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Friday, July 3, 2020 - 5:21:16 PM
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Mining News Pro - Northam has acquired an additional 11.72-million Zambezi Platinum preference shares for R959.7-million.
Northam will now hold more than 65-million Zambezi preference shares, representing about 40.71% of all Zambezi preference shares in issue.
Northam’s acquisition of Zambezi preference shares will reduce the preference share dividend expense and liability included in Northam’s consolidated financial statements, as well as Northam’s potential financial exposure under the guarantee it provided to holders of Zambezi preference shares, should the guarantee be called upon.
Moreover, should Zambezi redeem the preference shares through a distribution of ordinary shares in Northam held by Zambezi, then the redemption of the Zambezi preference shares held by Northam, at such time, will result in a distribution of Northam shares to Northam, thereby reducing the number of Northam shares in issue.
This acquisition has been fully funded through Northam’s internal cash resources.
“Northam had set itself an ambitious internal target of acquiring at least 40% of all Zambezi preference shares in issue in order to de-risk the company’s position and to simultaneously return significant value to its shareholders through our unique empowerment transaction.
"We are delighted to have achieved this target approximately halfway through the ten year structure. The group’s financial position remains strong amidst very challenging global economic times,” comments Northam CEO Paul Dunne.
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