Implats tops up RBPlat stake as it seeks full control
Implats pays about R159m for further 0.35% of RBPlats, taking its stake in the smaller rival to to 37.62%
Impala Platinum (Implats), which is seeking to a controlling stake in Royal Bafokeng Platinum (RBPlat), has increased its holding to 37.62% after acquiring a further 1-million shares of the smaller platinum group metals producer.
The effective date of the acquisition is April 1, Implats said on Thursday, with its additional 0.35% stake worth about R159m.
Implats is hoping to secure at least 51% of RBPlat, after its bid to gain complete control of the mid-tier miner was thrown off balance by rival Northam Platinum, which has since acquired about a 35% stake in RBPlat.
Implats has been pursuing RBPlat for more than a decade to secure for its low-cost, mechanised shafts and to extend the life of its own deep-level operations in the Rustenburg area.
In late 2021, Implats announced a general offer of R90 cash per RBPlat share plus 0.3 of an Implats share, worth R157 a share.
The offer closes on June 17, and has received the backing of the RBPlat board, while the fairness opinion was provided by PSG Capital.
RBPlat shares were flat at R158.40 in morning trade on the JSE, having risen almost 31% since the offer was announced. Implats has gained about a quarter over the same period.