RBPlat board keeps temporary hold on top two as acquisition overtures pan out

26th April 2022 By: Martin Creamer - Creamer Media Editor

JOHANNESBURG (miningweekly.com) – The CEO and COO of platinum group metals company Royal Bafokeng (RBPlat) have agreed to work beyond their scheduled retirement dates as the acquisition overtures being made for the company by Impala Platinum and Northam Platinum pan out.

Regarding the retirement of RBPlat CEO Steve Phiri, the JSE-listed company said in a Stock Exchange News Service announcement on Tuesday that the board has reached agreement on the retention of Phiri’s services as CEO and executive director of the company post his retirement. This retention is taking the form of Phiri agreeing to a fixed-term 12-month contract, or continuing to serve the company until certainty is attained regarding “the final outcome of the current corporate action”.

Meanwhile, the board will begin a formal process of identifying a successor during the fixed-term 12-month contract period and depending on the final outcome of the current corporate action.

Similarly, COO and prescribed officer Neil Carr, who also retired with effect from 7 April 2022, has agreed to remain with RBPlat in his current capacity in the interest of continuity and to ensure that the operational strategies and structures remain relevant while transitioning the business to its new form based on the outcome of the corporate action.