IMPALA PLATINUM HOLDINGS LIMITED - Compulsory Acqu14 Sep 2023
Compulsory Acquisition by Implats of all the shares in RBPlat in terms of s124(1) of the Companies Act and Delisting

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


COMPULSORY ACQUISITION BY IMPALA PLATINUM HOLDINGS LIMITED OF ALL THE
SHARES IN ROYAL BAFOKENG PLATINUM LIMITED IN TERMS OF SECTION 124(1) OF
THE COMPANIES ACT, 2008, AND THE DELISTING OF RBPLAT FROM THE MAIN BOARD
OF THE JSE LIMITED

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
      1.1   Shareholders (RBPlat Shareholders) of Royal Bafokeng Platinum Limited (RBPlat) are
            referred to the circular issued by Impala Platinum Holdings Limited (Implats) dated 17
            January 2022 (Offer Circular) and to the mandatory offer (Offer) made by Implats to
            them to acquire their shares in RBPlat (RBPlat Shares or Offer Shares) for a
            consideration (Offer Consideration) of (i) a cash amount of R90 per Offer Share and (ii)
            0.300 ordinary shares in Implats (Implats Shares) per Offer Share.

      1.2   RBPlat Shareholders are also referred to Implats' announcement of 1 August 2023
            (s124 Notice Announcement) setting out Implatsí notice 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 as the Offer was accepted by RBPlat Shareholders holding more
            than 90% of the RBPlat Shares, other than RBPlat Shares held by Implats before the
            Offer.

      1.3   Words and expressions defined in the Offer Circular and in the s124 Notice
            Announcement shall, when used herein, bear the same meanings ascribed to them in
            the Offer Circular and the s124 Notice Announcement.
      1.4   The purpose of this announcement is to notify RBPlat Shareholders that:
            1.4.1   an application was made to Court, in terms of section 124(2) of the Companies
                    Act, seeking an order in terms of that section, by a Remaining RBPlat
                    Shareholder holding 347 056 RBPlat Shares (representing 0.12% of RBPlat
                    Shares in issue). These RBPlat Shares will therefore not be compulsory acquired
                    by Implats in accordance with the timetable below, until the application has been
                    disposed of in terms of section 124(5) of the Companies Act;

            1.4.2   Implats is entitled and bound to compulsorily acquire from each Remaining
                    RBPlat Shareholder, other than the RBPlat Shareholder mentioned above, all of
                    their Remaining RBPlat Shares in accordance with the provisions of section 124
                   of the Companies Act at the Offer Consideration and on the same terms and
                   conditions as the Offer; and
           1.4.3   all the Remaining RBPlat Shares will be delisted from the JSE from the
                   commencement of trade on Monday, 18 September 2023.


 2.   REMAINING SALIENT DATES AND TIMES
      The remaining salient dates and times for the compulsory acquisition are set out below:

                                                                                                     2023

         Compulsory acquisition of the Remaining RBPlat Shares held             Thursday, 14 September
         by the Remaining RBPlat Shareholders in accordance with
         section 124(5) of the Companies Act, at the commencement
         of business on

         Date of payment of the Offer Consideration to RBPlat on behalf            Friday, 15 September
         of the Remaining RBPlat shareholders who have made
         demands in terms of section 124(4)(b) of the Companies Act.
         Unclaimed Offer Consideration to be held in trust subject to the
         provisions of section 124(8) of the Companies Act and to be
         paid on demand

         Termination of listing of RBPlat Shares on the JSE from the             Monday, 18 September
         commencement of trade on



 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 document and, to the best of the Implats
      boardís knowledge and belief, that information is true, and this document does not omit
      anything likely to affect the importance of the information included.


14 September 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


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

                                                                         
OTHER IMPORTANT INFORMATION:
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 document 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 document 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 document are made only as of the date of this document, 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 was 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 is 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, was not
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 document 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, are 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 document 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: 14-09-2023 08:00:00
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