NORTHAM PLATINUM LIMITED - Disposal of the majority of Northam Holdings interest in Implats

Disposal of the majority of Northam Holdings’ interest in Implats

NORTHAM PLATINUM HOLDINGS LIMITED                           NORTHAM PLATINUM LIMITED
Incorporated in the Republic of South Africa                Incorporated in the Republic of South Africa
Registration number 2020/905346/06                          Registration number 1977/003282/06
Share code: NPH                                             Debt issuer code: NHMI
ISIN: ZAE000298253                                          Bond code: NHM015       Bond ISIN: ZAG000164922
(“Northam Holdings” or,                                     Bond code: NHM016       Bond ISIN: ZAG000167750
together with its subsidiaries, “Northam”)                  Bond code: NHM019       Bond ISIN: ZAG000168105
                                                            Bond code: NHM020       Bond ISIN: ZAG000172594
                                                            Bond code: NHM021       Bond ISIN: ZAG000181496
                                                            Bond code: NHM022       Bond ISIN: ZAG000190133
                                                            Bond code: NHM023       Bond ISIN: ZAG000190968
                                                            Bond code: NHM024       Bond ISIN: ZAG000195926
                                                            Bond code: NHM025       Bond ISIN: ZAG000195934
                                                            Bond code: NHM026       Bond ISIN: ZAG000195942
                                                            (“Northam Platinum”)

DISPOSAL OF THE MAJORITY OF NORTHAM HOLDINGS’ INTEREST IN IMPLATS

Unless otherwise defined herein, capitalised words and terms contained in this announcement shall bear the same
meanings ascribed thereto in the announcement published by Northam Holdings on SENS on Thursday, 20 July 2023
(“Announcement”).

Northam Shareholders are referred to, inter alia, the Announcement, wherein it was advised that Northam Holdings had
accepted the Implats Mandatory Offer in respect of all of the 100 219 552 RBPlat Shares (“Disposal Shares”) held by
Northam Holdings (“Acceptance”). Pursuant to the Acceptance, Northam Holdings disposed of the Disposal Shares to
Implats and received c. R9.0 billion in cash (“Cash Consideration”) and 30 065 866 Implats Shares (“Share Consideration”).

Northam Shareholders are advised that, as at the date of this announcement, Northam Holdings has concluded
on-market disposals in respect of 27 541 147 Implats Shares, representing c. 91.6% of the Share Consideration
(“Implats Share Disposal”).

The total cash consideration received in respect of the Implats Share Disposal amounts to c. R2.9 billion, representing
a volume weighted average price (“VWAP”) of R104.36 per Implats Share (“Share Disposal VWAP”).

The Share Disposal VWAP equates to the following premiums per Implats Share as at close of trade on 24 August 2023:
 • 7.8% to the closing price;
 • 9.6% to the 5-day VWAP; and
 • 6.0% to the 10-day VWAP.

The Implats Share Disposal further strengthens Northam’s balance sheet and liquidity position and provides Northam
with increased flexibility and optionality going forward. Retaining the Share Consideration is not aligned with Northam’s
growth strategy and Northam Holdings intends to dispose of the remaining Share Consideration, being
2 524 719 Implats Shares, for cash.

The Implats Share Disposal amounts to a category 2 transaction for Northam Holdings in terms of paragraph 9.5(a) of
the JSE Limited Listings Requirements. Shareholders are referred to the Announcement for the relevant information
pertaining to Implats.

The Cash Consideration and the consideration received pursuant to the Implats Share Disposal form part of Northam’s
strategy of returning value to shareholders and reducing third-party debt. Shareholders are referred to the results
announcement published by Northam today, 25 August 2023, for details of a dividend payment and the commencement
of a share buyback programme. A portion of the aforementioned cash consideration will also be applied for general
corporate purposes.


Johannesburg
25 August 2023

Corporate Advisor and Sponsor to Northam Holdings
One Capital
                        
Corporate Advisor and Debt Sponsor to Northam Platinum
One Capital

Date: 25-08-2023 07:07:00
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