Transaction update and further cautionary announcement
Shareholders of Mvela Resources and Northam (“the parties”) are referred to the joint announcement published on 2 October 2008 (the “joint announcement”) regarding the proposed acquisition by Impala Platinum Holdings Limited (“Implats”), through a series of inter-conditional transactions, of the entire issued share capital of Mvela Resources and Northam by Implats (collectively, “the Proposed Transaction”).
The announcement of a firm intention to make an offer by Implats (“the firm intention”) is subject to certain pre-conditions, including, inter alia, confirmation by the Department of Minerals and Energy (“DME”) that the conversion credits which accrued to Anglo Platinum Limited pursuant to the transfer of Booysendal to Northam will not be prejudiced by the Proposed Transaction.
Shareholders of the parties are advised that the DME has reviewed the Proposed Transaction and confirmed that the implementation of the Proposed Transaction will not affect the BEE credits which have accrued to Anglo Platinum Limited.
Shareholders of the parties are reminded that the firm intention to make an offer is subject to certain other pre-conditions, and the implementation of the Proposed Transaction is subject to fulfilment of certain conditions precedent, as set out in the joint announcement.
Shareholders of Mvela Resources and Northam are advised to continue to exercise caution when dealing in their Mvela Resources and Northam shares until a further announcement is made.
20 October 2008
Sponsor to Mvela Resources
Sponsor to Northam
Barnard Jacobs Mellet Corporate Finance