Royal Bafokeng’s shares fell yesterday by 3% following the announcement by Impala Platinum’s (Implats) that it now held more than 90% of its shares in issue.
The shares traded at R130, and have dropped by 19.64% in the past six months.
In a Stock Exchange News Statement, Implats advised its shareholders that the offer closed on Friday, July 21, 2023, and was accepted by shareholders holding 121 million RBPlat shares, amounting to approximately 96.21%, and resulting in Implats now holding an aggregate of approximately 98.35% of RBPlat’s issued ordinary share capital.
Implats won the takeover bid after acquiring more shares in RBPlat, and its rival Northam sold its 34.5% shareholding in RBPlat on July 20. Northam had pulled out of its proposed buyout of RBPlat in April, citing a collapse in platinum group metals (PGMs) prices.
Implats said it would now invoke the provisions of Section 124 of the Companies Act to compulsorily acquire all of the RBPlat shares not already held by it, following which RBPlat would become a wholly-owned subsidiary of Implats and delist from the JSE.
Following this, Implats said it would delist RBPlats.
"Implats will publish an announcement about the aforegoing in due course. Once such notice is given, the RBPlat Shares will be suspended from trading on the JSE and the notice will contain further details in that regard," it said.
BUSINESS REPORT