Announcement
Griffin Mining Limited (LSE: GFM) disclosed that it has engaged Panmure Liberum Limited to execute a share repurchase using a reverse accelerated bookbuild. The programme will allow the company to buy back up to $14 million worth of ordinary shares, equivalent to a maximum of 3.5 million shares or 1.98 % of its total issued ordinary share capital.
Process and Timeline
The bookbuild opened on 19 June 2026 and will close at 16:45 BST on the following Monday (22 June 2026). The final number of shares and the purchase price will be determined at the close, at the discretion of Griffin Mining and Panmure Liberum. Results will be announced immediately after the close, and the purchases will be carried out on the London Stock Exchange once the results are disclosed. Only shareholders holding shares in CREST form may participate in this reverse accelerated bookbuild; holders of certificated shares may continue to participate in the existing buyback programme announced on 3 June 2026.
Existing Buyback Programme
The existing buyback programme, authorised on 3 June 2026, permits the repurchase of up to $15 million for up to 3.7 million ordinary shares. This programme remains in force until 30 November 2026. The combined amount allocated to both the existing programme and the new reverse accelerated bookbuild will not exceed $15 million.
Expected Outcome
Shares purchased under the reverse accelerated bookbuild will be cancelled, thereby reducing Griffin Mining’s share capital. The company stated that the buyback is intended to enhance earnings per share.