RBPlat's Styldrift mine
Photo by: Creamer Media
JSE-listed Impala Platinum (Implats) has gained a 98.38% shareholding in fellow-listed Royal Bafokeng Platinum (RBPlat) after nearly two years of incrementally buying out minority shares and fighting off a proposed rival buyout of RBPlat by fellow JSE-listed platinum group metals (PGMs) miner Northam Platinum.
Implats’ buyout offer closed on July 21 and was accepted by RBPlat shareholders holding about 121-million shares. Northam sold its 34.5% shareholding in RBPlat on July 20.
Northam in April pulled out of its proposed buyout of RBPlat, citing a collapse in PGMs prices.
Implats’ offer to buy out all remaining shares it did not own already was made on January 17, 2022, for a consideration of R150 apiece.
Implats will now invoke the provisions of Section 124 of the Companies Act to compulsorily acquire all of the RBPlat shares not already held by it, following which RBPlat will become a wholly-owned subsidiary of Implats and delist from the JSE.
RBPlat has shallow and mechanised mines that both Northam and Implats wanted to gain control over. RBPlat's mines are adjacent to Implats' own ageing, costly and deep-level shafts at the Rustenburg complex.