Village Invests in Village
18 January 2013
Johannesburg, South Africa. 18 January 2013. Village Main Reef (“Village”) is pleased to advise that the company has successfully repurchased some 31 million of its ordinary shares, amounting to 3.1% of the company’s share capital, through its wholly owned subsidiary Buffelsfontein Gold Mines Limited (“Buffels”).
The general authority to repurchase its shares was granted to Village by Shareholders on 30 November 2012.
The shares were repurchased over a two-month period for a total price of R36.9 million. Joint CEO Marius Saaiman said: “The share buyback demonstrates our belief that the stock is clearly under-valued and is an indication of our future confidence in both the company and the market. The share buyback will not influence the company’s ability to settle its obligations in the ordinary course of its day-to-day business activities and the company’s assets will remain in excess of its liabilities.”
Looking ahead, Saaiman says that Village may repurchase a further 170 801 685 shares (16.93% of the company’s share capital as at the date of the granting of the general authority) under the general authority provided to it by the Village shareholders. The shares purchased through Buffels, is currently held as treasury stock. Village may hold up to 10% of its ordinary shares as treasury stock, without the requirement to cancel these shares.
Village Joint CEO
Mobile: 082 458 3420
Investor and media relations
Village Main Reef
Tel: 011 274 4610