Impala goes after Zimplats
August 23, 2002
Shares in Australia-listed Zimbabwe Platinum Mines Ltd (ZIM) were halted on Friday at the request of the company following recent substantial shareholder negotiations.
ZIM has reached a memorandum of understanding with 30% shareholder Impala Platinum Holdings Ltd that could result in Impala making an offer for the company. Impala currently holds a 55% stake in the company.
The agreement follows a deal for 21.05% shareholder AurionGold (AOR) to sell its stake to Impala at $1.90 a share, compared to yesterday’s close of $1.33.
AurionGold has been steadily selling down its holding in the Platinum miner recently, at one point owning a 50% interest.
Commenting on AurionGold purchase overnight, Impala CEO Keith Rumble said "this must be the cheapest platinum anywhere in the world."
AurionGold has also hinted that shareholders may profit from the sale, possibly declaring a distribution estimated to be worth approximately 7-8c per share.
"A memorandum of understanding between Impala Platinum Holdings Ltd and Zimplats may, subject to regulatory authority, result in a cash standby offer being made by Impala to all other shareholders on the same terms and conditions as apply to the acquisition of the 21.05%” from AurionGold, ZIM said.
Zimplats shares will be halted until shareholders are advised of further details of the possible cash standby offer.
At market open Zimbabwe Platinum Mines has not traded since Friday when it finished at $1.33 while AurionGold was 10c higher to $3.03
AOR
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