Tharisa Repurchases General Shares for US$5 Million
Tharisa held its annual general meeting on February 21, 2024, where shareholders approved a special resolution authorising the Company to undertake a general repurchase of ordinary shares, up to 10% of the 302,596,743 ordinary shares in issue at the date of the AGM.
In a report released on March 26 by Paphos Cyprus, Tharisa was dual-listed on the Johannesburg and London stock exchanges. The Board believes that the Company’s shares are trading at a significant discount, having been negatively impacted by the PGM commodity price environment, while not reflecting the strong co-product contribution from its chrome sales.
The Company has appointed Peel Hunt LLP (‘Peel Hunt’) to manage and carry out on-market purchases of ordinary shares as principal on both the Johannesburg and London stock exchanges, up to a maximum amount of US$5 million (the “Repurchase Programme”) (excluding associated expenses). Tharisa is committed to capital discipline and believes that a share repurchase at its current valuation supports this.
According to Michael Jones, CFO of Tharisa, “We have maintained our strict capital discipline throughout the commodity cycles and believe it is opportune to allocate capital to a share repurchase program for the benefit of our shareholders. This reflects our firm belief in the prospects for our company. While the PGM commodity pricing environment is challenging, chrome prices have remained firm, reinforcing the strength of our co-product business model. The Karo Platinum Project is a multi-generational resource, and while maintaining capital discipline, we continue on the road to delivering the necessary third-party financing to bring the first phase into production.”