Impala Platinum (Implats) has further extended the date set for fulfilment or waiver of the conditions precedent to its buyout offer to Royal Bafokeng Platinum (RBPlat) shareholders to July 28.
The platinum miner is still waiting for the issuance of a compliance certificate by the Takeover Regulation Panel (TRP) in South Africa.
This is one of the two conditions precedent that remain outstanding to declare the offer unconditional, the other one is JSE approval for listing the offer consideration shares, which Implats will now re-apply for.
If any condition precedent remains unfulfilled by the longstop date, Implats will not have an obligation to further extend it, resulting in the offer lapsing.
Implats recently acquired an additional 547,346 shares in Royal Bafokeng Platinum (RBPlat), accounting for 0.08% of the latter's stake in the issue.
Implats will own about 56.37% of the RBPlat shares.
Implats acquired Public Investment Corporation's 9.2% share in RBPlat earlier last month, giving it a majority interest.
Meanwhile, RBPlat said it has paused the appointment of a full-time chief financial officer (CFO) and executive director until the conclusion of the Implats offer.
The company’s board extended Rotshidzwa Manenzhe’s tenure as acting CFO to 31 December 2023.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
