Implats seeks to cut costs by reducing shareholder base
Platinum miner aims to buy shares from those who accept 10% premium as on October 26
Impala Platinum (Implats) wants to reduce administrative costs by buying out smaller shareholders, whose number far exceed the relative value of their combined holdings.
Shareholders with less than 100 shares hold on to only 0.03% of the group’s issued shares, but the 10,123 shareholders represent 48.7% of the total number of ordinary shareholders.
Implats intends to purchase shares from those who accept at a 10% premium to the 30-calendar day volume weighted average price of an Implats share, as of close of trade on October 26.
On Monday morning, the 232,581 shares held by these smaller shareholders were worth about R40m, while Implats had a market capitalisation of R138.7bn.
Would you like to comment on this article or view other readers' comments?
Register (it’s quick and free) or sign in now.
Please read our Comment Policy before commenting.