Northam Platinum has submitted a complaint to the Takeover Regulation Panel (TRP) in terms of Section 168(1)(a) of the Companies Act in response to RBPlat’s independent expert finding that Impala Platinum's (Implats’) offer to acquire all outstanding shares in RBPlat that it does not already own, is fair and reasonable.

In its complaint, Northam took issue with several administrative issues in RBPlat’s independent expert report and its subsequent circular about that report in February.

However, RBPlat disputed the various complaints raised by Northam, with some being dismissed by the TRP.

Nonetheless, the TRP has requested that RBPlat provide certain additional disclosures in relation to the information contained in the independent expert’s fair and reasonable report, which was attached to a circular issued in February.

However, RBPlat reports that the independent expert report complied with the requirements of the Companies Act and Companies Regulations.

Nevertheless, RBPlat reports that, for the avoidance of any doubt and, as required by the TRP, it will make additional disclosures related to the independent expert report, including the displaying of the date of the independent expert report of February 8, in Annexure 1 of the circular.

RBPlat also confirms, as required by Regulation 90(5) of the Companies Regulations but being disputed by Northam, that a South African Code For The Reporting Of Mineral Asset Valuation code-compliant valuation approach and methodology were applied in the independent expert report.

In terms of Companies Regulation 90(6)(f), which relates to the fair and reasonable opinion included in the circular to include a range of final valuation values attributable to the relevant securities or assets, RBPlat notes that the most likely value used as the core number for purposes of the expression of the opinion contained in the independent export report was 0.28 of an Implats share for every one RBPlat share.