Platinum miner Northam says it now holds all of the Zambezi preference shares following the implementation of the Zambezi Scheme as of August 23.
“We are excited to have achieved this significant milestone and look forward to implementing the remainder of the transaction steps to finalise a very significant share buyback,” said company chief executive Paul Dunne.
The delisting of the Zambezi shares is expected to take place on August 24, while the extended black economic empowerment (BEE) transaction is expected to be confirmed on or about September 3.
The platinum group metals miner on July 20 gained approval from shareholders for the merger.
The transaction was implemented by way of the Zambezi scheme and the subsequent delisting of shares from the main board of the JSE.
Northam had 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.
The Zambezi Scheme includes the Kariba HPP complex and any new dams, reservoirs and installations that may be constructed or installed on the Zambezi River with the consent of the Zambezi River Authority (ZRA), which operates this hydroelectric complex by decision of the Zambia and Zimbabwe parliaments.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
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