Platinum group metals miner Impala Platinum (Implats) announced late on Thursday that it had increased its shareholding in Royal Bafokeng Platinum (RBPlat) to 35.31%.
Implats had acquired a further 8.82-million RBPlat shares, representing about 3.05% of RBPlat's shares in issue. The Takeover Regulation Panel (TRP) has, subsequently, ruled that Implats' general offer to RBPlat shareholders, first announced on November 29, will become a mandatory offer.
RBPlat, meanwhile, had reported earlier in the day that its board had received an unsolicited approach from Northam Platinum, dated December 8, regarding its interest to acquire all, or a portion of, the voting securities of RBPlat.
The Northam unsolicited approach does not contain any details about the timing or the commercial and financial terms of a possible offer.
As such, RBPlat’s independent board will deliberate on the Northam unsolicited approach and the requests contained therein, which include a request for Northam to perform due diligence on RBPlat on the same basis as the due diligence performed by Impala Platinum.
Going beyond RBPlat’s deliberation, the miner will make an appropriate determination, consistent with its duties under applicable laws, to act in the best interests of all the shareholders of RBPlat.
Northam and RBPlat have previously been in discussions regarding a possible offer, which ceased following RBPlat’s rejection of a nonbinding offer letter, dated October 11, and specifically the proposed offer terms set out therein.
Subsequently, Northam announced the acquisition of RBPlat shares directly from Royal Bafokeng Holdings on November 9; while the Northam unsolicited approach also follows submissions that RBPlat’s independent board separately made to the TRP regarding the possible trigger of a mandatory offer in terms of Section 123 of the Companies Act, 2008 (as amended) by Northam arising from its various announced dealings in RBPlat voting securities.
RBPlat notes that engagement with the TRP with regard to this process is still ongoing.
Further, Northam has now informed RBPlats’ board of directors of its withdrawal of its requisition notice for the RBPlat board to convene a general meeting of shareholders to consider the appointment to the RBPlat board of its nominees. These nominees are CEO Paul Dunne and CFO Aletta Coetzee.