Impala Platinum has agreed with the Public Investment Corporation (SOC) to acquire about 26, 9 million Royal Bafokeng Platinum (RBPlat) shares.
This constitutes 9.26% of the RBPlat shares in the issue.
RBPlat said in a notice to shareholders that once the trade is implemented, Implats will hold RBPlat shares comprising an aggregate of about 55.46% of the shares in the issue.
As a result, Implats will control the majority of the shares in RBPlat and RBPlat will become a subsidiary of Implats.
Implats informed RBPlat shareholders that it intends to facilitate increased broad-based ownership in the Platinum Group Metals sector through the implementation of an empowerment structure, including the creation of a community share ownership trust which will hold an equity interest in both Impala and Royal Bafokeng Resources, as well as the option to replace the RBPlat employee share ownership plan.
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 said that the long-stop date set for fulfilment or waiver of the conditions precedent to the mandatory offer, and the closing date of the offer, will be extended to 28 June 2023.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
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