The Competition Tribunal has approved JSE-listed Northam Platinum’s merger with the so-called Zambezi scheme within which Northam Platinum is proposing to accelerate the maturity and wind-up of the Zambezi Black Economic Empowerment (BEE) transaction, including the acquisition by Northam Platinum of all the shares in issue, which are not already held by the miner. The company’s shareholders will vote on whether to approve the Zambezi scheme on July 20.
The proposed merger comes after the early maturity of the Zambezi BEE transaction and the implementation of an extended BEE transaction.
Northam wants to fast-track the maturity and conclusion of the Zambezi BEE transaction, including the acquisition of all the shares in issue that it does hold.
The transaction if approved would be implemented through the Zambezi scheme and the consequent delisting of shares from the main board of the JSE.
Northam has also proposed a 15-year extension of the BEE transaction, including Northam Holdings’ proposed acquisition of all of the Northam shares in issue (excluding treasury shares), in exchange for the Northam scheme consideration.
The proposed Extended BEE Transaction will restore ownership by historically disadvantaged persons in Northam to up to 26.5% (net of treasury shares), with an emphasis on participation by Northam group employees and host and affected communities.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
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