https://www.miningweekly.com
Gemfields
Gemfields
gemfields

Gemfields seeks approval to buy back more shares

21st October 2019

By: Marleny Arnoldi

Deputy Editor Online

     

Font size: - +

JSE- and BSX-listed Gemfields plans to seek shareholder approval to increase the number of shares the company may buy back during the rest of the year.

The company on September 27 completed a share buyback programme, buying about 143-million shares on-market for an average price of R1.50 apiece.

The buyback was implemented after shareholders approved the share buyback initiative but capped the number of shares that may be bought back during the calendar year at 143-million, or 10%, of the company’s shares in issue.

Gemfields on Monday said the company’s share price had softened to about R1.40 apiece on October 18.

It therefore wants the opportunity to buy shares at a discount to intrinsic value.

The company would fund future share purchases with funds remaining in its distribution pool, which was $10.28-million as at September 30.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

Comments

Showroom

SAIMC (Society for Automation, Instrumentation, Mechatronics and Control)
SAIMC (Society for Automation, Instrumentation, Mechatronics and Control)

Education: Consulting with member companies to obtain the optimal benefits from their B-BBEE spending, skills resources as well as B-BBEE points

VISIT SHOWROOM 
Schauenburg SmartMine IoT
Schauenburg SmartMine IoT

SmartMine IoT has been developed with the mining industry in mind, to provides our customers with powerful business intelligence and data modelling...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.193 0.229s - 107pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: