To view the PDF file, sign up for a MySharenet subscription.

ROYAL BAFOKENG PLATINUM LIMITED - Section 11 approval in respect of the acquisition of the RPM Participation Interest

Release Date: 17/07/2019 09:00
Code(s): RBP RBPCB     PDF:  
Wrap Text
Section 11 approval in respect of the acquisition of the RPM Participation Interest

ROYAL BAFOKENG PLATINUM LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 2008/015696/06)
JSE share code: RBP
ISIN: ZAE000149936
Company code: RBPD
Bond code: RBPCB
ISIN: ZAE000243853
(“RBPlat” or “the Company”)


SECTION 11 APPROVAL IN RESPECT OF THE ACQUISITION OF THE RPM PARTICIPATION INTEREST


Security holders are referred to the various announcements released by the Company on SENS, the
last of which was dated 12 December 2018, in terms of which the Company advised security holders
that its wholly-owned subsidiary, Royal Bafokeng Resources Proprietary Limited (“RBR”), had entered
into an agreement with Rustenburg Platinum Mines Limited (“RPM”), a wholly-owned subsidiary of
Anglo American Platinum Limited, in terms of which RBR would, in a two-phased transaction, acquire
the balance of the 33% interest in the Bafokeng Rasimone Platinum Mine Joint Venture (“BRPM JV”)
(“RPM Participation Interest”) from RPM (the “Transaction”).

On 12 December 2018, security holders were advised that all conditions precedent to phase I of the
Transaction had been fulfilled and that, with effect from 11 December 2018, the risks and rewards of
ownership had passed to RBR in respect of the RPM Participation Interest, including full title in respect
of all assets owned by RPM, other than RPM’s 33% undivided interest in the mining rights attributable
to the BRPM JV.

The board of directors of RBPlat is pleased to advise security holders that the Department of Mineral
Resources has now granted its unconditional consent in terms of section 11(1) of the Mineral and
Petroleum Resources and Development Act, 2002, to the transfer of RPM’s undivided interest in the
mining rights. Accordingly, in terms of phase II of the Transaction, RBR will proceed to register full title
in respect of RPM’s 33% undivided interest in the mining rights attributable to the BRPM JV (which
entails consolidating RPM’s 33% participation interest with the 67% already held by RBR in such mining
rights). Accordingly, the Company confirms that in addition to phase I of the Transaction having been
completed, the conditions precedent to phase II of the Transaction have now been met.


Johannesburg
17 July 2019


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

                                           
JSE sponsor                                            JSE debt sponsor
Merrill Lynch South Africa (Pty) Ltd                   RMB (a division of FirstRand Bank Limited)


For further information, please contact:


Lindiwe Montshiwagae
Executive: Investor Relations
Tel: +27 (0)10 590 4510
Email: lindiwe@bafokengplatinum.co.za




                                                                                    

Date: 17/07/2019 09:00:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

Share This Story