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Tuesday, August 18, 2020 - 1:37:16 PM
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Mining News Pro - Integrated platinum group metals producer Northam Platinum has acquired additional Zambezi Platinum preference shares for R804.6-million.
Following this latest transaction, Northam holds about 46.7% of the Zambezi preference shares in issue.
The face value of the Northam-owned preference shares as at August 17, calculated at the initial issue price of the Zambezi preference shares plus accumulated preference share dividends, amounts to about R5.96-billion.
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 elect to redeem the Zambezi preference shares through a distribution of ordinary shares in Northam held by Zambezi, then the redemption of the Zambezi preference shares held by Northam will result in a distribution of Northam shares to Northam, thereby reducing the number of Northam shares in issue.
The acquisition has been fully funded through Northam’s internal cash resources.
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