Northam, Zambezi in discussions to accelerate empowerment transaction
Platinum miner Northam Platinum has entered into discussions with Zambezi Platinum regarding a potential transaction to accelerate the maturity of the empowerment transaction concluded between the two entities in May 2015, while maintaining Northam’s broad-based black economic empowerment (BBBEE) ownership.
Northam in 2015 embarked on the R6.6-billion transaction, which resulted in historically disadvantaged South Africans holding a 35.4% interest in Northam through Zambezi Platinum – a special purpose vehicle established to effect the transaction.
CEO Paul Dunne said “the significant value created for all Northam shareholders from our empowerment transaction with Zambezi Platinum, as well as Northam’s current ownership of 70% of all Zambezi Platinum preference shares and the inherent share buyback implied by this holding, provides a unique opportunity to unlock permanent value for our shareholders, while maintaining Northam’s BBBEE ownership”.
Northam said it had taken the initiative to enter into proactive discussions with Zambezi Platinum with a view to secure a successful and sustainable outcome.
Should the discussions result in a successful transaction, it may have a material effect on the price of Northam’s securities and shareholders have therefore been advised to exercise caution when dealing in Northam’s securities.
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