IMP - Impala Platinum Holdings Limited - Zimplats Holdings Limited ("Zimplats")
Impala Platinum Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration No. 1957/001979/06)
JSE Share Code: IMP
LSE Share Code: IPLA
ADR Code: IMPUY
ZIMPLATS HOLDINGS LIMITED ("ZIMPLATS") INDIGENISATION UPDATE
Implats announces further clarification of the agreement reached with the
Government of Zimbabwe ("Government") on 13 March 2012. The Government has
agreed in principle that the new plan presented is compliant with the law and is
acceptable. No agreement has been reached on timing or valuation other than that
the transactions would be at appropriate value. The proposals made by Implats to
the Government in this regard are:-
* shares in Zimplats representing 10% of the enlarged issued share capital of
Zimplats will be issued to the Community Trust at the independent valuation
previously submitted to the Government. Zimplats will provide an interest
free loan to the Community Trust to fund the shares and the loan will be
repaid from dividends. This stake would be non-contributory.
* shares in Zimplats representing a further 10% of the enlarged issued share
capital of Zimplats will be sold to an employee share ownership trust for
the benefit of all full time employees of Zimplats. The shares will be sold
at the same independent valuation and Zimplats will provide an interest-
bearing loan to the Employee Trust to fund the purchase of the shares. The
loan will be repaid from dividends and will be contributory or dilutive.
It has also been agreed that Zimplats and the Government will explore fair value
compensation in lieu of empowerment credits for the ground released under the
agreement of 24 May 2006. It was proposed to Government that on receipt of this
compensation, Zimplats will make available for sale to the National
Indigenisation and Economic Empowerment Fund ("NIEEF") a 31% fully contributory
stake in Zimplats for cash at an independently determined fair value at the
time. Future expansion opportunities will therefore not be impacted.
Upon the execution of these initiatives, Zimplats will have met all of the
Government`s indigenisation and empowerment objectives and requirements.
14 March 2012
Deutsche Securities (SA) (Proprietary) Limited
Date: 14/03/2012 15:43:45 Produced by the JSE SENS Department.
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