Royal Bafokeng Platinum (RBPlat) has decided to continue to pause the appointment of a full-time chief financial officer (CFO) and executive director due to the ongoing Impala Platinum (Implats) offer and the firm intention announcement by Northam to make an offer.
It said the appointments will be done upon the conclusion of the corporate action and the board has clarity of the direction of the company.
RBPlat has extended the period during which Rotshidzwa Manenzhe fulfils the role of interim CFO to 30 June 2023.
The Competition Tribunal approved the proposed buyout of RBPlat by Implats, subject to a package of competition and public interest conditions.
However, Northam Platinum has filed a complaint to the Takeover Regulation Panel (TRP) in response to RBPlat's independent expert finding that Implats' offer to acquire all outstanding shares in RBPlat that it does not already own, is fair and reasonable.
Northam Platinum was also planning to acquire all remaining shares in RBPlat at R172.70 a share.
It currently controls a 34.52% stake in RBPlat.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
