Impala Platinum (Implats) is closer to acquiring Royal Bafokeng Platinum (RBPlat) after RBPlat announced yesterday that the JSE had approved Implat’s listing of the offer consideration shares, a critical requirement in its bid.
This was the final condition to officially conclude its offer to buy out RBPlat's remaining shareholders.
"RBPlat shareholders are advised that the JSE has approved the listing of the offer consideration shares thereby fulfilling the condition precedent... Accordingly, as referred to in the Implats announcement, the mandatory offer is unconditional.," it said.
The group said the dates and times following the initial closing date will be extended.
Last week, Implats was issued with a compliance certificate from the Takeover Regulation Panel (TRP), another step that brought it closer to finishing its takeover bid.
Meanwhile, RBPlats said the Frustrating Action Complaints levelled by Northam Platinum against it had been resolved to the satisfaction of the Takeover Regulation Panel (TRP).
This comes after Northam, which had also been vying to takeover RBPlat, complained to the TRP about the issue of 560 176 RBPlat shares to CEO Steve Phiri and COO Neil Carr, following their retirement on April 7, 2022, in terms of the rules of the RBPlat Full Share Plan and the conclusion of their fixed term contracts, to keep them on until the corporate action was finalised.
RBPplats said the complaints regarding the share issuance and the fixed term contracts were collectively referred to as the “Frustrating Action Complaints”.
The company said it had always viewed the share issuance and fixed term contracts as lawful which did not contravene section 126 of the Companies Act.
"The purpose of this announcement is to advise shareholders that following engagements with the TRP, the Frustrating Action Complaints have been resolved to the satisfaction of the TRP," it said. RBPlat did not explain how the TRP had been satisfied.
In April, RBPlat announced that Phiri and Carr, who retired nearly a year ago, would stay on, on fixed-term contracts while Implats and Northam battled it out for control of its assets.
Northam has since exited the takeover bid and Implats is the only miner in the running to take over RBPlat. Implats gained a controlling share of RBPlat in May, after acquiring the Public Investment Corporation's (PIC) 9.26% stake.
Implats has since acquired further shares, and now holds about 56.41% of the platinum group metals (PGM) company’s shares in issue.
BUSINESS REPORT