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Delaware court rules in Sibanye’s favour in Stillwater case

23rd August 2019

By: Marleny Arnoldi

Online News Editor

     

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JSE- and NYSE-listed gold miner Sibanye-Stillwater on Friday said the Court of Chancery of the State of Delaware, in the US, had ruled in its favour in appraisal action brought by a minority shareholder group.

The minority shareholder group held shares in Stillwater Mining Company, which Sibanye acquired in May 2017.

In terms of the court ruling, the shareholders, which together held about 4.5% of Stillwater at the time, will now receive the same $18-a-share consideration that other shareholders accepted.

The remaining payment of about $21-million owing to these shareholders has been fully provided for by Sibanye and, therefore, no adjustment to the provision is required.

Sibanye CEO Neal Froneman said the ruling confirmed Sibanye’s decision to defend the company against opportunistic legal action.

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

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