Gold miner Solidcore to conduct $1.2 bln buyback at $11.66 per shareThe board of directors at gold miner Solidcore Resources, formerly known as Polymetal, has decided to pay shareholders up to $1.2 billion through a buyback at $11.66 per share, the company said.Solidcore's last closing price on the Astana International Exchange (AIX) was $10.95 per share.The offer will be open from September 9 to October 12. Completion will be subject to approval at a shareholders meeting on September 30.If all shares are repurchased, net debt/adjusted EBITDA will not exceed 0.3x, Solidcore estimates. Given there are $374 million in undrawn credit lines and recurring operating cash flow, the company has sufficient liquidity to meet its obligations."Considering the company's current financial position, the board of directors has decided to allocate some surplus capital for a one-off return to shareholders through a share buyback offer. We believe this is the most effective and fair method of allocation in present circumstances," Solidcore CEO Vitaly Nesis was quoted as saying.Nesis, as a minority shareholder in the company, and its largest shareholder, Maaden, have said they will not participate in the buyback.Solidcore Resources plc is a gold producer registered in the Astana International Financial Centre, with shares trading on the Astana International Exchange. The company operates two producing assets in Kazakhstan and is building the Ertis POX plant in the east of the country. Its largest shareholder is Maaden, a consortium of Omani investors led by Mercury Investments International (31.7%), a fund owned by the government of Oman. (ICE ALMATY)

Fonte notizia: INTERFAX