Tuesday May 27, 07:57 AM
Griffin Mining to buy back 79 mln shares from CITADEL for 61.1 mln pounds
LONDON (Thomson Financial) - Griffin Mining Ltd (LSE: GFM.L - news) . said it has agreed to buy back 79.85 million shares from Citadel Equity Fund Ltd for a total 61.1 million pounds, and added that it will realise a net gain of 18.7 million pounds from the buyback.
Chairman Mladen Ninkov said the share buy-back enables Griffin to significantly reduce its outstanding share capital, increase per share earnings and maintain a large cash balance for future acquisitions.
Post transaction, the company's outstanding shares will have reduced to 181.65 million from 261.50 million.
The company added the final stage of the mill expansion at Caijiaying is due for completion by the end of this summer.
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