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in RBPlat last month, in a deal worth about US$1.1 billion, from major shareholder Royal Bafokeng Holdings which had withdrawn its support for a mooted Implats deal.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