IMPALA PLATINUM HOLDINGS LIMITED - Results of the24 Jul 2023
Results of the Mandatory Offer to Royal Bafokeng Platinum Limited Shareholders

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
(Implats)


RESULTS OF THE MANDATORY OFFER TO ROYAL BAFOKENG PLATINUM LIMITED
SHAREHOLDERS


NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY
OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD
CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH
JURISDICTION

1.     INTRODUCTION

       (a)     Implats refers to its offer (Offer) to the holders (RBPlat Shareholders) of issued
               ordinary shares (RBPlat Shares) in Royal Bafokeng Platinum Limited (RBPlat) as
               set out in the Implats' offer circular (Offer Circular) dated 17 January 2022 and all
               prior announcements relating to the Offer. Terms defined in the Offer Circular shall,
               where used in this announcement, bear the same meaning as ascribed to them in
               the Offer Circular.

       (b)     The purpose of this announcement is to inform Implats and RBPlat Shareholders
               of the results of the Offer.

2.     RESULTS OF THE OFFER

       (a)     The Offer closed at 12:00 on Friday, 21 July 2023 and was accepted by RBPlat
               Shareholders holding 121,437,384 RBPlat Shares (which is approximately 96.21%
               of the RBPlat Shares other than RBPlat Shares held by Implats before the Offer),
               resulting in Implats now holding an aggregate of approximately 98.35% of RBPlatís
               issued ordinary share capital.

       (b)     Implats acquired the RBPlat Shares for a consideration per RBPlat Share equal to
               the Offer Consideration as described in the Offer Circular.

       (c)     In terms of section 124(4) of the Companies Act, the remaining RBPlat
               Shareholders are accordingly hereby notified that the Offer has been accepted to
               the extent that Implats now holds more than 90% of the RBPlat Shares in issue,
               and that they are thus entitled to require Implats to acquire all of their RBPlat Shares
               at the Offer Consideration described in the Offer Circular on the basis set out in
               section 124(4) of the Companies Act.

       (d)     As the Offer has been accepted by RBPlat Shareholders holding more than 90% of
               the RBPlat Shares other than RBPlat Shares held by Implats before the Offer,
               Implats intends to invoke the provisions of section 124(1) of the Companies Act to
               compulsorily acquire all of the RBPlat Shares not already held by it at the Offer
               Consideration described in the Offer Circular, in which event RBPlat will become a
               wholly-owned subsidiary of Implats and application will be made for the termination
               of the listing of RBPlat Shares on the JSE in terms of paragraph 1.17(a) of the JSE
               Listings Requirements. Implats will publish an announcement in relation to the
               aforegoing in due course. Once such notice is given, the RBPlat Shares will be
               suspended from trading on the JSE and the notice will contain further details in that
               regard.

   3   RESPONSIBILITY STATEMENT

       The board of directors of Implats (to the extent that the information relates to Implats)
       accepts responsibility for the information contained in this announcement and, to the best
       of the Implats boardís knowledge and belief, that information is true, and this announcement
       does not omit anything likely to affect the importance of the information included.


24 July 2023
Illovo, Johannesburg



Corporate Advisor and Lead Financial Advisor to Implats

Macquarie Advisory and Capital Markets South Africa (Pty) Ltd



Joint Financial Advisor to Implats

The Standard Bank of South Africa Limited



Guarantor provider to Implats

Nedbank Limited

The Standard Bank of South Africa Limited



Legal Advisors to Implats

Alchemy Law Africa

ENSafrica

Nortons Inc.



Legal Advisor to Implats as to US law

Davis Polk & Wardwell London LLP


Transaction Sponsor to Implats

Nedbank Corporate and Investment Banking, a division of Nedbank Limited

Ends

Queries:

                                                                                      
Johan Theron
E-mail: johan.theron@implats.co.za
T: +27 (0) 11 731 9013
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
M: +27 (0) 82 498 3608

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY
OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD
CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH
JURISDICTION.

This announcement is for information purposes only. It is not intended to and does not constitute,
or form part of, any offer, invitation or the solicitation of any offer to purchase, otherwise acquire,
subscribe for, sell or otherwise dispose of any securities, or the solicitation of any vote or approval
in any jurisdiction, pursuant to the acquisitions of securities contemplated hereby or otherwise nor
shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of
applicable law.

Forward-Looking Statements

This announcement contains "forward-looking statements". Forward-looking statements can be
identified by words like "may," "will," "likely," "should," "expect," "anticipate," "future," "plan,"
"believe," "intend," "goal," "seek," "estimate," "project," "continue" and similar expressions.
Forward-looking statements are neither historical facts nor assurances of future performance.
Instead, they are based only on our current beliefs, expectations and assumptions regarding the
future of Implats' business, future plans and strategies, projections, anticipated events and trends,
the economy and other future conditions. Because forward-looking statements relate to the future,
they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to
predict and many of which are outside of Implats' control. Implats' actual results and financial
condition may differ materially from those indicated in the forward-looking statements. Therefore,
you should not rely on any of these forward-looking statements. The forward-looking statements
included in this announcement are made only as of the date of this announcement, and except as
otherwise required by law, Implats does not have any obligation to publicly update or revise any
forward-looking statements to reflect subsequent events or circumstances.

Important information for US shareholders

RBPlat is a public company incorporated in South Africa. The Offer will be made to RBPlat
Shareholders in the United States in compliance with the applicable US tender offer rules under
the US Securities Exchange Act of 1934, as amended (US Exchange Act), including Regulation
14E thereunder, and otherwise in accordance with the requirements of South African law.
Accordingly, the Offer will be subject to disclosure and other procedural requirements, including
with respect to withdrawal rights, the offer timetable, settlement procedures and timing of payments
that are different from those applicable under US domestic tender offer law and practice. The
financial information of RBPlat and Implats, including any included in the offer documentation, will
not have been prepared in accordance with US GAAP, or derived therefrom, and may therefore
differ from, and not be comparable with, financial information of US companies.

The Implats Shares to be issued pursuant to the Offer as part of the Offer Consideration (the
Consideration Shares) have not been, and will not be, registered under the US Securities Act of
1933, as amended (the US Securities Act), or under any laws or with any securities regulatory
authority of any state, district or other jurisdiction, of the United States, and may only be offered or
sold pursuant to an exemption from, or in a transaction not subject to, the registration requirements
of the US Securities Act and in compliance with any applicable state and other securities laws.
There will be no public offer of any securities in the United States. This announcement does not
constitute an offer to sell or solicitation of an offer to buy any of the shares in the United States.
Further details of which US and other RBPlat Shareholders are eligible to receive the Consideration
Shares, and the procedural steps required to be taken by such persons to so receive such shares,
as well as the procedures for those US and other RBPlat Shareholders who do not so qualify to
receive the Consideration Shares, will be set forth in the Offer Circular.

Implats and its affiliates or brokers (acting as agents for Implats and its affiliates, as applicable)
may from time to time, and other than pursuant to the Offer, directly or indirectly, purchase, or
arrange to purchase outside the United States, shares in RBPlat or any securities that are
convertible into, exchangeable for or exercisable for such shares before or during the period in
which the Offer remains open for acceptance, to the extent permitted by, and in compliance with,
Rule 14e-5 under the US Exchange Act. These purchases may occur either in the open market at
prevailing prices or in private transactions at negotiated prices. Information about any such
purchases or arrangements to purchase that is made public in accordance with South African law
and practice will be available to all investors (including in the United States) via announcements on
the Stock Exchange News Service (or SENS) of the JSE Limited.

Neither the US Securities and Exchange Commission (SEC) nor any US state securities
commission has approved or disapproved of the Consideration Shares to be issued in connection
with the Offer, or determined if this announcement or the Offer Circular is accurate or complete.
Any representation to the contrary is a criminal offence in the United States.

The Consideration Shares have not been and will not be listed on a US securities exchange or
quoted on any inter-dealer quotation system in the United States. Implats does not intend to take
any action to facilitate a market in the Consideration Shares in the United States.

The Offer, if consummated, may have consequences under US federal income tax and applicable
US state and local, as well as non-US, tax laws for RBPlat Shareholders. Each RBPlat Shareholder
is urged to consult his or her independent professional adviser regarding the tax consequences of
the Offer.

It may not be possible for RBPlat Shareholders in the United States to effect service of process
within the United States upon RBPlat and/or Implats (each a company incorporated in South
Africa), or their respective officers or directors, some or all of which may reside outside the United
States, or to enforce against any of them judgments of the United States courts predicated upon
the civil liability provisions of the federal securities laws of the United States or other US law. It may
not be possible to bring an action against RBPlat and/or Implats or their respective officers or
directors, in a non-US court for violations of US law, including the US securities laws. Further, it
may be difficult to compel a non-US company and its affiliates to subject themselves to a US courtís
judgement. In addition, it may be difficult to enforce in South Africa original actions, or actions for
the enforcement of judgments of US courts, based on the civil liability provisions of the US federal
securities laws.




                                                                                             

Date: 24-07-2023 08:00:00
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