- Implats acquires controlling shareholding in Royal Bafokeng Platinum, becoming the majority shareholder.
- Implats extends offer dates to RBPlat shareholders, solidifying commitment to broad-based empowerment in the PGM sector.
- Proposed Empowerment Transaction includes the creation of community share ownership trusts, employee share ownership trusts, and strategic empowerment partnerships.
Impala Platinum Holdings Limited (Implats) has announced its successful acquisition of a controlling shareholding in Royal Bafokeng Platinum Limited (RBPlat), positioning itself as the majority shareholder. Additionally, Implats has extended the longstop date and closing date for the offer to RBPlat shareholders. The move solidifies Implats’ commitment to broad-based empowerment in the Platinum Group Metals (PGM) sector.
Implats has entered into an agreement with the Public Investment Corporation (SOC) Limited to acquire 26,895,876 RBPlat shares, representing approximately 9.26% of the issued share capital, and an additional 890,285 RBPlat shares, amounting to approximately 0.31% of the shares in issue. As a result, Implats will hold an aggregate of approximately 55.46% of RBPlat shares, making RBPlat a subsidiary of Implats. The acquisitions have been disclosed to the Takeover Regulation Panel (TRP) as required.
Having obtained approval under the Competition Act, 1998, Implats will now activate the public interest and related conditions of the merger approval. The company also intends to introduce empowerment transactions across its subsidiary, Impala Platinum Limited, and RBPlat to enhance broad-based ownership in the PGM sector.
The Proposed Empowerment Transaction will involve the creation of a community share ownership trust (CSOT) holding a 4% equity interest in both Impala and RBPlat for the benefit of the host-communities. It will also establish the RBPlat Employee Share Ownership Trust (RBPlat ESOT) with a 4% equity interest at RBPlat’s operations, replacing the existing RBPlat Employee Share Ownership Plan. Furthermore, a strategic empowerment partner, the Siyanda Consortium, will acquire a 5% equity interest in both Impala and RBPlat through a special purpose investment vehicle (Siyanda SPIV).
To support entrepreneurs, approximately 3% shareholding in Impala and RBPlat will be set aside for Rustenburg community members, with a particular focus on women and youth entrepreneurs.
The Proposed Empowerment Transaction is subject to finalizing definitive agreements, securing funding by the Siyanda Consortium, and obtaining necessary approvals. Implats will provide further information to shareholders in due course.
In conjunction with these developments, Implats has extended the longstop date and closing date for the offer to RBPlat shareholders until Wednesday, 28 June 2023. The company reserves the right to further extend these dates if needed.
Implats reminds RBPlat shareholders that failure to fulfill the remaining conditions precedent by the longstop date may result in the offer lapsing.
Implats will continue to monitor and may amend other terms of the offer as outlined in the Offer Circular. Any such amendments will be duly communicated to RBPlat shareholders.