The longstop date for Impala Platinum's bid to buy out all the shares it does not own in fellow-listed Royal Bafokeng Platinum (RBPlat) has been extended once more, this time to April 28.
This is to provide the Takeover Special Committee (TSC) enough time following hearings on March 19 and 21 to issue a compliance certificate about the offer.
According to Implats, the issuance of a compliance certificate and JSE permission for the listing of the offer consideration shares are the last two prerequisites to be satisfied to declare the offer unconditional.
It will think over the results of the TSC's decision after it is made, it states.
Implats maintains its right to prolong the offer's longstop and closing date and to change its parameters.
On April 28, competing platinum group metals producer Northern Platinum will release an updated circular about its takeover bid for RBPlat shares.
This came when Implats filed concerns with the Takeover Regulation Tribunal against Northam's bid, which Implats subsequently dropped, leading to ambiguities and delays.
In contrast to Northam's most recent offer, which totalled R172 per share in November 2022, Implats' bid to purchase all RBPlat shares it does not already hold stood at R150 per share as of that month.
Implats has also purchased an additional 2.3 million shares in RBPlat, increasing its ownership of the business by 0.82% to 41.54%.
Northam currently holds 34.5% of RBPlat.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
This is to provide the Takeover Special Committee (TSC) enough time following hearings on March 19 and 21 to issue a compliance certificate about the offer.
According to Implats, the issuance of a compliance certificate and JSE permission for the listing of the offer consideration shares are the last two prerequisites to be satisfied to declare the offer unconditional.
It will think over the results of the TSC's decision after it is made, it states.
Implats maintains its right to prolong the offer's longstop and closing date and to change its parameters.
On April 28, competing platinum group metals producer Northern Platinum will release an updated circular about its takeover bid for RBPlat shares.
This came when Implats filed concerns with the Takeover Regulation Tribunal against Northam's bid, which Implats subsequently dropped, leading to ambiguities and delays.
In contrast to Northam's most recent offer, which totalled R172 per share in November 2022, Implats' bid to purchase all RBPlat shares it does not already hold stood at R150 per share as of that month.
Implats has also purchased an additional 2.3 million shares in RBPlat, increasing its ownership of the business by 0.82% to 41.54%.
Northam currently holds 34.5% of RBPlat.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
