Gold Mining News Hubb
Advertisement
  • Home
  • Gold News
  • Mining News
  • Contact us
No Result
View All Result
  • Home
  • Gold News
  • Mining News
  • Contact us
No Result
View All Result
Gold Mining News Hubb
No Result
View All Result
Home Gold News

RBPlat calls on Government’s PIC to end takeover battle between industry rivals

admin by admin
December 2, 2022
in Gold News


RBPlats’ Styldrift mine

A YEAR-long takeover battle for Royal Bafokeng Platinum (RBPlat) between industry rivals Impala Platinum (Implats) and Northam Platinum Holdings was harming the company, said Bloomberg News

“We are starting to see the impact of the ongoing uncertainty caused by the current corporate action,” Lindiwe Montshiwagae, a spokeswoman at RBPlat, told the newswire. “We have seen the impact in operational performance.”

Montshiwagae said that the firm’s 9.9% shareholder, the government-owned Public Investment Corporation (PIC) could help resolve the situation. “The PIC can break the deadlock for control in the interests of RBPlat and its stakeholders and therefore restore operational normality,” said Montshiwagae.

Implats owns just over 41% stake in RBPlat in terms of a cash and shares offer for the company worth R150 per RBPlat share which it launched in December last year. Last month, Northam finally broke cover on its intentions, announcing a R180 per RBPlat share in cash and shares for RBPlat.

As the largest single minority shareholder, the PIC is in a kingmaker position, but it has decided not to sell its stake. The interpretation is that the PIC has simulaneously acknowledged Northam’s value offer but is equally swayed by the job retention advantages offered by Implats which has assets adjacent to those of RBPlat.

In the meantime, RBPlat’s assets show signs of deteriorating, said Bloomberg News, citing Nicholas Hops, a portfolio manager at Coronation Fund Managers. “Both Impala and Northam are fighting for control of an asset which is not living up to original expectations and seemingly, from the outside, has deteriorated further,” Hops said.

“It brings instability and consternation among workers,” Steve Phiri, CEO of RBPlat told Miningmx as far back as August. “Senior management keeps saying ‘how far are you, when is this concluding?’. Human beings want certainty in order to move forward in their lives. It’s a concern for us,” he said.



Source link

Previous Post

ARDA’s Commitment to a Cleaner African Energy Future Showcased through Downstream Drive

Next Post

Green Shift Commodities to enter lithium sector with LFP acquisition

Next Post

Green Shift Commodities to enter lithium sector with LFP acquisition

Recommended

RioZim to buy Namibia diamond mine as part of international expansion

October 10, 2022

Shop Big Deals this Black Friday on Squad Black November!

December 2, 2022

Don't miss it

Gold News

EFCC arrests bank official over alleged hoarding of new naira notes

February 6, 2023
Mining News

Football’s Big Game: Charting Super-Sized Bets (2013-2022)

February 6, 2023
Mining News

China’s development of Russian mine

February 6, 2023
Gold News

Sibanye-Stillwater studying start-up in nuclear reactors as signals return to dealmaking

February 6, 2023
Gold News

First Abuja International Marathon to hold in April

February 5, 2023
Mining News

The Top Online Music Services in the U.S. by Monthly Users

February 5, 2023

gold mining-66

© 2022 Gold Mining News Hubb All rights reserved.

Use of these names, logos, and brands does not imply endorsement unless specified. By using this site, you agree to the Privacy Policy and Terms & Conditions.

Navigate Site

  • Home
  • Gold News
  • Mining News
  • Contact us

Newsletter Sign Up

No Result
View All Result
  • Home
  • Gold News
  • Mining News
  • Contact us

© 2022 Gold Mining News Hubb All rights reserved.