REG - Capital Limited - Share Buyback Programme

CapitalAnnouncement

04/01/2022 07:00

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RNS Number : 2501X  Capital Limited  04 January 2022

 

 

 

FOR IMMEDIATE RELEASE

04 JANUARY 2022

 

 

Capital Limited

 

("Capital", the "Group" or the "Company")

 

 

Share Buyback Programme

 

Capital (LSE: CAPD), a leading mining services company focused on the African
markets, is pleased to announce that it intends to commence a share buyback
programme in accordance with the authority granted by shareholders at the
Company's Annual General Meeting on 28 April 2021.

In line with this, the Company entered into a buyback agreement with Stifel
Nicolaus Europe Limited ("Stifel") on 31 December 2021, instructing Stifel to
repurchase Capital's ordinary shares of $0.0001 each ("Ordinary Shares"). The
Programme will not exceed 2,000,000 Ordinary Shares, and the maximum pecuniary
amount allocated to it is $2,500,000 (the "Programme").

This agreement will end no later than the earlier of the maximum Programme
size limits being met and the Company's next annual general meeting.

The purpose of the Programme is to reduce the share capital of Capital or meet
obligations arising from share option programmes.

Commenting on the Share Buyback Programme, Jamie Boyton, Executive Chairman,
said:

 

"Capital remains focused on delivering growth and shareholder returns though
its balanced capital allocation policy. While we remain primarily focused on
growth, today's announcement of a share buyback programme demonstrates the
Board's confidence in the business, especially after the successful ramp up of
the Sukari mining contract and the continued successful growth of our drilling
and laboratory operations."

The Programme will be conducted within certain pre-set parameters and in
accordance with Capital's general authority to repurchase Ordinary Shares. The
Programme will be conducted within the parameters prescribed by the Market
Abuse Regulation 596/2014 (as in force in the UK and as amended by the Market
Abuse (Amendment) (EU Exit) Regulations 2019), the Commission Delegated
Regulation (EU) 2016/1052 (as in force in the UK and as amended by the FCA's
Technical Standards (Market Abuse Regulation) (EU Exit) Instrument 2019) and
in accordance with Chapter 12 of the UK Listing Rules. Any market repurchase
of Ordinary Shares will be announced no later than 7:30 a.m. on the business
day following the calendar day on which the repurchase occurred. All Ordinary
Shares repurchased will be held in treasury.

- ENDS -

For further information, please visit Capital's website www.capdrill.com or
contact:

 

 

 Capital                                                                                                                                                            +230 464 3250
 Limited

                                                                                                                                                                  investor@capdrill.com (mailto:investor@capdrill.com)
 Jamie Boyton, Executive Chairman

 Giles Everist, Chief Financial Officer

 Conor Rowley, Investor Relations & Corporate Development Manager

 Berenberg                                                                                                                                                          +44 20 3207 7800

 Matthew Armitt

 Jennifer Wyllie

 Detlir Elezi

 Tamesis Partners LLP                                                                                                                                               +44 20 3882 2868

 Charlie Bendon

 Richard Greenfield

 Stifel Nicolaus Europe Limited                                                                                                                                     +44 20 7710 7600

 Ashton Clanfield

 Callum Stewart

 Rory Blundell

 Buchanan                                                                                                                                                           +44 20 7466 5000

 Bobby Morse                                                                                                                                                        capital@buchanan.uk.com

 James Husband

 

 

About Capital Limited

Capital Limited is a leading mining services company providing a complete
range of drilling, mining, maintenance and geochemical laboratory solutions to
customers within the global minerals industry, focusing on the African
markets. The Company's services include: exploration, delineation and
production drilling; load and haul services; mining
equipment hire and maintenance; and geochemical analysis. The Group's corporate headquarters are in Mauritius and
it has established operations in Burkina Faso, Cameroon, Côte d'Ivoire, Egypt, Guinea, Kenya, Mali, Mauritania, Nigeria,
Saudi Arabia and Tanzania.

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