Axelum Resources Allots ₱500 Million For Share Buyback

The Board of Directors of Axelum Resources Corp. has authorized a share buyback program for the company's common shares, setting aside P500 million for this purpose.

Axelum will be authorized to buy back up to Php500,000,000 worth of common shares. I Photo: Axelum Resources Corp Facebook

The proposed buyback program, aimed at enhancing shareholder value, will be conducted for a period of six months, commencing on 25 September 2024 and ending on 24 March 2025.

The Board of Directors may, at its discretion and upon management's recommendation, extend the period for another six months, until 24 September 2025.

The company will be authorized to buy back up to Php500,000,000 worth of common shares.

This amount may be increased from time to time by the Board of Directors, as circumstances warrant and subject to the availability of unrestricted retained earnings. The actual number of shares to be included in the buyback program cannot yet be determined, as this will depend on the total buyback price of the shares.

The company's capital structure before the buyback program is as follows:

• Authorized Capital Stock: 5,000,000,000 (4,800,000,000 common shares and 200,000,000 Redeemable Preferred Shares)

• Issued and Outstanding: 3,798,405,500 common shares and 200,000,000 Redeemable Preferred Shares

• Treasury Shares: 201,594,500 common shares

The company cannot accurately determine its capital structure after the buyback program at this time, as the actual number of shares to be included in the buyback depends on the total buyback price of the shares.

The buyback program will be executed in the open market through the trading facilities of the Philippine Stock Exchange.

The program will be implemented in an orderly manner, ensuring it does not adversely affect the company’s or its subsidiaries' prospective and existing projects. The company will purchase the shares using cash and record them as treasury shares.

The buyback program will be implemented under the supervision of the company's President and Chief Operating Officer.