Tharisa to undertake up to $5m share repurchase programme
Integrated resource group Tharisa has appointed Peel Hunt to manage and carry out on-market buybacks of up to $5-million of ordinary shares on both the JSE and the LSE.
This follows shareholder approval at the company’s February 19 AGM, authorising the company to undertake a general repurchase of up to 10% of the 302.6-million ordinary shares in issue at the date of the AGM.
The board says the company’s shares are trading at a significant discount not reflecting the strong company fundamentals and its growth prospects, with recent results having been negatively impacted by the global commodity pricing environment, geopolitical events and market volatility arising from the trade policies of the US.
Tharisa says it is committed to capital discipline and believes a share repurchase at its current valuation supports this.
“We have maintained our strict capital discipline throughout the commodity cycles and believe it is opportune to allocate capital to a measured share repurchase programme to the benefit of our shareholders while providing for the multiple demands on our capital. The repurchase reflects our confidence in the prospects for our company,” says CFO Michael Jones.
Tharisa’s principal operating asset is the multi-generational Tharisa mine, in South Africa. It is also developing the Karo platinum project, a Tier 1 platinum group metals (PGMs) asset in Zimbabwe, while simultaneously focusing on beneficiation in the form of chrome and PGM alloys.
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