Africa-Press – South-Africa. Impala Platinum (Implats) has finally completed its long-won acquisition of Royal Bafokeng Platinum (RBPlat), having closed its offer to shareholders and garnering more than 98% of the company’s share capital.
Implats said on Monday that the open offer to all RBPlat shareholders closed on Friday and was accepted by shareholders holding more than 121.4 million RBPlat shares. This has resulted in Implats holding an aggregate of 98.35% of RBPlat’s issued ordinary share capital.
In line with the provisions of the Companies Act, Implats will now seek to compulsorily acquire all of the RBPlat shares not already held by it in which event RBPlat will become a wholly-owned subsidiary of Implats. An application will then be made for the termination of the listing of RBPlat shares on the JSE.
Amongst those shareholders who sold into the Implats offer is Northam Platinum, which had in 2021 shocked the markets when it acquired close to 35% in RBPlat with an aim to eventually gain control of the company.
Northam even announced its own proposed all-share offer in November 2022, but never issued a circular, ultimately pulling its offer in April, citing a fall in metal prices.
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