Platinum group metals miner Northam Platinum will on June 30 host a general meeting for its shareholders to discuss and decide on the early maturity of the Zambezi black economic empowerment (BEE) transaction and the implementation of an extended BEE transaction.
The general meeting will, owing to Covid-19, be hosted remotely via an interactive electronic platform to facilitate remote attendance, participation and voting by shareholders.
The Meeting Specialist, who will host the general meeting through its platform, will also act as a scrutineer for purposes of the general meeting.
The general meeting will discuss Northam’s proposition to accelerate the maturity and wind-up of the Zambezi BEE transaction, including the acquisition by Northam of all the shares in issue, which are not already held by the miner.
The transaction is proposed to be implemented by way of the Zambezi Scheme and the subsequent delisting of shares from the main board of the JSE.
Additionally, Northam has proposed a 15-year extension of the BEE transaction, including Northam Holdings’ proposed acquisition of all of the Northam shares in issue (excluding treasury shares), in exchange for the Northam Scheme consideration, to be implemented by way of the Northam Scheme, and the resultant delisting of all Northam shares on the main board of the JSE and listing of all Northam Holdings shares on the main board of the JSE.
Northam also wishes to host a transaction to restore ownership by historically disadvantaged persons in Northam to up to 26.5%, with an emphasis on participation by Northam group employees and host and affected communities.