JSE-listed platinum group metals miner Northam Platinum has advised that it will publish an updated circular relating to its offer to buy out Royal Bafokeng Platinum’s (RBPlat’s) shares on April 28.
This followed uncertainties and delays owing to complaints raised by rival offeror Impala Platinum (Implats), which have since been withdrawn.
Following the publication of the offer circular, Northam will have its transaction circular approved by the JSE and published on or about May 8.
Implats has since withdrawn various complaints it raised with the Takeover Regulation Panel (TRP), regarding an announcement by Northam of its firm intention to make an offer to RBPlat shareholders to acquire all of their shares, which Implats said at the time contained a high degree of conditionality and execution risk associated with the intended offer.
TRP has advised it considers Northam’s announcement legally valid and allowed the company to proceed with its offer.
However, owing to the lapse of time since the initially intended posting dates of the Northam offer circular and transaction circular, Northam needed to finalise new dates for the posting of the respective circulars.
Implats in January extended the date set for fulfilment or waiver of the conditions precedent to its buyout offer to RBPlat shareholders to March 31 and has not made another announcement in respect of its offer, only that it has withdrawn the complaints against the TRP.
The longstop date has been extended numerous times since Implats first announced its intention to take over RBPlat in November 2021.
Implats’ offer to buy out all outstanding shares it does not own in RBPlat stood at R150 apiece as of November 2022, while the company’s stake in RBPlat stands at 40.71%.
Northam’s last published offer totalled R172 apiece in November 2022, with its ownership of RBPlat sitting at 34.5%.
Edited by: Chanel de Bruyn
Creamer Media Senior Deputy Editor Online
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