Implats again extends longstop date for RBPlat buyout

JSE-listed Impala Platinum (Implats) has extended the date set for fulfilment or waiver of the conditions precedent to its buyout offer to Royal Bafokeng Platinum (RBPlat) shareholders to March 31.

As previously announced, the only remaining conditions precedent outstanding to declare the offer unconditional are the issuance of a compliance certificate by the Takeover Regulation Panel (TRP) and JSE approval for the listing of the offer consideration shares. 

The date set for fulfilment of these last two conditions precedent, prior to this announcement, was January 31. However, owing to there being regulatory delays in relation to the issuance of the compliance certificate, this date may not be achieved, resulting in the latest extension.

Implats says it continues to both engage with the TRP in a constructive manner to resolve the delay in issuing the compliance certificate and reserve its rights in the event the issue is not timeously resolved.

As the compliance certificate remains outstanding, Implats previously requested that the JSE approval for listing the offer consideration shares be withdrawn, as the offer consideration shares cannot be listed without the compliance certificate.

Implats says it will re-apply for JSE approval, having due regard to the progress made relating to the issuance of the compliance certificate.

Once Implats is in receipt of the compliance certificate, the company will publish an announcement containing revised “important dates and times” relating to the offer.

Implats advises that the closing date of the offer will be extended to February 24, and continues to reserve the right to further extend this date at its sole discretion.