Phiri, Carr to stay on at RBPlat until buyout is concluded
JSE-listed Royal Bafokeng Platinum (RBPlat) has reached agreement with its CEO and COO to extend the term of their contracts for another few months until certainty on ongoing corporate action has been reached, or until October 7, whichever is earlier.
The executives, Steve Phiri and Neil Carr, who retired last year, previously agreed to sign fixed-term contracts to maintain organisational stability that extended until April 7; however, the corporate action had not reached conclusion.
The corporate action refers to a year-long bidding war between fellow listed platinum group metal (PGM) miners Northam Platinum and Impala Platinum Holdings to take control of RBPlat.
Northam, however, decided to terminate its takeover offer on April 5, citing low PGM prices. It has not said whether it would retain its 34.5% stake in RBPlat.
Implats, meanwhile, on March 29 extended the longstop date for its offer to buy out all shares it does not own in RBPlat to April 28. It currently holds 41.5% of RBPlat.
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