Repurchased shares will be held in treasury and will not carry economic or voting rights. Outstanding shares will be reduced.
Once the most recent Public Tender Offer (PTO) by Canadian fund Sun Valley Investments (led by investor Vikram Sodhi) was completed, Mineros disclosed progress regarding its upcoming share buyback program.
The share repurchase plan was approved by the General Shareholders’ Meeting held on March 31, 2025, as recalled by Mineros.
The company has now announced that its Board of Directors has authorized the program’s regulations, which were proposed by Sun Valley, who had already become the majority shareholder at the time of the meeting.
“This share repurchase program reflects our ongoing commitment to generating value for our shareholders and our confidence in the strength of our balance sheet and future cash flows,” stated Mr. David Londoño, President of Mineros.
Within this context, Mineros revealed that “it may repurchase common shares for up to US $12 million, based on the exchange rate certified by the Colombian Superintendent of Finance (SFC) on the business day prior to the publication of the offer notice.”
Details of Mineros’ Share Buyback Program
The repurchase will be executed “through one or more offers over a period of up to two years, starting from March 31, 2025, via the Colombian Stock Exchange (bvc).”
Currently, each Mineros share is trading at COP $7,290 on the Colombian Stock Exchange. Considering that the Representative Market Rate (TRM) as of July 18 is COP $4,016.44, the authorized amount of up to US $12 million (approximately COP $48 billion) would allow for the repurchase of up to 6.6 million shares.
It was also announced that “the specific conditions of each offer—including its validity, the repurchase price, which will be determined using technically recognized mechanisms, the value in pesos assigned to each individual offer, and the maximum number of shares to be repurchased in each instance—will be defined by the President and/or the Alternate Legal Representative,” in accordance with the guidelines established in the approved plan and without exceeding the total authorized amount.
It was further clarified that all transactions will be executed through the Colombian Stock Exchange, either via trading systems or through independent mechanisms enabled by said entity, ensuring “equal conditions for all shareholders, who will have the opportunity to sell their shares proportionally to their ownership in the company’s capital.”
Additionally, the repurchased shares will remain in the company’s treasury and will not carry economic or voting rights, thereby reducing the number of outstanding shares accordingly.
The company believes that the share buyback “represents an attractive opportunity to deploy capital efficiently and reflects its confidence in the long-term value of Mineros’ gold production. The repurchased shares will be held in treasury,” the statement reads.
It was also noted that the timing and amount of any share repurchases will depend on market conditions, share price, and other factors. “The company is not obligated to repurchase a specific number of shares and may modify, suspend, or discontinue the program at any time,” the statement added.
Read the original article in Valora Analitik published on July 18, 2025: Click here.
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