Royal Bafokeng Holdings (Pty) Limited (RBH), the investment vehicle of the Royal Bafokeng Nation (RBN), said today that it was pleased that its black economic empowerment (BEE) transaction with Impala Platinum Holdings (Implats), announced in September 2006, had been come unconditional. RBH is now a 13.4% shareholder in Implats.
Implats yesterday issued 75 115 200 shares, equivalent to a 12.1% shareholding, to RBH in settlement for all royalties due to the RBN from 1 July 2007 onwards. Together with RBH’s existing 1.3% stake, this issue has resulted in RBH becoming the largest single shareholder in Implats, with an investment currently worth R16.1 billion.
RBH’s stake in Implats is the largest unencumbered shareholding in black hands in any South African company.
Implats shareholders will be asked to approve an amendment to the transaction that will align the legal, accounting and tax treatments of the transaction. The RBH shareholding will not be affected by this amendment.
RBH CEO Niall Carroll said: “RBH is very pleased to have graduated from the role of ‘landlord’ to that of active shareholder in Implats. We look forward to the replacement of passive royalty payments with Implats dividend flow, to which we will have the opportunity to add value as an active shareholder. This dividend flow will be the major source of funding for the RBN’s ambitious socio-economic development plans for the communities of the Rustenburg valley.”
Carroll said RBH was grateful to the various role-players – Implats, the Department of Minerals and Energy, the Department of Land Affairs and the National Treasury, amongst others – for their co-operation in bringing the landmark BEE transaction to fruition.
James Duncan
Russell & Associates
27 11 880 3924
27 82 892 8052 - mobile
