- Published on 06 June 2008
Further to the circular to Mvela Resources shareholders dated 9 May 2008 regarding:
- the proposed acquisition by Mvela Resources of Anglo Platinum Limited’s (“Anglo Platinum’s”) interest in the Booysendal Platinum Project (“Booysendal”) and Anglo Platinum’s 22.2% interest in Northam for a total cash consideration of R4 billion;
- the proposed subsequent sale by Mvela Resources to Northam of its 100% interest in Booysendal; and
- a specific issue of new ordinary shares by Mvela Resources to a subsidiary of Afripalm Resources (Proprietary) Limited;
and the circular to Northam shareholders dated 9 May 2008 regarding:
- the proposed acquisition by Northam from Mvela Resources of Booysendal;
- the proposed creation of 125 000 000 Northam ordinary shares and proposed issue of 121 000 000 ordinary shares to Mvela Resources in consideration for the acquisition of Booysendal;
- proposed amendments to Northam’s Memorandum and Articles of Association; and
- the proposed waiver by the independent Northam shareholders of their right to receive a mandatory offer from Mvela Resources, (collectively “the Transaction”);
the requisite majorities of Mvela Resources and Northam shareholders passed all the ordinary and special resolutions required to implement the Transaction at their respective general meetings held on 6 June 2008.
The special resolutions have been submitted to the Companies and Intellectual Property Registration Office (CIPRO) for registration as required by the Companies Act, 1973, as amended.
The Transaction is expected to become unconditional and to be implemented by the end of June 2008.