NEWS RELEASE
12 June 2002
Implats lays ground for share buy-back
Further plans to unlock value for shareholders
Impala Platinum Holdings Limited (Implats) today (12 June 2002) announced
the company`s intention to seek shareholder approval for a general share buy-
back.
Says Implats CEO, Keith Rumble, "Although Implats has enjoyed a significant
rerating in recent times, the Implats Board is continuing to seek further
ways of unlocking value for shareholders. As a result, the Board will ask
shareholders to approve the implementation of a general share buy-back as an
initial step in this process.
"While the company has significant growth opportunities, Implats has a
tremendous capacity to generate cash and the directors want to ensure that
we deploy this cash in such a way that we enhance shareholder value. Our
extensive discussions with both local and international shareholders have
indicated that a share buy-back is one of the methods that they would prefer
the company to use to deliver additional value to them."
"The large stake in Implats held by Gencor Limited has previously been an
impediment to the company conducting a share buy-back as the directors did
not wish to take any action which could have reduced the liquidity of the
share. However, in the event of Gencor unbundling its shares in Implats, the
liquidity of Implats` shares is expected to increase significantly, making a
share buy-back, without reducing liquidity, possible.
"Not only will the share buy-back effectively support the company`s share
price, but more particularly it will also underpin the share should
additional liquidity come onto the market as a result of such corporate
activity by Gencor."
Shareholders will be asked to vote in favour of a resolution in respect of
the share buy-back at an Extraordinary General Meeting of the company to be
held on 15 July 2002.
At the same time, shareholders will be asked to pass a resolution allowing
the directors to issue shares for cash. Although there is no specific
proposal to do so immediately, the company may find itself in a position in
the future in which it will need to timeously fund an acquisition. South
Africa`s foreign exchange regulations make it difficult for cash generated
by the company in South Africa to be used for this purpose.
A circular to shareholders dealing with these issues will been posted in due
course.
Ends
For further information see the Implats website:
www.implats.co.za
Queries :
Cathie Markus
(011) 481 3925 (Tel)
082 441 7166 (Cell)
Ticker symbols:
JSE: Imp
LSE: Impla
ADRS: Impay
Date: 12/06/2002 08:55:00 AM Produced by the SENS Department
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