IMPALA PLATINUM HOLDINGS LIMITED - Proposed repurc27 Aug 2020
Proposed repurchase of Implats treasury shares from a subsidiary

IMPALA PLATINUM HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1957/001979/06)
JSE share code: IMP
ISIN: ZAE000083648
ADR code: IMPUY
JSE Convertible Bond Stock Code: IMCB22
JSE Convertible Bond ISIN: ZAE000247458
(“IMPL CB22”)
(“Implats” or “the Group”)

     PROPOSED REPURCHASE OF IMPLATS TREASURY SHARES FROM A SUBSIDIARY

1.   Introduction
     Developing an optimal capital structure remains a key strategic imperative for Implats. The Group
     seeks to create value by sustaining and leveraging a strong and flexible balance sheet within a
     prudent capital allocation framework.

     During FY2020, substantial progress was made in this regard through the induced conversion of
     the US$250 million bond, the funding of the acquisition of Impala Canada through a combination
     of cash and debt, and the implementation of a revised dividend policy based on a declaration of at
     least 30% of free cash flow, pre-growth capital, for any given period, subject to the discretion of the
     board of directors of Implats ("Board").

     In addition, the Board has approved the cancellation of treasury shares, which are currently held
     by a subsidiary of the Group. While this is a non-cash transaction for Implats, in order to effect this,
     the Company, Impala Platinum Limited ("Impala") and Gazelle Platinum Limited (“Gazelle”) (both
     Impala and Gazelle being subsidiaries of Implats) have entered into a repurchase agreement dated
     26 August 2020 in terms of which Implats will repurchase 16 233 994 ordinary shares currently
     held by Gazelle in the issued share capital of Implats (the “Specific Repurchase”).

     As certain shareholder approvals are required to effect the Specific Repurchase, full details of the
     Specific Repurchase will be incorporated in the notice of annual general meeting which is expected
     to be distributed to shareholders on or about Monday, 14 September 2020 and will include a special
     resolution relating to the Specific Repurchase. The annual general meeting is scheduled to be held
     on Wednesday, 14 October 2020.

2.   Terms of the Specific Repurchase
     2.1.   The price at which the 16 233 994 ordinary shares are to be repurchased will be equal to the
            closing market price as quoted on the JSE Limited of an Implats ordinary share on the day
            immediately preceding the date of the Specific Repurchase, being Friday, 16 October 2020.

     2.2.   The effective date of the Specific Repurchase will be Monday, 19 October 2020.

     2.3.   The Specific Repurchase represents 2.03% of the current ordinary shares in issue.
     2.4.   The ordinary shares to be repurchased in terms of the Specific Repurchase are reflected as
            treasury shares in the consolidated annual financial statements of Implats. Subsequent to
            the Specific Repurchase, application will be made to the JSE for the cancellation and
            delisting of the 16 233 994 Implats ordinary shares, which delisting and cancellation will take
            place on or about Thursday, 22 October 2020.

     2.5.   After the Specific Repurchase, there will be 4 613 469 treasury shares in issue which are
            held in terms of the Implats LTIP 2018 Share Plan.

3.   Suspensive conditions
     The Specific Repurchase is subject to the following suspensive conditions:

     3.1.   shareholders of Implats passing the requisite special resolution required to approve the
            Specific Repurchase at the annual general meeting of Implats to be held on Wednesday, 14
            October 2020; and

     3.2.   JSE approval of the Specific Repurchase.

4.   Impact of the Specific Repurchase on financial information
     As the Specific Repurchase involves the repurchase by Implats of treasury shares, the Board
     confirms that the implementation of the Specific Repurchase will have no impact on the financial
     information of Implats, other than reducing the number of ordinary shares in issue, increasing the
     inter-company loan accounts and the payment of Securities Transfer Tax on the cancellation of the
     16 233 994 Implats ordinary shares.


     Queries:
     Johan Theron
     E-mail: johan.theron@implats.co.za
     T: +27 (0) 11 731 9013/43
     M: +27 (0) 82 809 0166

     Emma Townshend
     E-mail : emma.townshend@implats.co.za
     T : +27 (0) 21 794 8345
     M : +27 (0) 82 415 3770

     Alice Lourens
     E-mail: alice.lourens@implats.co.za
     T: +27 (0) 11 731 9033/43
     M: +27 (0) 82 498 3608

     27 August 2020
     Johannesburg

     Investment bank, corporate advisor and sponsor to Implats
     Nedbank Corporate and Investment Banking

     Legal and tax advisors
     ENSafrica

Date: 27-08-2020 01:00:00
Produced by the JSE