Impala Platinum (Implats) said on Wednesday that it was awaiting a final decision from the Takeover Regulation Panel (TRP) about the compliance certificate in its bid to take over Royal Bafokeng Platinum (RBPlat).
In a statement, Implats said this is one of the two conditions precedent that remain outstanding to declare the Offer unconditional, the other one being JSE approval for listing the Offer Consideration Shares, which Implats will now re-apply for.
“Implats will keep RBPlat shareholders informed of further updates in this regard,” it said.
This comes after Implats finally achieved control of RBPlat after a long drawn out process and takeover battle after it acquired the Public Investment Corporation’s (PIC) 9.26% shareholding in the platinum group metals (PGM) company.
This move makes Implats to hold RBPlat shares comprising an aggregate of approximately 55.46% of the RBPlat shares in issue.
Implats also said that the Longstop Date set for fulfilment or waiver of the Conditions Precedent, and the Closing Date of the Offer, will be extended to Friday, July 28, 2023.
“Implats continues to reserve the right to further extend these dates in its sole discretion, in which event a further announcement will be made. Once Implats has received the JSE approval, Implats will make a further announcement setting out the important dates and times relating to the offer,” it said.
The group said if any condition precedent remains unfulfilled by the Longstop Date, RBPlat shareholders are reminded that Implats does not have an obligation to further extend the Longstop Date, which would result in the Offer lapsing.
BUSINESS REPORT