Sibanye-Stillwater has announced that all the conditions precedent to the DRDGOLD Limited transaction have been fulfilled and that the transaction was implemented on 31 July 2018.
Shareholders are referred to the announcement released on 22 November 2017 in terms of which, shareholders were advised that, inter alia, Sibanye-Stillwater would exchange selected surface gold processing assets and tailings storage facilities (TSFs), for newly issued DRDGOLD shares.
Unless otherwise indicated, capitalised words and terms contained in this announcement shall bear the same meanings ascribed thereto in the Transaction Announcement.
Sibanye-Stillwater now owns 38.05% of the issued share capital of DRDGOLD, currently worth ZAR895.7 million.
Sibanye-Stillwater has an option to subscribe for the Option Shares within 24 months from the date of implementation of the Transaction to further attain up to a 50.1% shareholding in DRDGOLD at a 10% discount to the 30 day volume weighted average traded price of a DRDGOLD share on the day prior to the date of exercise of the option.
“We are excited about the partnership with DRDGOLD which unlocks value for our under-utilised surface infrastructure and TSFs, while retaining upside to the West Rand Tailings Retreatment Project and future growth in DRDGOLD. Further value will be derived from the future development of this long life surface reclamation project, which will benefit all of our stakeholders, particularly those in the region,” said Neal Froneman, Sibanye-Stillwater Chief Executive Officer.