Implats unbundling backed29 Apr 2003


GENCOR's shareholders have backed the unbundling of the company's 46% stake in Impala Platinum Holdings (Implats). 

A special resolution to be lodged today for registration with the registrar of companies also states that the last day to trade in Gencor shares on the JSE Securities Exchange SA in order to participate in the unbundling would be May 16. 

Gencor has also resolved to transfer its listing since it is no longer a mining finance house, but has become a focused investment holding company with its main asset being a strategic stake in Implats. The decisions, taken at a general meeting last Friday, also enable the company to settle without any admission of liability all asbestos-related claims against it for a total amount of R460,5m as agreed. 

A key feature of the settlements with the claimants was the establishment of the Asbestos Relief Trust, which would compensate current and future claimants who can show that they had contracted asbestos-related diseases after exposure to asbestos dust at mines owned by companies in which Gencor had an interest. These companies, the Griqualand Exploration & Finance Company and Msauli Asbes Beperk, will be making additional contributions to the trust. Payment is conditional on the unbundling being completed in all respects.