Empowerment transactions on the cards

Northam – Northam shareholders are advised that Northam Platinum and Zambezi Platinum have entered into discussions regarding a potential transaction to accelerate the maturity of the empowerment transaction concluded between them in May 2015, whilst maintaining Northam’s broad-based black economic empowerment ownership.

If the transaction is successfully concluded it may have a material effect on the price of Northam’s securities. Accordingly, Northam shareholders are advised to exercise caution when dealing in Northam’s securities, until a further announcement is published.

Paul Dunne, Northam Platinum’s chief executive officer said: “The significant value created for all Northam shareholders from our empowerment transaction with Zambezi Platinum, as well as Northam’s current ownership of 70% of all Zambezi Platinum preference shares and the inherent share buy-back implied by this holding, provides a unique opportunity to unlock permanent value for our shareholders, whilst maintaining Northam’s broad-based black economic empowerment ownership. Northam has taken the initiative to enter into pro-active discussions with Zambezi Platinum with a view to secure a successful and sustainable outcome.”

Northam Platinum press release, 2 November 2020