JOHANNESBURG - Mining group Sibanye-Stillwater said on Tuesday shareholders had approved an ordinary resolution in connection with the increased offer for platinum producer Lonmin.

In a circular to shareholders on April 25, Sibanye-Stillwater said its board and that of Lonmin had reached agreement on the terms of an increased recommended all-share offer to be made by Sibanye-Stillwater for the entire issued and to be issued share capital of Lonmin. 

It said under the terms of the increased offer, Lonmin shareholders would be entitled to receive one new Sibanye-Stillwater share for each Lonmin share they hold, reflecting a 3.4 percent increase or an additional 0.033 new SibanyeStillwater shares per Lonmin share held from what was announced on December 14, 2017.

"Sibanye-Stillwater is pleased to announce that the ordinary resolution was passed by the requisite majority of votes at the general meeting held at the Sibanye-Stillwater Academy at 8:30 am (South African standard time) this morning," the company said on Tuesday.

It said the number of shares voted in person or by proxy represented 87 percent of Sibanye-Stillwater’s total ordinary shares in issue.

- African News Agency (ANA)