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Implats and Northam increase stakes in RBPlat

Both Impala Platinum and Northam Platinum have increased their stakes in takeover target, fellow South Africa-based PGM miner Royal Bafokeng Platinum.
Implats and Northam increase stakes in RBPlat Implats and Northam increase stakes in RBPlat Implats and Northam increase stakes in RBPlat Implats and Northam increase stakes in RBPlat Implats and Northam increase stakes in RBPlat

Royal Bafokeng Platinum operations in South Africa’s North West

Staff reporter

Implats said yesterday it had acquired a further 0.33% of RBPlat shares, taking its holdings to about 32.26%, which almost rivalled Northam Platinum's initial stake.

Northam Platinum had acquired a 32.8% stake in RBPlat last month, in a deal worth about US$1.1 billion, from major shareholder Royal Bafokeng Holdings which had withdrawn its support for a mooted Implats deal.

Northam this week acquired further shares of RBPlat, at a volume weighted average of R162.70, upping its stake to 34.95%.

It also said it had reached agreements, via put and call options and a right of first refusal to acquire shares, to further boost this to 38.27%.

Implats reiterated it might acquire more shares, having announced a firm intention to make an offer for RBPlat in November at R150 per share. 

Meanwhile RBPlat yesterday said it would convene a virtual general meeting of shareholders on January 13 to consider the appointment of two Northam executive directors, Paul Anthony Dunne and Aletta Helena Coetzee, as non-executive directors.

RBPlat describes itself as the only community-owned company listed on the JSE and expects to produce 475,000-485,000 ounces 4E this year.

Implats shares lost 4% yesterday to R215.19, RBPlat eased 0.7% to R154 and Northam Platinum fell 4.88% to R213.55.