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Sibanye’s proposed acquisition of Lonmin receives necessary shareholder approvals

Published by , Assistant Editor
Global Mining Review,

Sibanye-Stillwater is pleased to note the announcement by Lonmin Plc (Lonmin) that it received the requisite approvals from Lonmin shareholders at its shareholder meetings held earlier yesterday in connection with the all-share offer by Sibanye-Stillwater to acquire the entire issued share capital of Lonmin, to be effected by a scheme of arrangement under Part 26 of the UK Companies Act 2006 (Lonmin transaction). This follows yesterday’s announcement by Sibanye-Stillwater that Sibanye-Stillwater shareholders had approved the Ordinary Resolution regarding the Lonmin transaction at Sibanye-Stillwater’s General Meeting held earlier that day.

Neal Froneman, CEO of Sibanye-Stillwater, commented: “We are pleased to have received the overwhelming support of both sets of shareholders for the Lonmin transaction. The rationale for this transaction remains compelling and we are convinced the integration of Lonmin’s PGM assets with Sibanye-Stillwater’s adjacent PGM operations, will ensure a more sustainable and positive future for all these assets. The transaction, once successfully completed, will establish the Sibanye-Stillwater Group as the largest primary producer of platinum and second largest primary palladium producer with a unique geographical and platinum group metal mix. I would also like to acknowledge and thank the regulatory authorities both in the United Kingdom and South Africa, for the balanced and considered manner with which they approached this transaction and its long-term significance for all stakeholders, which we also take very seriously."

Completion of the Lonmin transaction remains subject to the satisfaction or (where applicable) waiver of the outstanding conditions set out in the Lonmin Scheme Document. Such conditions include, amongst others, the approval of the Scheme by the Court. Subject to the satisfaction or waiver (as applicable) of such conditions, the Scheme is expected to become effective after 6.00 p.m. (London time) on 7 June 2019 and the new Sibanye-Stillwater Shares to be issued to Lonmin shareholders, as the consideration for the Lonmin transaction, are expected to be admitted to trading on the Main Board of the Johannesburg Stock Exchange at 9.00 a.m. (South African standard time) on 10 June 2019. Further information regarding the timetable for the Lonmin transaction is set out in the scheme document published by Lonmin on 25 April 2019. All capitalised terms contained in this announcement have the same meaning ascribed to them in the circular posted to Sibanye-Stillwater shareholders on 25 April 2019, unless otherwise defined.

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