Northam Platinum increases value to shareholders

Northam – Northam Platinum is pleased to announce the acquisition of 2,830,957 Zambezi preference shares and has agreed to acquire a further 13,829,788 Zambezi preference shares from a material shareholder. Following implementation of the acquisition, Northam will hold 128,569,993 Zambezi preference shares, representing approximately over 80% of all Zambezi preference shares in issue.

Northam’s acquisition of Zambezi preference shares will reduce the preference share dividend expense and liability included in Northam’s consolidated financial statements, as well as Northam’s potential financial exposure under the guarantee it provided in favour of the holders of Zambezi preference shares.

Paul Dunne, Northam’s chief executive officer said: “Northam is pleased to return a further R1.6 billion of value to shareholders through the purchase of Zambezi preference shares.”

Northam Platinum press release extracts, 8 December 2020