The selling of Eastern Platinum (Eastplats) shares has surged in the past two weeks after a rapid series of events that raise doubts about the future of the company.The shares were at C$0.94 in Toronto on Friday, against C$1.14 in early June. On the JSE, where trade is light, they were little changed at R13.On July 4 the company said it had agreed to sell its Crocodile River Mine near Brits, which is on care and maintenance, to Hebei Zhongheng Tianda Platinum (HZT) for US$50m. The sale was conditional on buying out certain minority shareholders at a cost of US$13.4m.Two days later, at the AGM, the entire board was voted out and replaced by six new directors put forward by dissident shareholder Ka An Development, which holds 13.79% of Eastplats. The new directors said they would be looking at what changes were needed and at strategic options.On Friday the company said it had discovered the sale to HZT had already been completed and minorities were paid out. It was investigating this ...
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