Village buys back 30m shares
JOHANNESBURG (miningweekly.com) – Diversified miner Village Main Reef had cumulatively repurchased about 30.9-million of its own ordinary shares for some R36.9-million of the company’s available cash resources, through its wholly owned subsidiary Buffelsfontein Mines, the company said on Friday.
The repurchases comprised about 3% of the company’s issued share capital.
The 30 937 210 shares were to be held as treasury shares after the repurchase.
Village joint CEO Marius Saaiman said the share buyback demonstrated the company’s belief that the stock was clearly undervalued and was an indication of its future confidence in both the company and the market.
He added that, despite the buyback, Village would continue to repay its debts and the assets of the company and the group would remain in excess of its liabilities for a period of 12 months.
In addition, the company and the group’s ordinary capital and reserves would be adequate for ordinary business purposes and would provide the group with sufficient working capital.
“The share buyback will not influence the company’s ability to settle its obligations in the ordinary course of its day-to-day business activities and the company’s assets will remain in excess of its liabilities,” he said.
Village added that it could repurchase a further 170.8-million shares in terms of the general shareholder authority granted on November 30, which was valid until the company’s next annual general meeting.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Sika South Africa is a trusted partner for the nation’s infrastructure, commercial, residential, and industrial sectors.
VISIT SHOWROOM
Complete range of security sealing solutions including security seals bags and labels.
VISIT SHOWROOM
Announcements
What's On
Subscribe to improve your user experience...
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?
Receive 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)
➕
Recieve 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
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
