JSE-listed Northam Platinum has received approval from shareholders for its merger with the Zambezi scheme.
The platinum group metals miner on July 20 hosted a scheme meeting for its shareholders to vote on the merger.
This follows on the early maturity of the Zambezi black economic empowerment (BEE) transaction and the implementation of an extended BEE transaction.
Northam proposed to accelerate the maturity and wind-up of the Zambezi BEE transaction, including the acquisition by Northam of all the shares in issue which are not already held by the miner.
The transaction will be implemented by way of the Zambezi scheme and the subsequent delisting of shares from the main board of the JSE.
Additionally, Northam proposed a 15-year extension of the BEE transaction, including Northam Holdings’ proposed acquisition of all of the Northam shares in issue (excluding treasury shares), in exchange for the Northam scheme consideration, to be implemented by way of the Northam scheme, and the resultant delisting of all Northam shares on the main board of the JSE and listing of all Northam Holdings shares on the main board of the JSE.
Northam also intended to host a transaction to restore ownership by historically disadvantaged persons in Northam to up to 26.5%, with an emphasis on participation by Northam group employees, as well as host and affected communities.
Northam expected to announce the finalisation of the Zambezi scheme by August 6, with the delisting to occur by August 24.
Apart from functioning as an empowerment vehicle, Zambezi did not conduct any business operations and Zambezi’s assets comprise Northam shares.