Northam’s Zambezi Platinum successfully lists on the JSE
Northam Platinum’s landmark R6.6-billion black economic-empowerment (BEE) deal has come full circle as special-purpose vehicle (SPV) Zambezi Platinum made its debut on the main board of the JSE last week.
The SPV, which was formed to house the company’s historically disadvantaged South African (HDSA) shareholder base, cemented Northam’s empowerment at 35.4% for the next ten years – well above the 26% requirement of the Mining Charter.
“Northam is paving the way to empowerment and a new era [within the industry],” Zambezi Platinum chairperson-elect Lazarus Zim said at the listing of the SPV last week.
The ringfencing of Zambezi insulated shareholders from market fluctuations over a ten-year period, while opening up an opportunity for investment and growth in an industry that had suffered much controversy in recent years.
Despite a subdued platinum price, Zim was bullish on the next few years, as the global economy was starting to recover, stimulating the demand for platinum-group metals.
Further, Northam boasted a strong balance sheet and had scope to grow, particularly as it had R4-billion in cash made available from the BEE arm, following a R4.6-billion capital raising underpinned by Northam anchor shareholders, the Public Investment Corporation (PIC) and Coronation Asset Managers.
“We are excited about [the future of Northam],” he said, pointing to the company’s recently acquired Booysendal South operation, which was a few months from starting production.
Zambezi would beneficially hold 160-million shares, or around 31.4%, of Northam, while the SPV acquired 47-million existing shares from the PIC for R1.9-billion.
Zambezi would issue tradeable preference shares at R41 apiece.
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