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SIBANYE STILLWATER LIMITED - Sibanye-Stillwater announces share buyback program

Release Date: 01/06/2021 12:45
Code(s): SSW     PDF:  
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Sibanye-Stillwater announces share buyback program

Sibanye Stillwater Limited
Incorporated in the Republic of South Africa
Registration number 2014/243852/06
Share codes: SSW (JSE) and SBSW (NYSE)
ISIN – ZAE000259701
Issuer code: SSW
“Sibanye-Stillwater” or the “Group” or the “Company”)
Website: www.sibanyestillwater.com

Sibanye-Stillwater announces share buyback program

Johannesburg, 1 June 2021: Sibanye-Stillwater (Tickers JSE: SSW and NYSE: SBSW)
advises that it will be implementing an on-market repurchase of up to, but not
exceeding, 5% of its ordinary shares in issue as at 31 May 2021 (the “buyback
program”).

The buyback program is consequential to the 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. The Group’s capital allocation framework for 2021 prioritises investing
in operational sustainability, maintaining appropriate cash reserves, paying industry
leading dividends and prudent debt management.

Commenting on the buyback, Neal Froneman CEO of Sibanye-Stillwater said: “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.”

Further information regarding the buyback program:

The buyback program will be limited to a maximum of 147,700,000 ordinary shares,
representing up to 5% of the total number of shares in issue, based on the number
of ordinary shares in issue at 31 May 2021. The buyback program will be implemented
between 2 June 2021 and 6 April 2022 (the “buyback period”), consequently, will
include a Prohibited Period, as defined in the JSE Listings Requirements.

Any purchases of shares will be effected on the Johannesburg Stock Exchange and within
certain pre-set parameters, in accordance with the Group’s general authority to
repurchase shares granted by the Group’s shareholders at the annual general meeting
on Tuesday, 25 May 2021, and in accordance with the applicable provisions of the
South African Companies Act 71 of 2008, as amended, and the JSE Listings Requirements.

In accordance with paragraph 5.72(h) of the JSE Listings Requirements, Sibanye-
Stillwater has appointed Morgan Stanley, as independent third party, to conduct the
buyback programme, and Morgan Stanley will make investment decisions in relation to
the Company's shares independently of, and uninfluenced by, the Company, during the
buyback period. Any shares repurchased by the Company in terms of the buyback
programme will be cancelled from the Company's issued share capital.

Ends.


Investor relations contact:
Email: ir@sibanyestillwater.com
James Wellsted
Head of Investor Relations
Tel: +27 (0) 83 453 4014
Website: www.sibanyestillwater.com
Sponsor: J.P. Morgan Equities South Africa Proprietary Limited

FORWARD LOOKING STATEMENTS
The information in this announcement (and oral statements made regarding the subjects of this
announcement) may contain forward-looking statements within the meaning of Section 27A of the United
States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act
of 1934, as amended. These forward-looking statements, including, among others, those relating to Sibanye
Stillwater Limited’s (“Sibanye-Stillwater” or the “Group”) financial position, business strategies,
plans and objectives of management for future operations, and the execution of the buyback program, are
necessarily estimates reflecting the best judgment of the senior management and directors of Sibanye-
Stillwater and involve a number of risks and uncertainties that could cause actual results to differ
materially from those suggested by the forward-looking statements. As a consequence, these forward-
looking statements should be considered in light of various important factors, including those set forth
in this announcement.

All statements other than statements of historical facts included in this announcement may be forward-
looking statements. Forward-looking statements also often use words such as “will”, “forecast”,
“potential”, “estimate”, “expect”, “plan”, “anticipate” and words of similar meaning. By their nature,
forward-looking statements involve risk and uncertainty because they relate to future events and
circumstances and should be considered in light of various important factors, including those set forth
in this disclaimer. Readers are cautioned not to place undue reliance on such statements.

The important factors that could cause Sibanye-Stillwater’s actual results, performance or achievements
to differ materially from estimates or projections contained in the forward-looking statements include,
without limitation, Sibanye-Stillwater’s future financial position, plans, strategies, objectives,
capital expenditures, projected costs and anticipated cost savings, financing plans, debt position and
ability to reduce debt leverage; economic, business, political and social conditions in South Africa,
Zimbabwe, the United States and elsewhere; plans and objectives of management for future operations;
Sibanye-Stillwater’s ability to obtain the benefits of any streaming arrangements or pipeline financing;
the ability of Sibanye-Stillwater to comply with loan and other covenants and restrictions and
difficulties in obtaining additional financing or refinancing; Sibanye-Stillwater’s ability to service
its bond instruments; changes in assumptions underlying Sibanye-Stillwater’s estimation of its current
mineral reserves; any failure of a tailings storage facility; the ability to achieve anticipated
efficiencies and other cost savings in connection with, and the ability to successfully integrate, past,
ongoing and future acquisitions, as well as at existing operations; the ability of Sibanye-Stillwater
to complete any ongoing or future acquisitions; the success of Sibanye-Stillwater’s business strategy
and exploration and development activities; the ability of Sibanye-Stillwater to comply with requirements
that it operate in ways that provide progressive benefits to affected communities; changes in the market
price of gold and platinum group metals (“PGMs”); the occurrence of hazards associated with underground
and surface mining; any further downgrade of South Africa’s credit rating; a challenge regarding the
title to any of Sibanye-Stillwater’s properties by claimants to land under restitution and other
legislation; Sibanye-Stillwater’s ability to implement its strategy and any changes thereto; the
occurrence of labour disruptions and industrial action; the availability, terms and deployment of capital
or credit; changes in the relevant government regulations, particularly environmental, tax, health and
safety regulations and new legislation affecting water, mining, mineral rights and business ownership,
including any interpretation thereof which may be subject to dispute; the outcome and consequence of
any potential or pending litigation or regulatory proceedings or environmental, health or safety issues;
the concentration of all final refining activity and a large portion of Sibanye-Stillwater’s PGM sales
from mine production in the United States with one entity; the identification of a material weakness in
disclosure and internal controls over financial reporting; the effect of US tax reform legislation on
Sibanye-Stillwater and its subsidiaries; the effect of South African Exchange Control Regulations on
Sibanye-Stillwater’s financial flexibility; operating in new geographies and regulatory environments
where Sibanye-Stillwater has no previous experience; power disruptions, constraints and cost increases;
supply chain shortages and increases in the price of production inputs; the regional concentration of
Sibanye-Stillwater’s operations; fluctuations in exchange rates, currency devaluations, inflation and
other macro-economic or monetary policies; the occurrence of temporary stoppages of mines for safety
incidents or unplanned maintenance; Sibanye-Stillwater’s ability to hire and retain senior management
or sufficient technically skilled employees, as well as its ability to achieve sufficient representation
of historically disadvantaged South Africans in its management positions; failure of information
technology and communications systems; the adequacy of Sibanye-Stillwater’s insurance coverage; any
social unrest, sickness or natural or man-made disaster at informal settlements in the vicinity of some
of Sibanye-Stillwater’s South African-based operations; and the impact of HIV, tuberculosis and the
spread of other contagious diseases, such as COVID-19; and other factors. Further details of potential
risks and uncertainties affecting Sibanye-Stillwater are described in Sibanye-Stillwater’s filings with
the Johannesburg Stock Exchange and the United States Securities and Exchange Commission, including the
Integrated Annual Report 2020 and the Annual Report on Form 20-F for the fiscal year ended 31 December
2020.

These forward-looking statements speak only as of the date of the content. Sibanye-Stillwater expressly
disclaims any obligation or undertaking to update or revise any forward-looking statement (except to
the extent legally required). These forward-looking statements have not been reviewed or reported on by
the Group’s external auditors.

Date: 01-06-2021 12:45:00
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