Implats extends longstop date for RBPlat buyout offer to April 28

JSE-listed Impala Platinum (Implats) has again extended the longstop date for its offer to buy out all the shares it does not own in fellow-listed Royal Bafokeng Platinum (RBPlat) to April 28.

This is to allow the Takeover Special Committee (TSC) time to issue a compliance certificate in respect of the offer, following hearings on March 19 and 21.

Implats explains that the remaining conditions precedent outstanding to declare the offer unconditional are the issue of a compliance certificate and approval by the JSE for the listing of the offer consideration shares.

Once the TSC makes a ruling, Implats will consider the implications thereof, it says.

Implats continues to reserve the right to further extend the longstop and closing date of the offer, amend the terms thereof, or have the offer lapse, it states.

The longstop date has been extended numerous times since Implats first announced its intention to acquire full control of RBPlat in November 2021.

Rival platinum group metals miner Northern Platinum will publish an updated circular relating to its buyout offer of RBPlat shares on April 28.

This followed uncertainties and delays owing to complaints raised by Implats with the Takeover Regulation Panel in relation to Northam’s offer, which Implats has since withdrawn.

Implats’ offer to buy out all RBPlat shares it does not own stood at R150 apiece as of November 2022, while Northam’s last published offer totalled R172 apiece in November 2022.

Meanwhile, Implats has acquired a further 2.3-million shares in RBPlat, boosting its shareholding in the company by 0.82% to 41.54%.

Northam currently owns 34.5% of RBPlat.

Newswire Reuters on March 24 quoted Northam CEO Paul Dunne as saying that, while the company would prefer to have control of RBPlat, it would be open to establishing a joint venture (JV) with Implats.

News24Wire, however, reported on March 28 that Implats CEO Nico Muller had told delegates attending a Platinum Group Metals industry day that it would not consider a JV. He stated that full control of RBPlat’s assets was critical.