Holders of Impala Platinum’s (Implats) R3.25bn bond opted to hold on to the instrument, rejecting an early redemption of half the issuance on the expectation of higher metals prices and a continued strong share performance.

With a tiny uptake of its offer to buy back R1.625bn of the bond, which carried no premium as an incentive to take up the offer, Implats now has to wait until June 2021, when it has the option to redeem the R3.2bn instrument...

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