Implats CEO Terence Goodlace
Photo by: Duane Daws
JOHANNESBURG (miningweekly.com) – Platinum mining major Impala Platinum (Implats) said on Thursday that it intended raising up to R4-billion through the sale of new Implats ordinary shares using an accelerated bookbuild process.
The company, headed by CEO Terence Goodlace, said that shareholder approval would be sought in order to permit the company to issue ordinary Implats shares for cash on a non-pre-emptive basis.
It would also seek approval for certain qualifying shareholders to have the ability to participate in the specific issue for cash and for the approval of certain amendments to Implats’ memorandum of incorporation.
The specific issue for cash has been fully underwritten by UBS Limited and support to vote in favour of the relevant resolutions at the Implats shareholders’ meeting has been received from shareholders who own 49% of the company’s issued share capital.
These include Coronation, Royal Bafokeng and Public Investment Corporation.
Further, Allan Gray, as investment manager, has irrevocably committed to recommend to its clients to vote their 2.6% holdings in favour, which provides majority 51.6% support.