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Sibanye-Stillwater shares crashed to pre-listing lows on Thursday after reporting its most difficult annual results, plunging into a deep loss, with high debt and reduced cash flow forcing the company to withhold its final dividend for the first time since its debut in 2013. Sibanye’s shares fell a hefty 15.5% on Thursday to R11.42, well below the R13.05 it started trading at when it listed on February 11 2013. The company will give investors four shares for every 100 they hold in lieu of a final cash dividend. During a results presentation, some analysts flagged their concerns about the high levels of debt, with net debt of R23.2bn compared with a market capitalisation of R24.8bn, prompting questions about Sibanye’s ability to repay it within the two to four year target period. Sibanye, which had boasted of setting itself apart from its peers by paying industry leading dividends, reported an attributable loss of R4.4bn for the year to end-December compared with attributable earning...

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