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ROYAL BAFOKENG PLATINUM LIMITED - Update in respect of the closing of the Maseve Plant Transaction

Release Date: 06/04/2018 10:00
Code(s): RBP     PDF:  
Wrap Text
Update in respect of the closing of the Maseve Plant Transaction

ROYAL BAFOKENG PLATINUM LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 2008/015696/06)
JSE share code: RBP ISIN: ZAE000149936
(“RBPlat” or the “Company”)

UPDATE IN RESPECT OF THE CLOSING OF THE 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 and the subsequent announcements,
the last of which was dated 14 February 2018, in terms of which RBPlat advised shareholders that it
had concluded agreements with Platinum Group Metals (RSA) Proprietary Limited, pursuant to which
RBPlat will, subject to the fulfilment or, where possible, waiver, of certain conditions precedent,
acquire –

  (i)   the concentrator plant and certain surface assets of Maseve Investments 11 Proprietary
        Limited (the “Plant Assets”) (“Maseve”) for an aggregate consideration equal to the ZAR
        equivalent of USD58 million (the “Plant Consideration”) (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 (the “Board”) is pleased to advise shareholders that all surface rights
relating to the Plant Transaction have now been transferred into the name of Royal Bafokeng
Resources (Pty) Ltd (“RBR”), a wholly-owned subsidiary of the Company, at the deeds office and
accordingly, RBR has settled the Plant Consideration and taken ownership of the Plant Assets.

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. Furthermore, the Company affirms its intention to raise equity capital pursuant to
the specific authority granted by shareholders to the Company on 30 November 2017 to issue up to
37 million authorised but unissued RBPlat shares for cash.

However, having assessed the Company’s near-term capital requirements with regards to the Plant
Consideration, related upgrades as well as the Styldrift ramp-up, and given current market conditions,
the Board does not believe that it is in the best interests of the Company to raise equity capital at this
time. The Company currently has sufficient liquidity, cash and available debt facilities to settle its
obligations, and will reassess its capital needs from time to time as required.

Johannesburg
6 April 2018

Corporate advisor and transaction sponsor
Questco (Pty) Ltd
                                                                                                        1
Legal advisor
Bowmans

JSE sponsor
Merrill Lynch South Africa (Pty) Ltd


For further information, please contact:

Lindiwe Montshiwagae
Executive: Investor Relations
Tel: +27 (0)10 590 4517
Email: lindiwe@bafokengplatinum.co.za




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