JSE-listed Impala Platinum (Implats) has advised that the outstanding Competition Tribunal approval of its offer to buy out all remaining ordinary shares of fellow platinum group metals miner Royal Bafokeng Platinum (RBPlat) will not be finalised by November 3.
Although it does still believe that the current date set for fulfilment or waiver of the conditions precedent – the long-stop date – of November 22 is still achievable, it notes that it reserves the right to further extend the long-stop date.
Only once Implats has more certainty on the commission’s approval process can it make further announcements on the dates and times for the offer.
The Competition Commission in May recommended that the Tribunal approve the merger.
Implats has been steadily increasing its shareholding in RBPlat since it first mentioned its intention to take over the company in November 2021 at a value of R150 a share – R90 in cash and R60 in shares.
Implats’ current stake in RBPlat is 40.66%, while fellow platinum miner Northam Platinum holds a 35% stake.