BizNis Africa
Latest News
Bridge City public-private partnership leads to economic transformation
In his Budget Speech 2018, South African Finance Minister...
PwC comments on proposed 1% VAT rate increase
The Minister of Finance announced in his Budget speech...
National Treasury to assist state-owned companies
South African National Treasury will assist state-owned companies (SOCs)...
SA government to spend ZAR57 billion on free higher education
Government will spend ZAR57 billion on free higher education...
South African budget deficit to narrow by 3.5%
South African Finance Minister Malusi Gigaba says government expects...
GDP growth expected to be 1.5% in 2018
South Africa’s Gross Domestic Product (GDP) is projected to...
Illovo Sugar Africa positive economic impact estimated at ZAR23.8 billion
Illovo Sugar Africa today, 21 February 2018, announced that...
Glencore funds from operations up 49%
Our performance in 2017 was our strongest on record,...
Kwesé and iflix seal deal in sub-Saharan Africa
iflix and Kwesé, have announced an expansion of their...
South Africa gears-up for 2018 Budget Speech
Malusi Gigaba, South African Finance Minister will, today, 21...

Sibanye-Stillwater seals deal with DRDGold deal

Sibanye-Stillwater shareholders are referred to the announcement relating to the DRDGOLD transaction, released on 22 November 2017 and unless otherwise indicated, capitalised words and terms contained in this announcement shall bear the same meanings ascribed thereto in the Transaction Announcement.

Sibanye-Stillwater is pleased to announce that it has received approval for the Transaction, including the call option from the South African competition authorities in accordance with the Competition Act.

In terms of the Transaction Announcement, shareholders were advised of, inter alia, the Transaction in terms of which Sibanye-Stillwater is to exchange Selected Assets for c.265 million newly issued DRDGOLD shares and be granted a call option to subscribe for the Option Shares during the Option Period so as to attain a 50.1% shareholding in DRDGOLD.

The approval is subject to the following:

  • Should Sibanye-Stillwater elect to exercise the call option within a period of 24 months from the Approval Date (being the date on which the competition authorities issued the requisite clearance certificate), Sibanye-Stillwater shall inform the Commission of its decision within 20 (twenty) Business Days of exercising the call option
  • Should Sibanye-Stillwater elect to exercise the call option after a period of 24 months from the Approval Date, Sibanye-Stillwater shall notify the Commission of such exercise as a merger in terms of section 13A of the Competition Act (meaning that the competition authorities would consider the call option again)
  • The implementation of the Transaction remains both subject to, and conditional on, inter alia, the approval of the Transaction and passing of the required resolutions by DRDGOLD shareholders, of which the resolutions shall include a waiver of the obligation of
  • SibanyeStillwater to make a mandatory offer to the remaining shareholders of DRDGOLD. Sibanye-Stillwater shareholders will be advised in due course as to the fulfilment of all outstanding conditions precedent to the Transaction. It is anticipated that the outstanding conditions will be fulfilled in the second quarter of 2018.

Leave a Reply

%d bloggers like this: