Solidcore Resources announces $1.2 billion share buyback at $11.66 per share

September 8, 2026 at 06:41 PM2 min

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Solidcore Resources plc announced a share buyback program of up to $1.2 billion at $11.66 per share. The offer runs from September 9 to October 12, 2026, subject to shareholder approval at a meeting on September 30. The company may repurchase up to 102.9 million shares, about 23.2% of issued capital.

Key Facts

The buyback price of $11.66 per share is 10% above the 30-day volume-weighted average price ending September 7, 2026.
The offer period runs from September 9 to October 12, 2026, with shareholder approval required at a meeting on September 30.
Solidcore's largest shareholder Maaden International Investment SPC and CEO Vitaly Nesis have committed not to participate in the buyback.
As of September 1, 2026, Solidcore held $1.4 billion in cash and a net cash position of $747 million.
Results of the buyback are expected to be announced on October 14, 2026, with withdrawal of tenders possible until October 8.

Buyback Terms

Solidcore Resources plc announced a buyback of up to $1.2 billion at $11.66 per share. The company may repurchase up to 102.9 million shares, representing about 23.2% of current issued share capital. The offer price is 10% above the 30-day volume-weighted average price ending September 7, 2026. Participation is voluntary, and if tendered shares exceed the limit, purchases will be made pro rata among participants.

Shareholder Approval and Exclusions

The offer opens on September 9 and closes on October 12, 2026, subject to shareholder approval at a general meeting on September 30. Maaden International Investment SPC, the largest shareholder, and CEO Vitaly Nesis have committed not to participate in the buyback. Shareholders who do not tender will see their relative ownership increase after the share count is reduced.

Financial Position and Rationale

As of September 1, 2026, Solidcore had $1.4 billion in cash and a net cash position of $747 million. The company also secured $700 million in debt financing for the EGMK construction project. Senior independent non-executive director Evgeny Konovalenko said the board views the one-time return as efficient and rational use of capital. The buyback is a one-time return of excess cash and does not establish a permanent capital return policy.