TRANSACTION AGREEMENT
Eastplats mine to fight Alpha Global claim over deal
The producer faces other legal claims after a complete change of management and strategy in 2016
Eastplats, the owner of the mothballed Crocodile River platinum mine near Brits, intended opposing a R30m claim by Alpha Global Capital relating to a 2007 transaction, Eastplats said on Monday. Eastplats, which is listed on the JSE and Toronto Stock Exchange, is facing other legal claims after a complete change of management and strategy in 2016. In 2015, a Chinese entity, Hebei Zhongbo Platinum, made a $225m buyout offer for all Eastplats’ assets including various projects and its stake in Crocodile River held through an 87.5% holding in Barplats Investments. The deal fell through because of lengthy delays in securing approvals. Another company, Hebei Zhongheng Tianda Platinum, made a $50m offer for Barplats last June, which was accepted by previous management but rejected by Barplats shareholders at a meeting in February. In July, an unknown group called Ka An Development bought 13.79% of Eastplats and the entire board and management team was changed. Ka An has since raised its st...
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