IMPALA PLATINUM HOLDINGS LIMITED - Results of the Odd-lot Offer
09 November 2020 8:00
Results of the Odd-lot Offer
IMPALA PLATINUM HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1957/001979/06)
JSE Share code: IMP
ISIN: ZAE000083648
JSE Convertible Bond Stock Code: IMCB22
JSE Convertible Bond ISIN: ZAE000247458
ADR code: IMPUY
(“Implats” or “the Company”)
RESULTS OF THE ODD-LOT OFFER
Shareholders are referred to the circular issued by Implats on Monday, 14 September 2020 (“Circular”) and the SENS
announcements dated 14 September 2020, 14 October 2020 and 27 October 2020, relating to the Odd-lot Offer.
Unless otherwise defined, the definitions and interpretations contained in the Circular apply, mutatis mutandis, to the
terms used in this announcement.
The Odd-lot Offer closed on Friday, 6 November 2020, and the results thereof are as follows:
Total number of
Shares repurchased
Number of Shares Number of Shares Number of Shares by Implats pursuant
retained by election sold by election sold by default(1) to the Odd-lot Offer
Certificated 381 226 54 528 54 754
Dematerialised 70 992 698 670 271 891 970 561
Total 71 373 698 896 326 419 1 025 315
(1) Odd-lot Holders who did not make an election were automatically regarded as having sold their Odd-lot Holdings to
the Company.
Implats repurchased a total of 1 025 315 Shares, representing 0.131% of the total issued ordinary share capital of
Implats for a total consideration of R177 094 472.81. The Shares repurchased by the Company in terms of the Odd-lot
Offer will be cancelled and delisted on or about Wednesday, 11 November 2020, and accordingly the total issued
ordinary share capital of Implats will be reduced from 782 800 320 to 781 775 005 Shares.
Implats Shareholders’ attention is drawn to paragraph 5.2 of the Circular which showed, for illustrative purposes only,
if Implats had implemented the Odd-lot Offer on 28 August 2020, being the Last Practicable Date before the Circular
was distributed, assuming an Offer Price of R173.98 per Share, and based on Odd-lot Holdings of approximately
232 581 Shares, the financial impact on Implats, if funded from existing cash resources, would have resulted in a
reduction of cash resources of R40 464 442.38 and a reduction of total equity by R40 464 442.38.
Due to a significant increase of trading in Shares at holdings below 100 Shares between Tuesday, 27 October 2020
and Tuesday, 3 November 2020 (being the last day to trade to participate in the Odd-lot Offer), the number of Odd-lot
Holdings increased from 232 581 to 1 096 688 Shares. As a result, the Company has repurchased a total of 1 025 315
Shares at the Offer Price of R172.72 per Share (as contained in the finalisation announcement dated 27 October
2020), totalling R177 094 472.81, which was funded from existing cash resources, resulting in a reduction of cash
resources of R177 094 472.81 and a reduction of total equity by R177 094 472.81.
Notwithstanding the largely increased Odd-lot Offer amount, the Directors believe that the Odd-lot Offer process
achieved the desired outcomes for the Company as set out in the Circular whilst also facilitating an increased
repurchase of the Company’s Shares, which Implats believes is in the best interests of Shareholders.
Implats Shareholders are reminded of the following remaining salient dates and times in relation to the Odd-lot Offer:
2020
Payment of the Cash Consideration to Certificated Odd-lot Holders who have
accepted the Odd-lot Offer or who have made no election(3) Monday, 9 November
Dematerialised Odd-lot Holders who have accepted the Odd-lot Offer or who
have made no election will have their accounts at their CSDP or broker
credited with the Cash Consideration Monday, 9 November
Cancellation and termination of listing of Implats Shares repurchased in terms
of the Odd-lot Offer expected on or about Wednesday, 11 November
Computershare Investor Services plc (“Computershare UK”) to despatch
cheque payments in respect of the Cash Consideration to Odd-lot Holders on Friday, 13 November
the United Kingdom share register on or before(4)
Notes:
1. These salient dates and times are subject to amendment at the discretion of the Company. Any such
amendments will be released on SENS.
2. All times quoted are local times in South Africa and in the United Kingdom.
3. Odd-lot Holders on the United Kingdom share register are referred to paragraph 8.2.4 of the Circular, and are
hereby advised that Implats has obtained the necessary approval from the SARB to remit the Cash
Consideration to Odd-lot Holders who are non-residents of the Common Monetary Area via Computershare
UK, whom will make payment to such Odd-lot Holders by cheque.
4. The Offer Price payable to Odd-lot Holders on the United Kingdom share register was converted at
ZAR21.1192 which was the GBP/ZAR exchange rate at the close of business on Monday, 26 October 2020.
Johannesburg
9 November 2020
Sponsor
Nedbank Corporate and Investment Banking, a division of Nedbank Limited
Legal Adviser
Edward Nathan Sonnebergs Inc
Date: 09-11-2020 08:00:00
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