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The John Borshoff-led Deep Yellow Limited has moved to cancel 1,537,777 ordinary shares of the company, which were previously issued to staff as incentive loan shares.
According to a notification on the Johannesburg Stock Exchange (JSE), the anticipated employee share scheme (share buy-back program) will occur on Aug. 13.
The uranium exploration company stated that the loan shares had not met the relevant vesting criteria. As a result, the shares would be repurchased by the company and canceled per the terms of Deep Yellow’s loan share plan.
Deep Yellow will fully offset the shares against outstanding loans owed by employees to acquire the issued loan shares.
Deep Yellow is an advanced-stage uranium exploration and development company led by Borshoff, a leading player in the Australian and African mining industry for more than 30 years.
Borshoff functions as its managing director and CEO.
The mining magnate holds a 4.02-percent interest in the company, which amounts to 9,842,040 ordinary shares.
The company’s primary activities include core projects such as pre-development activities to improve the Tumas Project and the reassessment of the Omahola Project in Namibia. Its operations also cover uranium mineral exploration in the country and activities associated with the divestment of non-core projects in Namibia and Australia.
As of December 2020, the company had a total of 21,936,800 shares issued under its loan share plan, subject to short- and long-term performance conditions.
As of press time 11:20 AM (UTC), July 28, its shares were worth AUD0.685 ($0.51) per share, down 4.20 percent for the day.
Shares in the company are up by 37 percent so far this year, compared with its opening price for the year. The company’s capitalization as of press time, 11:20 AM (UTC), July 28, is valued at AUD220.34 million ($161.79 million).
