Platinum group metals (PGMs) miner Impala Platinum (Implats) has announced a further extension of the important dates and times for the close of its offer to Royal Bafokeng Platinum (RBPlat) shareholders.
The closing date of the offer has been extended to March 31, with Implats reserving its right to further extend the date at its discretion.
As previously announced, the remaining conditions precedent to declare the offer unconditional comprise the issuance of a compliance certificate by the Takeover Regulation Panel (TRP) and approval by the JSE for the listing of the offer consideration shares.
Implats said on February 24 that it was in the midst of engagements with the TRP and the Takeover Special Committee regarding the issuance of the compliance certificate. As the compliance certificate remains outstanding, Implats previously requested that the JSE approval for listing the offer consideration shares be withdrawn since they cannot be listed without the compliance certificate.
However, Implats will reapply for JSE approval based on the progress made in relation to the issuance of the certificate.
If the last two conditions precedent are not fulfilled by the longstop date, Implats made it clear to RBPlat shareholders that there was no obligation to further extend the longstop date.