Atlatsa shareholders to meet on ‘going private’ deal on Aug 2
Shareholders of Atlatsa Resources Corporation will, on August 2, vote on a special resolution to implement a transaction that will result in the company delisting from the JSE and TSX.
The transaction, first announced in December 2018, involves a two-phase restructuring plan in terms of which Anglo American Platinum subsidiary Rustenburg Platinum Mines (RPM) will acquire Atlatsa’s Kwanda North and Central Block prospecting rights for R300-million in cash.
RPM will also capitalise and/or write-off all debt owed to it by Atlatsa, including any current and further debt that may be incurred during the care and maintenance period of the Bokoni mine until December 31, this year.
Atlatsa and RPM will retain their 51% and 49% respective shareholdings in the Bokoni mine joint venture.
As part of the “going private” transaction, Atlatsa will buy back all common shares held by minority shareholders for R1, or C$0.09, a share, while offering an aggregate nominal cash consideration of R1 a share to RPM.
Meanwhile, Atlatsa will make a tender offer to buy for cancellation any or all of the shares held by the Anooraq Community Participation Trust in exchange for R1 for each common share tendered.
The company noted that its board – with conflicted directors abstaining – unanimously recommended shareholders vote in favour of the resolution.
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