M&A

Sibanye-Stillwater Lonmin acquisition becomes effective

Sibanye-Stillwater’s acquisition of Lonmin has been completed after shareholders voted in favour of the deal.

Sibanye-Stillwater's acquisition of Lonmin has become effective

Sibanye-Stillwater's acquisition of Lonmin has become effective

Lonmin shareholders are getting one new Sibanye-Stillwater share for every Lonmin share held.

As a result, Lonmin's shares have been suspended from the Johannesburg Stock Exchange and the main board of the London Stock Exchange, with applications made with the LSE and the Financial Conduct Authority to cancel Lonmin's listing

Applications have also been made with the JSE to admit the 290.4 million new Sibanye-Stillwater shares.

After the new shares are issued, Sibanye-Stillwater will have 2.7 billion shares trading.

Lonmin announced the resignation of a number of non-executive directors, including Kennedy Bungane and Sizwe Nkosi, chairman Brian Beamish, senior independent director Jonathan Leslie, and independent directors Gillian Fairfield and Varda Shine.

Sibanye-Stillwater CFO Charl Keyter and executive vice president - head of business development Richard Stewart have been appointed as executive directors of Lonmin.

Sibanye-Stillwater's shares (JSER:SGL) were down 3.98% Monday to R14.24 (US96c).

 

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