Sylvania Platinum launches $1.5m share buyback program

Sylvania Platinum Limited (AIM:SLP) has announced the initiation of a share buyback program, aiming to repurchase up to $1.5 million worth of its ordinary shares. The company has enlisted Panmure Liberum Limited to manage the on-market buyback, which can be executed even during closed periods. All purchased shares will be held in the company's treasury, as per the provisions of their bylaws.

The program will be funded by Sylvania's existing cash reserves, as disclosed in their full year financial results. The daily purchases are capped at 25% of the average daily trading volume, based on the 20 trading days prior to each purchase date. However, there is no assurance that the company will fully implement the program or make any repurchases.

The buyback program commenced today and will conclude on the earlier of reaching the $1.5 million limit or March 31, 2027. The company will disclose any share purchases no later than the subsequent business day. Sylvania Platinum specializes in the production of platinum group metals and chrome, with its operations centered in South Africa.