Northam Platinum has announced that it plans to proceed with the finalisation of its offer for takeover of Royal Bafokeng Platinum (RBPlat).
It has been involved in a takeover bid with Implats. Impala is now its biggest shareholder, with a 40.71% stake, while its rival, Northam, owns almost 35% in RBPlat.
The group said in November it announced its firm intention to make an offer to RBPlat shareholders to acquire all the Offer Shares for the Offer Consideration.
"In December, Implats had submitted various complaints to the TRP regarding the announcement. As a consequence of the Implats complaints, the TRP withheld its approval of the posting of the Northam Offer circular until the TRP had decided in respect of the Implats complaints," it said.
Northam said Implats has summarily withdrawn its complaints.
"Implats has taken this course of action without having engaged with the TRP any further regarding the various issues raised by Implats in the complaints," Northam said.
Northam said in light of Implats withdrawal of its complaints, the TRP has advised it that it considers its offer-to-purchase announcement to be legally valid and that it may proceed with the offer.
Northam said due to the lapse of time since the initially intended posting dates of the Northam Offer Circular and Northam Transaction Circular, and the resultant updates required, it was engaging with the TRP and the JSE regarding the finalisation and posting of the respective circulars.
Meanwhile, (RBPlat) said yesterday (Wednesday), the uncertainty caused by the delay in finalising its takeover bid by Impala Platinum (Implats) and Northam Platinum was becoming a risk in its operations.
In its results for the year ended December 31, 2022, released yesterday, the miner said the battle to gain its control, which has been going on for over a year, posed a key risk to managing its people, their morale and retention.
“We are unable to formulate a long-term strategy and implement aspects of our current strategy, which includes growth. Our capital allocation abilities are constrained. Our ability to create further sustainable enterprise value for our stakeholders is impacted,” it said.
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