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SIBANYE GOLD LIMITED - Acquisition of Lonmin receives necessary shareholder approvals

Release Date: 28/05/2019 16:45
Code(s): SGL     PDF:  
 
Wrap Text
Acquisition of Lonmin receives necessary shareholder approvals

Sibanye Gold Limited
Trading as Sibanye-Stillwater
Incorporated in the Republic of South Africa
Registration number 2002/031431/06
Share code: SGL
ISIN – ZAE000173951
Issuer code: SGL
(“Sibanye-Stillwater” or “the Group” or “the Company”)


Acquisition of Lonmin receives necessary shareholder approvals

Johannesburg. 28 May 2019. Sibanye-Stillwater (Tickers JSE: SGL and NYSE: SBGL) is
pleased to note the announcement by Lonmin Plc (“Lonmin”) that it received the
requisite approvals from Lonmin Shareholders at its shareholder meetings held earlier
today in connection with the all-share offer by Sibanye-Stillwater to acquire the
entire issued share capital of Lonmin, to be effected by a scheme of arrangement
under Part 26 of the UK Companies Act 2006 (“Lonmin transaction”). This follows
today’s announcement by Sibanye-Stillwater that Sibanye-Stillwater Shareholders had
approved the Ordinary Resolution regarding the Lonmin transaction at Sibanye-
Stillwater’s General Meeting held earlier today.

Neal Froneman, CEO of Sibanye-Stillwater, commented: “We are pleased to have received
the overwhelming support of both sets of shareholders for the Lonmin transaction.
The rationale for this transaction remains compelling and we are convinced the
integration of Lonmin’s PGM assets with Sibanye-Stillwater’s adjacent PGM
operations, will ensure a more sustainable and positive future for all these assets.
The transaction, once successfully completed, will establish the Sibanye-Stillwater
Group as the largest primary producer of platinum and second largest primary
palladium producer with a unique geographical and platinum group metal mix. I would
also like to acknowledge and thank the regulatory authorities both in the United
Kingdom and South Africa, for the balanced and considered manner with which they
approached this transaction and its long-term significance for all stakeholders,
which we also take very seriously."

Completion of the Lonmin transaction remains subject to the satisfaction or (where
applicable) waiver of the outstanding Conditions set out in the Lonmin Scheme
Document. Such Conditions include, amongst others, the approval of the Scheme by the
Court. Subject to the satisfaction or waiver (as applicable) of such Conditions, the
Scheme is expected to become effective after 6.00 p.m. (London time) on 7 June 2019
and the new Sibanye-Stillwater Shares to be issued to Lonmin Shareholders, as the
consideration for the Lonmin transaction, are expected to be admitted to trading on
the Main Board of the Johannesburg Stock Exchange at 9.00 a.m. (South African
standard time) on 10 June 2019. Further information regarding the timetable for the
Lonmin transaction is set out in the scheme document published by Lonmin on 25 April
2019.

All capitalised terms contained in this announcement have the same meaning ascribed
to them in the circular posted to Sibanye-Stillwater shareholders on 25 April 2019,
unless otherwise defined.
For more information on the proposed acquisition of Lonmin by Sibanye-Stillwater,
please refer to https://www.sibanyestillwater.com/investors/transactions/lonmin.

Ends.


Investor relations contact:

James Wellsted
Head of Investor Relations
+27 (0) 83 453 4014
Email: ir@sibanyestillwater.com

Sponsor: J.P. Morgan Equities South Africa Proprietary Limited


Additional Information
This announcement is for information purposes only. It is not intended to and does not
constitute, or form part of, an offer, invitation or the solicitation of an offer to purchase,
otherwise acquire, subscribe for, sell or otherwise dispose of any securities (“Securities”),
or the solicitation of any vote or approval in any jurisdiction, pursuant to the Increased
Offer or otherwise nor will there be any sale, issuance or transfer of securities in any
jurisdiction in contravention of applicable law. There can be no assurance that the Increased
Offer will proceed in a timely manner or at all. This announcement does not constitute a
prospectus or prospectus equivalent document.


The Securities referred to in this announcement have not been and will not be registered
under the US Securities Act of 1933 (the “US Securities Act”) or under the securities laws
of any state or other jurisdiction of the United States. Accordingly, the Securities may not
be offered, sold, resold, delivered, distributed or otherwise transferred, directly or
indirectly, in or into the United States absent registration under the US Securities Act or
an exemption therefrom. The Securities are expected to be issued in reliance upon the
exemption from the registration requirements of the US Securities Act provided by Section
3(a)(10) thereof.


The release, publication or distribution of this announcement in certain jurisdictions may
be restricted by law. Persons who are not resident in South Africa or the United Kingdom or
who are subject to the laws of other jurisdictions should inform themselves of, and observe,
any   applicable   requirements.   Any   failure   to   comply   with   applicable   requirements   may
constitute a violation of the securities law of any such jurisdiction.


No statement in this announcement is intended as a profit forecast or estimate for any period
and no statement in this announcement should be interpreted to mean that earnings or earnings
per share for Sibanye-Stillwater or Lonmin, as appropriate, for the current or future
financial years would necessarily match or exceed the historical published earnings or
earnings per share for Sibanye-Stillwater or Lonmin, as appropriate.
The Increased Offer will be made solely pursuant to the terms of the Scheme Document (or,
if applicable, the Takeover Offer Document), which contains (or, if applicable, will contain)
the full terms and conditions of the Increased Offer, including details of how to vote in
respect of the Increased Offer. Any decision in respect of, or other response to, the
Increased Offer should be made only on the basis of the information contained in the Scheme
Document (or, if applicable, the Takeover Offer Document).


The statements contained in this announcement are not to be construed as legal, business,
financial or tax advice. If you are in any doubt about the contents of this announcement,
you should consult your own legal, business, financial or tax adviser for legal, business,
financial or tax advice.


Overseas shareholders
The release, publication or distribution of this announcement in certain jurisdictions may
be restricted by law. Persons who are not resident in South Africa or United Kingdom or who
are subject to other jurisdictions should inform themselves of, and observe, any applicable
requirements. Any failure to comply with the applicable requirements may constitute a
violation of the laws of any such jurisdiction.
Unless otherwise determined by Sibanye-Stillwater or required by the Code, and permitted by
applicable law and regulation, the Increased Offer will not be made available, directly or
indirectly, in, into or from a Restricted Jurisdiction (as defined in the Scheme Document)
where to do so would violate the laws in that jurisdiction and no person may vote in favour
of the offer by any such use, means, instrumentality or form within a Restricted Jurisdiction
or any other jurisdiction if to do so would constitute a violation of the laws of that
jurisdiction. Accordingly, copies of this announcement and all documents relating to the
Increased Offer are not being, and must not be, directly or indirectly, mailed or otherwise
forwarded, distributed or sent in, into or from a Restricted Jurisdiction where to do so
would violate the laws in that jurisdiction, and persons receiving this announcement and all
documents relating to the Increased Offer (including custodians, nominees and trustees) must
not mail or otherwise distribute or send them in, into or from such jurisdictions where to
do so would violate the laws in that jurisdiction.
The availability of the Increased Offer to Lonmin Shareholders who are not resident in the
United Kingdom may be affected by the laws of the relevant jurisdictions in which they are
resident. Persons who are not resident in the United Kingdom should inform themselves of,
and observe, any applicable requirements.
The New Sibanye-Stillwater Shares (as defined in the Lonmin Scheme Document) may not be
offered,   sold   or   delivered,   directly   or   indirectly,   in,   into   or   from   any   Restricted
Jurisdiction or to, or for the account or benefit of, any Lonmin Shareholder in a Restricted
Jurisdiction except pursuant to an applicable exemption from, or in a transaction not subject
to, applicable securities laws of those jurisdictions.


Disclosure requirements of the Code
Under Rule 8.3(a) of the Takeover Code (the “Code”), any person who is interested in 1% or
more of any class of relevant securities of an offeree company or of any securities exchange
offeror (being any offeror other than an offeror in respect of which it has been announced
that its offer is, or is likely to be, solely in cash) must make an Opening Position
Disclosure following the commencement of the offer period and, if later, following the
announcement in which any securities exchange offeror is first identified. An Opening
Position Disclosure must contain details of the person’s interests and short positions in,
and rights to subscribe for, any relevant securities of each of (i) the offeree company and
(ii) any securities exchange offeror(s). An Opening Position Disclosure by a person to whom
Rule 8.3(a) applies must be made by no later than 3.30 pm (London time) on the 10th business
day following the commencement of the offer period and, if appropriate, by no later than
3.30 pm (London time) on the 10th business day following the announcement in which any
securities exchange offeror is first identified. Relevant persons who deal in the relevant
securities of the offeree company or of a securities exchange offeror prior to the deadline
for making an Opening Position Disclosure must instead make a Dealing Disclosure.
Under Rule 8.3(b) of the Code, any person who is, or becomes, interested in 1% or more of
any class of relevant securities of the offeree company or of any securities exchange offeror
must make a Dealing Disclosure if the person deals in any relevant securities of the offeree
company or of any securities exchange offeror. A Dealing Disclosure must contain details of
the dealing concerned and of the person’s interests and short positions in, and rights to
subscribe for, any relevant securities of each of (i) the offeree company and (ii) any
securities exchange offeror, save to the extent that these details have previously been
disclosed under Rule 8. A Dealing Disclosure by a person to whom Rule 8.3(b) applies must
be made by no later than 3.30 pm (London time) on the business day following the date of the
relevant dealing.
If two or more persons act together pursuant to an agreement or understanding, whether formal
or informal, to acquire or control an interest in relevant securities of an offeree company
or a securities exchange offeror, they will be deemed to be a single person for the purpose
of Rule 8.3.
Opening Position Disclosures must also be made by the offeree company and by any offeror and
Dealing Disclosures must also be made by the offeree company, by any offeror and by any
persons acting in concert with any of them (see Rules 8.1, 8.2 and 8.4).
Details of the offeree and offeror companies in respect of whose relevant securities Opening
Position Disclosures and Dealing Disclosures must be made can be found in the Disclosure
Table on the Takeover Panel’s website at http://www.thetakeoverpanel.org.uk, including
details of the number of relevant securities in issue, when the offer period commenced and
when any offeror was first identified. If you are in any doubt as to whether you are required
to make an Opening Position Disclosure or a Dealing Disclosure, you should contact the
Takeover Panel’s Market Surveillance Unit on +44 (0)20 7638 0129.


Publication on website
A copy of this announcement will be made available, subject to certain restrictions relating
to   persons   resident   in   restricted   jurisdictions,   at   Sibanye-Stillwater’s   and   Lonmin’s
websites        on     https://www.sibanyestillwater.com/investors/transactions/lonmin                    and
www.lonmin.com/investors/sibanye-stillwater-offer by no later than 12 noon (London time) on
the business day following the date of this announcement. For the avoidance of doubt, the
contents   of   this   website   are   not   incorporated   into   and   does   not   form   part   of   this
announcement.

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