Published: Thursday, 30 September 2010 13:54
A call for leadership in the South African platinum mining industry transcending vested interests, was made today by RBH CEO Niall Carroll.
Royal Bafokeng Platinum (RBPlat), a subsidiary of Royal Bafokeng Holdings (RBH), recently announced its intention to list the company on the JSE Limited later this year.
Royal Bafokeng Platinum (RBPlat), a subsidiary of Royal Bafokeng Holdings (RBH), recently announced its intention to list the company on the JSE Limited later this year. RBH has been committed to listing RBPlat in 2010 in order to unlock value and raise capital for the development of the Styldrift mine next to BRPM. RBPlat owns 67% of Bafokeng Rasimone Platinum Mine (BRPM), while the remaining 33% is owned by Anglo Platinum.
RBH and Anglo Platinum have now received an unexpected and unsolicited offer to acquire 100% of BRPM which, if accepted and implemented, could have positive commercial and strategic benefits for RBH and its stakeholders. The details of the offer, including the identity of the offeror and the price, cannot be disclosed at this time. While the outcome of the offer remains uncertain due to the need for a comprehensive evaluation of the offer and associated fulfilment of certain suspensive conditions, the offer terms are sufficiently credible for RBPlat to put the intended listing process on hold in order to allow RBH and Anglo Platinum time to evaluate the offer terms. RBH has engaged Rothschild and Bell Dewar as financial and legal advisors respectively to assist in the evaluation and negotiation processes.
RBH and its advisors will evaluate and analyse the relative merits of the offer against those of the proposed listing. RBH will also consult with its fellow shareholder, Anglo Platinum. RBH’s decision will be guided and informed by the best interests of the Royal Bafokeng Nation, principal shareholders and beneficiaries of the RBH portfolio. In the event that the offer is not accepted, the listing of RBPlat will be concluded by year end.
A further announcement will be made in due course.
Janet Whitaker - (011) 880 3924