IMP IMCB22 201907220004A
Invitation to holders to offer to convert outstanding U.S.$250,000,000 3.25 per cent. Convertible bonds due 2022
IMPALA PLATINUM HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1957/001979/06)
JSE Share code: IMP
ADR code: IMPUY
JSE 2022 Convertible Bond ISIN: ZAE000247458
JSE 2022 Convertible Bond Code: IMCB22
FSE 2022 Convertible Bond ISIN: XS1623614572
FSE 2022 Convertible Bond Code: 162361457
NOT FOR DISTRIBUTION IN OR INTO OR TO ANY PERSON LOCATED OR RESIDENT IN
THE UNITED STATES, ITS TERRITORIES AND POSSESSIONS OR IN ANY OTHER
JURISDICTION WHERE SUCH DISTRIBUTION WOULD BE PROHIBITED BY APPLICABLE
INVITATION TO HOLDERS TO OFFER TO CONVERT OUTSTANDING U.S.$250,000,000 3.25
PER CENT. CONVERTIBLE BONDS DUE 2022 – EXTENSION OF EXPIRATION DEADLINE
On 17 July 2019, Implats announced an invitation to the holders ("Bondholders") of its
U.S.$250,000,000 3.25 per cent. convertible bonds due 2022 (ISIN: XS1623614572) (the
"Bonds") to offer to exercise their Conversion Rights as defined in, and in accordance with, the
terms and conditions of the Bonds (the "Conditions") in respect of any or all of their Bonds
("Invitation"). Pursuant to the Invitation, Bondholders who offer to convert their Bonds will, if such
offer is accepted by Implats, receive by way of consideration a cash incentive payment as
The Invitation is made upon the terms and subject to the conditions set forth in the invitation term
sheet dated 17 July 2019, as amended on 18 July 2019 and 22 July 2019 (the "Invitation Term
Sheet"). Capitalised terms used but not otherwise defined in this announcement have the
meaning ascribed to them in the Invitation Term Sheet.
Any Bondholder (i) who delivers a valid Invitation Conversion Notice prior to the Expiration
Deadline (as defined below) and (ii) whose offer is accepted for conversion by Implats, will be
eligible to receive by way of consideration a cash sum (the "Invitation Consideration") equal to
the aggregate of:
- the Invitation Premium (as defined below); and
- the Accrued Interest Amount.
Any Bondholder whose Bonds are accepted for conversion pursuant to the Invitation, shall in
addition receive, in accordance with the Conditions and subject to all applicable laws, the
Ordinary Shares comprising the relevant Bondholder's entitlement under the Conditions as a
result of the exercise of the Conversion Rights.
Extension of Expiration Deadline
Implats hereby announces that the time at which the Invitation is expected to expire (the
"Expiration Deadline") will be extended from 5.00 p.m. (London time) on 19 July 2019 to 5.00
p.m. (London time) on 22 July 2019. The extension to the Expiration Deadline has been made to
provide additional administrative time for holders who have indicated that they want to participate
in the Invitation to submit Invitation Conversion Notices.
All other terms of the Invitation announced on 17 July 2019, as amended on 18 July 2019, remain
Bondholders are requested to read the Invitation Term Sheet in full before making any decision
with respect to the Invitation. Bondholders may wish to obtain independent professional advice
before making any such decision.
Participating in the Invitation
Holders of the Bonds must validly submit or instruct a relevant intermediary to submit on their
behalf, the information required by the invitation conversion notice annexed to the Invitation Term
Sheet ("Invitation Conversion Notice") prior to the Expiration Deadline in order for such Bonds
to be eligible for conversion. Invitation Conversion Notices may be submitted in relation to the
Bonds, to the Conversion Agent via Euroclear and Clearstream, Luxembourg, S.A. Bondholders
are advised to check with any bank, securities broker or other intermediary through which they
hold Bonds whether such intermediary would require receipt of instructions to participate in or
revoke their instructions to participate in the Invitation before the Expiration Deadline.
Announcement of the Final Acceptance Amount will be made as soon as reasonably practicable
after the Expiration Deadline (which is expected to be before 7.00 a.m (London time) on 23 July
2019) by publication of such information by (i) delivery of a notice to the ICSDs for communication
to direct participants; (ii) announcement on the Stock Exchange News Service of the JSE
("SENS"); and (iii) announcement on the Bloomberg newswire.
Morgan Stanley & Co. International
Conversion Agent and Payment Agent
The Bank of New York Mellon, London Branch
Financial Adviser to Implats
Macquarie Advisory and Capital Markets South Africa
Sponsor to Implats
Nedbank Corporate and Investment Banking, a division of Nedbank Limited
22 July 2019
Requests for information in relation to the terms of the Invitation should be directed to the
Dealer Manager as follows:
Morgan Stanley & Co. International plc
25 Cabot Square Canary Wharf London, E14 4QA United
Attention: Daniele Bonomo Telephone: 0044 (0) 20 7677 9487
Requests for information in relation to the submission of Invitation Conversion Notices
should be directed to the Conversion Agent as follows:
The Bank of New York Mellon, London Branch
1 Canada Square, Canary Wharf, London E14 5AL, UK
Attention: Corporate Trust Administration
Email: email@example.com & CONVTRAN@bnymellon.com
IMPORTANT NOTICE IN RELATION TO THE INVITATION
This announcement does not constitute an invitation to participate in any jurisdiction in which, or to or from any person to or from whom,
it is unlawful to make such invitation under applicable securities laws. The distribution of this announcement in certain jurisdictions may
be restricted by law. Persons into whose possession this announcement comes are required by each of Implats, the Dealer Manager and
the Conversion Agent to inform themselves about, and to observe, any such restrictions.
The Invitation is not being made and will not be made directly or indirectly in or into, or by use of the mails of, or by any means or
instrumentality of interstate or foreign commerce of, or any facilities of a national securities exchange of, the United States. This includes,
but is not limited to, facsimile transmission, electronic mail, telex, telephone and the Internet. Accordingly, copies of this announcement
and any other documents or materials relating to the Invitation are not being, and must not be, directly or indirectly mailed or otherwise
transmitted, distributed or forwarded in or into the United States or to any persons located or resident in the United States and Bonds
cannot be offered for conversion pursuant to the Invitation by any such use, means, instruments or facilities or from within the United
States or by persons located or resident in the United States, as defined in Regulation S of the U.S. Securities Act of 1933 ("Regulation
S" and the "Securities Act"). Failure to comply with these restrictions may result in a violation of applicable laws and any purported offer
of Bonds for conversion resulting directly or indirectly from a violation of these restrictions will be invalid and offers of Bonds for conversion
made by a person located in the United States or any agent, fiduciary or other intermediary acting on a non-discretionary basis for a
nominee giving instructions from within the United States will not be accepted.
This announcement is not an offer of securities for sale or an invitation to offer or sell securities in the United States. Securities may not
be offered or sold in the United States absent registration or an exemption from the registration requirements of the Securities Act. The
purpose of this announcement is limited to the Invitation and this announcement may not be sent or given to a person in the United States.
Each holder of Bonds participating in the Invitation will represent that it is not located in the United States and is not participating in the
Invitation from the United States, or it is acting on a non-discretionary basis for a principal located outside the United States that is not
giving an order to participate in the Invitation from the United States.
For the purposes of this and the above two paragraphs, "United States" means the United States of America, its territories and
possessions, any state of the United States of America and the District of Columbia.
The communication of this announcement by Implats and any other documents or materials relating to the Invitation is not being made,
and such documents and/or materials have not been approved, by an authorised person for the purposes of section 21 of the Financial
Services and Markets Act 2000 (the "FSMA"). Accordingly, such documents and/or materials are not being distributed to, and must not
be passed on to, the general public in the United Kingdom. The communication of such documents and/or materials is exempt from the
restriction on financial promotions under section 21 of the FSMA on the basis that it is only directed at and may only be communicated to
(1) persons who have professional experience in matters relating to investments, being investment professionals as defined in Article 19
of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "FPO"); (2) persons who fall within Article 43 or 49
of the FPO; or (3) any other persons to whom these documents and/or materials may lawfully be communicated. Any investment or
investment activity to which this announcement relates is available only to such persons or will be engaged in only with such persons and
other persons should not rely on it.
The Invitation is not being made, directly or indirectly, to the public in the Republic of France ("France"). Neither this announcement, the
Invitation Term Sheet nor any other document or material relating to the Invitation has been or shall be distributed to the public in France
and only: (i) providers of investment services relating to portfolio management for the account of third parties (personnes fournissant le
service d'investissement de gestion de portefeuille pour compte de tiers); and/or (ii) qualified investors (investisseurs qualifiés), acting for
their own account, all as defined in, and in accordance with, Articles L.411-1, L.411-2 and D.411-1 of the French Code Monétaire et
Financier are eligible to participate in the Invitation. This announcement has not been submitted for clearance to the Autorité des Marchés
None of the Invitation, this announcement, the Invitation Term Sheet or any other documents or materials relating to the Invitation have
been submitted to the clearance procedures of the Commissione Nazionale per le Societa e la Borsa (CONSOB) pursuant to Italian laws
and regulations. The Invitation is being carried out in the Republic of Italy ("Italy") as an exempted offer pursuant to article 101-bis,
paragraph 3-bis of the Legislative Decree No. 58 of 24 February 1998, as amended (the Financial Services Act) and article 35-bis,
paragraph 3 of CONSOB Regulation No. 11971 of 14 May 1999, as amended (the "Issuers' Regulation").
Accordingly, the Invitation is only addressed to holders of Bonds located in the Republic of Italy who are "qualified investors" (investitori
qualificati) as defined pursuant to and within the meaning of Article 100 of the Financial Services Act and article 34-ter, paragraph 1, letter
b) of the Issuers' Regulation.
Holders or beneficial owners of the Bonds may offer their Bonds for conversion pursuant to the Invitation through authorised persons
(such as investment firms, banks or financial intermediaries permitted to conduct such activities in Italy in accordance with the Financial
Services Act, CONSOB Regulation No. 20307 of 15 February 2018, as amended from time to time, and Legislative Decree No. 385 of
September 1, 1993, as amended) and in compliance with applicable laws and regulations or with requirements imposed by CONSOB or
any other Italian authority. Each intermediary must comply with the applicable laws and regulations concerning information duties vis-à-
vis its clients in connection with the Bonds or the Invitation
The communication of this announcement by Implats and any other documents or materials relating to the Invitation should not be
construed as constituting any form of investment advice or recommendation, guidance or proposal of a financial nature under the South
African Financial Advisory and Intermediary Services Act, 2002. The Invitation is not being made to and does not constitute an "offer to
the public" (as such term is defined in the South African Companies Act, 2008 (the "SA Companies Act") and is not, nor is it intended to
constitute, a "registered prospectus" (as such term is defined in the SA Companies Act) prepared and registered under the SA Companies
This announcement does not constitute an offer to sell or buy or a solicitation of an offer to sell or buy the Bonds, as applicable (and
offers of Bonds for conversion pursuant to the Invitation will not be accepted from Bondholders in any circumstances in which such offer
or solicitation is unlawful). In those jurisdictions where the securities, blue sky or other laws require the Invitation to be made by a licensed
broker or dealer and the Dealer Manager or its affiliates is such a licensed broker or dealer in such jurisdictions, the Invitation shall be
deemed to be made by the Dealer Manager or such affiliate (as the case may be) on behalf of Implats in such jurisdictions.
Date: 22/07/2019 08:00:00
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