SIBANYE-STILLWATER APPROVES BUYBACK SHARE PROGRAM

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As from the 31st of May 2021 Sibanye-Stillwater, a multinational precious metal mining company, will be implementing an on-market share buyback program of up to, but not exceeding, 5% of its ordinary shares.

This was announced ensuing the Groups’ 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 2021.

Neal Froneman, CEO of Sibanye-Stillwater, commented saying: “The approval of the buyback program underpins our 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. The Board considers the repurchase of our undervalued shares in the market as the most appropriate and value enhancing allocation of surplus capital at this stage, to ensure ongoing delivery of superior returns to shareholders. The buyback program is complementary to and will not compromise our industry leading dividend or other capital allocation priorities.”

The announcement has brought very favourable reactions and it seems like a step in the right direction for Sibanye.  The market’s positive reaction is evident by the immediate rise on the shares’ price, closing at a five day high of R680.00 as at 1 June, a 4,44% increase from the previous days’ close price.

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