Delaware Court of Chancery rules in favour of Sibanye-Stillwater in dissenting shareholder action
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”)
Delaware Court of Chancery rules in favour of Sibanye-Stillwater in dissenting shareholder
Johannesburg, 23 August 2019. Sibanye-Stillwater (Tickers JSE: SGL and NYSE: SBGL) is
pleased to advise that the Court of Chancery of the State of Delaware in the United
States of America (the Court), in a Memorandum Opinion dated August 21, 2019, has ruled
in favour of the Company in the appraisal action brought by a group of minority of
shareholders (the Dissenting shareholders) of the Stillwater Mining Company (Stillwater),
following the acquisition of Stillwater by the Company in May 2017 for a cash
consideration of US$18 per Stillwater share.
In terms of the ruling, the Dissenting shareholders (together owning approximately 4.5%
of Stillwater shares outstanding at the time) will receive the same US$18 per share
consideration originally offered to, and accepted by other Stillwater shareholders, plus
interest. The remaining payment of approximately US$21 million due to the Dissenting
shareholders has been fully provided for by Sibanye-Stillwater and therefore no
adjustment to the provision is required.
These Court proceedings are thus concluded, subject to any further proceedings required
in the trial court to finalize a judgment and any appeals that may be lodged.
CEO, Neal Froneman commenting on the positive Court ruling said: “We are extremely
pleased with the outcome of the court proceedings, which confirms our decision to defend
the Company against opportunistic legal action. We will continue to protect the interests
of our stakeholders against short-term, self-interest and opportunism.”
Investor relations contact:
Head of Investor Relations
Tel: +27 (0) 83 453 4014
Sponsor: J.P. Morgan Equities South Africa Proprietary Limited
Date: 23/08/2019 03:20:00
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