Globe Specialty Metals Inc. (GSM)

[CarsonOGenic]

LONDON, Aug. 03, 2018 (GLOBE NEWSWIRE) -- Ferroglobe PLC (GSM) (“Ferroglobe” or the “Company”), a global leader in the production of silicon metal and silicon- and manganese-based specialty alloys, is pleased to announce that authority was granted today for the Company to make purchases of its own shares “off-market” (for purposes of the U.K. Companies Act 2006). At a general meeting of its shareholders held on 3 August 2018, 99.91% of shareholders voting voted in favour of the resolution granting authority to the Company to effect share repurchases.
The Company is accordingly authorised for a period of five years to enter into contracts with appointed brokers under which the Company may undertake purchases of its ordinary shares - acquired by the brokers on the NASDAQ and through other permitted channels - of up to approximately 10% of its issued ordinary share capital, at a minimum price of $0.01 per share, a maximum price for such shares of 5% above the average volume-weighted average price of the Company’s shares over the five business days prior to purchase and subject to additional restrictions (including as to pricing, volume, timing and the use of brokers or dealers) under applicable U.S. securities laws.

The actual timing, number and value of shares repurchased (if any) will depend on a number of factors, including market conditions, general business conditions, available liquidity, cash flow and applicable legal requirements. The Company is not obligated to carry out any share repurchases, and, if commenced, share repurchases may be suspended, discontinued or modified at any time, for any reason and without previous notice, in accordance with applicable laws and regulations.

Javier Lopez Madrid, Executive Chairman of Ferroglobe, said: “We’re delighted that our shareholders have shown such support for the Company in seeking power to make purchases of its own shares. In current market conditions and given the shares’ attractive value proposition, the Board will consider carefully whether to set up a share repurchase programme as a means of returning value swiftly to shareholders.”

The results of voting at the general meeting, including the number of votes cast for and against, are available on the Company's website at http://investor.ferroglobe.com/corporate-governance.cfm.