, shares acquired through the scheme can be sold back to the company during specified periods, being March and September during a calendar year.

It said it bought back 263,724 bonus shares at the 30-day volume-weighted average price of 100.7725p as at close of business on 28 March.

The repurchased shares would be held in treasury, and used to fulfil future bonus share awards.

Of the repurchased shares, 20,750 were bought from Albert Jordann, the company’s executive officer of new business, who held 186,500 shares after the sale, representing 0.07% of its issued capital.

“Following the above transaction, the company's issued share capital is 286,155,657 ordinary shares, of which a total of 13,433,946 shares are held in treasury, which includes 7,500,000 shares held for the employee dividend entitlement plan,” the company said in its statement.

“Therefore, the total number of ordinary shares with voting rights is 272,721,711.”

At 1246 BST, shares in Sylvania Platinum were up 1.43% at 92.3p.