Griffin Mining reinstates share buyback programme

30th Oct 2024 12:25

(Sharecast News) - Griffin Mining announced the reinstatement of its share buy-back programme on Wednesday, allowing for the repurchase of up to 10 million outstanding shares or a maximum of $10m worth of shares.

The AIM-traded firm said the programme would continue until 25 April, at which point the board would evaluate further actions for returning excess capital to shareholders, potentially extending the buy-back or exploring alternative options.

It said the buy-back would take place on the London Stock Exchange in compliance with the Market Abuse Regulation (MAR) and other regulatory standards, ensuring adherence to restrictions on trading volume, disclosure, and pricing to protect market integrity.

Griffin said it intended to conduct purchases at prices it considered beneficial to shareholder value.

Additionally, Griffin's board said it reserved the right to acquire large share blocks from individual shareholders to stabilise share price if needed, and could also opt for a broader tender offer, subject to further documentation for non-US shareholders.

At 1011 GMT, shares in Griffin Mining were up 3.42% at 151p.

Reporting by Josh White for Sharecast.com.