To view the PDF file, sign up for a MySharenet subscription.

SIBANYE STILLWATER LIMITED - Update on general repurchase of shares

Release Date: 13/09/2021 13:19
Code(s): SSW     PDF:  
Wrap Text
Update on general repurchase of shares

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 “Company”)

Update on general repurchase of shares


Johannesburg, 13 September 2021: Further to the announcement on 1 June 2021, by Sibanye-
Stillwater (Tickers JSE: SSW and NYSE: SBSW) regarding the implementation of an on-market
repurchase up to, but not exceeding, 5% of its ordinary shares in issue (“Repurchase
Programme”), and in terms of paragraph 11.27 of the Listings Requirements of the JSE Limited
("JSE") (“Listings Requirements”), the Company advises its shareholders that (at the close of
business) on 10 September 2021, it has, in a series of unrelated transactions, cumulatively
repurchased c.3% or 90,206,710 ordinary shares (“Repurchase”), in accordance with the general
authority granted by shareholders at the Company’s annual general meeting held on 25 May 2021
("General Authority"). The details of the Repurchase are set out in the table in Section 2,

Sibanye-Stillwater CEO, Neal Froneman said: “on top of our sector leading dividend, we have
allocated capital to unlock significant additional value for our shareholders in line with
our capital allocation framework”.


Repurchase period:                                           2 June to 10 September 2021
Highest repurchase price per share:                          R69.80
Lowest repurchase price per share:                           R50.08
Number and percentage of shares repurchased:                 90,206,710
Total value of shares repurchased (excluding costs):         R5,305,595,240

The number and percentage of shares outstanding in           500,788,362
relation to total repurchase shares under General            84.74%

The number and percentage of shares outstanding in           57,493,290
relation to the maximum number of shares to be repurchased   38.93%
under the Repurchase Programme:

Number of treasury shares:                                   9,570,266

The repurchased shares have been cancelled and their listing removed between 9 June and 7
September 2021, whilst the treasury shares shall be cancelled by 21 September 2021.


The board of directors of Sibanye-Stillwater has considered the effect of the Repurchase and
is of the opinion that, for a period of 12 months following the Repurchase:
• the Company and its subsidiaries ("group") will be able in the ordinary course of business
   to pay its debts
• the assets of the Company and the group will be in excess of the liabilities of the Company
   and the group. For this purpose, the assets and liabilities were recognized and measured
    in accordance with the accounting policies used in the latest audited annual group financial
•   the share capital and reserves of the Company and the group will be adequate for ordinary
    business purposes
•   the working capital of the Company and the group will be adequate for ordinary business
•   the Company and the group have completed a solvency and liquidity test and since the test
    was performed, there have been no material changes to the financial position of the group


The Repurchase has been funded from internal cash resources.


As at 13 September 2021, the Company’s cash balance decreased by R4,988,361,127 and an accrual
of R330,516,860 was raised for Repurchase to be settled by 15 September 2021. Consequently,
the share capital was reduced by R5,318,877,987 (inclusive of directly attributable costs).


The Repurchase was effected through an order book operated by the JSE and done without any
prior understanding or arrangement between the Company and the counter parties. Accordingly,
the Company has complied with paragraph 5.72 (a) of the Listings Requirements. Furthermore,
a portion of the Repurchase was effected during a prohibited period, as defined in the JSE
Listings Requirements and, in this regard, a Repurchase Programme was put in place in
accordance with paragraph 5.72(h) of the Listings Requirements, as outlined in the
aforementioned announcement. The buyback of the Company’s shares will continue until the
completion of the Repurchase Programme.


Investor relations contact:
James Wellsted
Head of Public Relations
Tel: +27 (0) 83 453 4014

Sponsor: J.P. Morgan Equities South Africa Proprietary Limited


The information in this document may contain forward-looking statements within the meaning of
the “safe harbour” provisions of the United States Private Securities Litigation Reform Act
of 1995. These forward-looking statements, including, among others, those relating to Sibanye
Stillwater Limited’s (“Sibanye-Stillwater” or the “Group”) financial positions, business
strategies, plans and objectives of management for future operations, 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 report.

All statements other than statements of historical facts included in this report 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 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 actions; the availability, terms
and deployment of capital or credit; changes in the imposition of regulatory costs and 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 monetary policies; the occurrence of temporary stoppages
of mines for safety incidents and 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 Sibanye-Stillwater’s information technology and
communications systems; the adequacy of Sibanye-Stillwater’s insurance coverage; 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 the coronavirus disease
(COVID-19). 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: 13-09-2021 01:19:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

Share This Story