Sibanye-Stillwater increases offer for Lonmin shares

0

Sibanye-Stillwater and Lonmin plc have reached agreement on an increased recommended all-share offer to be made by Sibanye for the entire issued and to be issued share capital of Lonmin.

In December 2017, Sibanye offered R5.17 billion to acquire the platinum group metals (PGMs) miner Lonmin in a deal that would create the world’s second-largest platinum producer.

Lonmin shareholders will be entitled to receive one new Sibanye share for each Lonmin share they hold, reflecting a 3.4 percent increase relative to the exchange ratio of 0.967 new Sibanye-Stillwater shares for each Lonmin share held, as announced in 2017.

Sibanye-Stillwater Board and that of Lonmin considered that the increased offer reflected the recent recovery in the PGM pricing environment, balanced against the fact that Lonmin continued to be financially constrained and unable to fund the significant investment required to sustain its business and associated employment.

The increased offer was proposed to be effected by means of a UK scheme of arrangement.

Share.

About Author

Thabo Mphahlele is the BizNis Africa Head of Sales and Marketing. Mphahlele was previously MultiChoice Production Support Analyst responsible for developing and monitoring applications. In addition, Mphahlele develops and automates batch scripts and is responsible for the daily infrastructure maintenance at MultiChoice. As a Production Support Analyst, he is responsible for incident analysis solving , developing and constructing business reports for SQL and Oracle and implement change controls for the business. Additional responsibility includes monitoring system performance via SOA, Kibaba (Elasticsearch), H.P BSM, HP Sitescope. Mphahlele is responsible for creating infrastructure performance reports through HP Ops Analytics, monitoring payments via Splunk and in-house built-in tool and disaster recovery simulation and testing. At Nashua Mobile, he was responsible for application development and enhancing the web sites At South West Gauteng College, he was the IT Technician and Network Administrator. During his tenure at Double Digit Media, he was he focused on application and web site development for new and existing clients Mphahlele contributes as a Content Manager for BizNis Africa.

Leave A Reply