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Sibanye to buy back up to 5% of its shares

1st June 2021

By: Simone Liedtke

Creamer Media Social Media Editor & Senior Writer

     

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Precious metals miner Sibanye-Stillwater will be implementing an on-market buyback of up to, but not exceeding, 5% of its ordinary shares in issue as at May 31.

The buyback programme is consequential to the successful financial deleveraging and resumption of industry-leading dividend payments by the group during 2020 and is consistent with the strategic capital allocation framework approved by the board in February this year.

Sibanye's capital allocation framework for this year prioritises investing in operational sustainability, maintaining appropriate cash reserves, paying industry-leading dividends and prudent debt management.

CEO Neal Froneman comments that the approval of the buyback programme underpins Sibanye’s commitment to “creating value for all stakeholders through disciplined adherence to our capital allocation framework and reflects the robust financial position and positive fundamental outlook for the group”.

He adds that the company’s board considers the buyback of the undervalued shares in the market as the “most appropriate and value enhancing allocation of surplus capital at this stage”, in order to ensure ongoing delivery of superior returns to shareholders.

The buyback programme will be limited to a maximum of 147.7-million ordinary shares.

It will be implemented between June 2, 2021, and April 6, 2022.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

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