Impala Platinum (Implats) has acquired a further 190,000 shares in Royal Bafokeng Platinum (RBPlat), which it is set to take over.
This constitutes 0.07% of the RBPlat shares in the issue.
Implats will hold RBPlat shares comprising an aggregate of about 45.82%.
RBPlat recently said it was highly concerned about the continuous delays in the conclusion of the acquisition bid made by Implats in January last year.
The platinum group metals miner said the delays had effectively kept the company under offer for over a year and a half, which has been a huge drain on management time.
This also harmed the company's ability to pursue strategic initiatives.
Northam Platinum had objected to the acquisition, claiming that certain conditions surrounding the required offer rendered it in violation of competition regulations.
It further presented its acquisition proposal, which was later dropped early in April, paving the way for Implats.
Implats requested last November that the Takeover Regulation Panel (TRP) award it a compliance certificate.
TRP, however, stated that Northam's remaining objections regarding the alleged violation by RBPlat of the Companies Act and the Companies Regulations needed to be rectified first.
Implats then filed an appeal on March 21 with the Takeover Special Committee (TSC) against the TRP's decision, which was dismissed.
As a result, the TRP's original judgment continues, and the TRP will only give a compliance certificate to Implats if the issues are handled.
Implats has since announced that the long-stop date for fulfilling or waiving the requirements antecedent, as well as the offer's closing date, would be extended to May 31.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
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