IMP - Implats - Disposal By Implats Of Its Holding16 Apr 2008
IMP - Implats - Disposal By Implats Of Its Holdings In Aquarius Platinum Limited
("AQP") And Aquarius Platinum (South Africa) (Pty) Limited ("AQPSA")            
Impala Platinum Holdings Limited                                                
(Incorporated in the Republic of South Africa)                                  
(Registration No. 1957/001979/06)                                               
ISIN: ZAE000083648                                                              
JSE Share Code: IMP                                                             
LSE Share Code: IPLA                                                            
ADR Code: IMPUY                                                                 
1.   Introduction                                                               
Shareholders are advised that Implats has entered into agreements with AQP and  
AQPSA in terms of which these companies will purchase Implats` entire interest  
in AQP and AQPSA respectively, through share buybacks. The combined cash        
consideration for both transactions amounts to approximately US$744 million     
(excluding Secondary Tax on Companies ("STC") credits). The salient terms of the
transaction are outlined below.                                                 
2.   Salient Terms of the Transactions                                          
2.1. AQP Buyback                                                                
AQP will purchase Implats` holding of 21.4 million shares (approximately 8.4% of
AQP`s issued share capital) in AQP at a price of 6.71 pounds per share for a    
total consideration of 143.8 million pounds (US$ 285 million). The price was    
determined by taking a 10% discount to the 30-day volume weighted average price 
of 7.46 pounds on the close of business on 19 March 2008, the day the parties   
agreed the terms of the transaction.                                            
2.2  AQPSA Buyback                                                              
AQPSA, a 54% held subsidiary of AQP, will purchase Implats` 20% holding in AQPSA
for a total cash consideration of US$459 million (excluding STC credits).       
Implats` board representatives on AQPSA`s board, namely Les Paton and Francois  
Naude, will resign from the AQPSA board on completion of the transaction.       
2.3  Conditions Precedent                                                       
The buyback of Implats` 8.4% holding in AQP and its 20% holding in AQPSA are    
inter-conditional. The transactions are subject to the fulfilment of the        
following conditions:                                                           
2.3.1 AQP and AQPSA obtaining the necessary funding for the share buyback.      
2.3.2 AQP, AQPSA and Implats obtaining the necessary South African regulatory   
approvals for the implementation of the transactions.                           
3.   Rationale                                                                  
After conducting a portfolio review, Implats entered into discussions with AQP  
as its minority shareholdings in AQP and AQPSA were determined to be non core to
Implats` operations and it was deemed an opportune time to realise value from   
its holdings in the AQP group.  Implats has made an exceptional return on its   
investments in the AQP group and believes its decision to exit is not only      
mutually beneficial but also leaves AQP as a strong, independent platinum       
player.  The board of Implats believes the terms of the transactions are        
attractive and in the best interests of shareholders.                           
The parties will, however, continue to enjoy a relationship through the offtake 
agreements with Marikana and Everest.                                           
Implats is evaluating a number of options regarding the effective use of the    
proceeds and shareholders will be updated in due course.                        
4.   Completion Date                                                            
The transaction is expected to be completed by the 25 April 2008 provided the   
conditions precedent have been met.                                             
15 April 2008                                                                   
Financial Advisor to Implats                                                    
Morgan Stanley South Africa (Pty) Limited                                       
Legal Advisor to Implats                                                        
Bell Dewar Hall                                                                 
Sponsor to Implats                                                              
Deutsche Securities (SA) (Pty) Limited                                          
Corporate Tax Advisor to Implats                                                
Dianne Dobson                                                                   
The financial advisor to Implats in regard to the transaction is Morgan Stanley 
South Africa (Pty) Limited ("Morgan Stanley"). Morgan Stanley is acting         
exclusively for Implats and no-one else in connection with the matters described
in this announcement and will not be responsible to anyone other than Implats   
for providing the protections afforded to clients of Morgan Stanley nor for     
providing advice in relation to the transaction or any other matter described in
this announcement.                                                              
Date: 16/04/2008 07:00:03 Produced by the JSE SENS Department.                  
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