Miner Bellzone rose on Wednesday after it began a multi-million dollar share buy-back scheme.
The firm has the mandate to buy up to $3m of its stock from shareholders, equivalent to 1.6% of its issued share capital.
It will do this through market purchases of the company's own ordinary shares, with the cost based on the prevailing market price quoted on AIM.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Nik Zuks, Bellzone's Chief Executive, said the buy-back represented an opportunity to return value to shareholders while the company's shares were at very depressed levels.
"We remain well funded with $105m of cash on hand as at 31 May 2012, with [the] Forecariah [mine in Guinea] fully financed to production," he said.
-
The UK cities where it’s cheaper to buy a house than rentFor people in some areas of the country, home ownership is a distant dream. But for others it can be surprisingly affordable.
-
Review: The Grill at the DorchesterThe Grill at the Dorchester has a new, easy-going atmosphere, but the food is serious: from punchy beef wellington to grown-up tarte tatin, says Dan McEvoy
