RBPlat - closing of Maseve Plant transaction
Shareholders are referred to various announcements released by the Company on the Securities Exchange News Service, including the full terms announcement dated 6 September 2017, together with the circular posted to shareholders on 2 November 2017, in terms of which RBPlat advised shareholders that it had concluded agreements with Platinum Group Metals (RSA) (Pty) Ltd., pursuant to which RBPlat will, subject to the fulfilment or, where possible, waiver, of certain conditions precedent, acquire ű
(i) the concentrator plant and certain surface assets of Maseve Investments 11 (Pty) Ltd. (the ˘Plant Assets÷) (˘Maseve÷) for an aggregate consideration equal to the ZAR equivalent of USD58 million (the ˘Plant Transaction÷); and
(ii) 100% of the shares in and shareholder claims owing by Maseve for an aggregate consideration equal to the ZAR equivalent of USD12 million (the ˘Share Transaction÷).
The board of directors of RBPlat advised shareholders that all remaining conditions precedent to the Plant Transaction have now been fulfilled and/or waived to the satisfaction of RBPlat. The Plant Assets will transfer to Royal Bafokeng Resources (Pty) Ltd. (˘RBR÷), a wholly owned subsidiary of RBPlat, on the date on which certain formalities are completed, including, in the case of the applicable surface rights, the registration of such transfer in the name of RBR at the deeds office.
The Share Transaction remains subject to, inter alia, the Department of Mineral Resources granting its approval to the transaction, under section 11 of the Mineral and Petroleum Resources Development Act.