Ovoca Gold plans a 10 per cent buyback of shares

Ovoca Gold said yesterday it plans to seek approval to repurchase up to 10 per cent of the company’s issued share capital by way of on-market share buybacks. The company does not currently have the authority to repurchase its own shares. Ovaca said it has a strong balance sheet of US$43m (£30m) in net cash and securities, or 34 pence per share, and has completed a significant corporate acquisition in recent months as well as undertaking operational activities across its portfolio of assets and making a number of board and management changes. Chief executive Tim McCutcheon said: “Ovoca has a proven track record of successfully developing precious metals assets in Russia...Despite this, the company's market capitalisation has traded below the value of the company’s cash and securities position for over a year.”