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ENRC’s Northam stake sale oversubscribed at R2.4bn

10th March 2015

By: Natasha Odendaal

Creamer Media Senior Deputy Editor

  

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JOHANNESBURG (miningweekly.com) – JSE-listed Northam Platinum on Tuesday said a secondary placement of a 13.01% shareholding, or 51.7-million shares, had been oversubscribed.

This followed the strategic exit by ENRC, which deemed the shareholding noncore to its business and disposed of it through a bookbuild led by One Capital as sole bookrunner.

The stake was placed at a price of R48.25 a share, representing a total transaction value of about R2.5-billion.

“We are very pleased to again see the strong institutional support for Northam in a difficult platinum market,” said CEO Paul Dunne.

Edited by Creamer Media Reporter

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