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Implementation of a hedging collar transaction over 24% of ARM’s equity in Harmony
African Rainbow Minerals Limited
(Incorporated in the Republic of South Africa)
(Registration number 1933/004580/06)
JSE Share code: ARI
ISIN: ZAE000054045
("ARM" or "the Company")
Implementation of a hedging collar transaction over 24% of ARM's equity in Harmony
Shareholders are advised that ARM has entered into a hedging collar transaction over 18 million
ordinary shares of ARM's equity in Harmony Gold Mining Company Limited ("Harmony"), representing
24% of ARM's equity in Harmony ("the Collar") and 2.84% of the issued share capital in Harmony. The
Collar and related arrangements provides ARM with access to funding in the future on efficient terms,
if and when required, for its strategic objectives, while allowing ARM to retain further upside exposure
to the Harmony share price, up to the call option strike price. ARM retains full exposure to the residual
Harmony shares held by it that are not subject to the Collar.
The key terms of the Collar are as follows:
Transaction 1:
Nature of transaction: Purchase of European put option with a strike price of R234.85 per share
Exercise date: The average of the exercise dates is 10 June 2030
Number of options: 18 000 000
Total notional value of the put option: R4 227 291 000
Transaction 2:
Nature of transaction: Sale of European call option with a strike price of R562.40 per share
Exercise date: The average of the exercise dates is 10 June 2030
Number of options: 18,000,000
Total notional value of the call option: R10 123 200 000
The terms and conditions of the Collar are customary for a transaction of this nature.
ARM remains fully committed to Harmony as a strategic investment and remains confident in
Harmony and its management's ability to drive growth and value for its shareholders.
For more information please contact:
Ms Thabang Thlaku
Executive: Investor Relations and New Business Development
Tel: +27 11 779 1300
Email: thabang.thlaku@arm.co.za
Sandton
11 June 2025
Sponsor: Investec Bank Limited
Date: 11-06-2025 05:29:00
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