| Tue 6 Dec 2011, 8:30 | | NHM - Northam Platinum Limited - Notice pursuant to section 45(5) of the |
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NHM
NHM
NHM - Northam Platinum Limited - Notice pursuant to section 45(5) of the
companies act no. 71 of 2008
NORTHAM PLATINUM LIMITED
Incorporated in the Republic of South Africa
(Registration number 1977/003282/06)
Share code: NHM
ISIN code: ZAE000030912
("Northam" or "the company")
NOTICE PURSUANT TO SECTION 45(5) OF THE COMPANIES ACT NO. 71 OF 2008 ("COMPANIES
ACT")
1 This is a notice pursuant to section 45(5) of the Companies Act.
2 On 18 August 2011, Northam shareholders approved a special resolution
pursuant to section 45 of the Companies Act authorising the board of
directors ("the board") to provide direct and indirect financial assistance
to a related or inter-related company.
3 Section 45(5) of the Companies Act requires a company to provide written
notice to its shareholders, amongst others, of the adoption of a board
resolution to provide financial assistance if the total value of all loans,
debts, obligations or assistance contemplated in that resolution, together
with any previous such resolution during the same financial year, exceeds
one-tenth of 1% of the company`s net worth at the time of the resolution.
4 The board has adopted the following resolutions:
- an undertaking in favour of Nederlandse Financierings-Maatschappij
Voor Ontwikkelingslanden NV ("FMO") and Norplats Properties
(Proprietary) Limited ("Norplats Props"), a subsidiary of Northam, in
terms of which the company has undertaken to provide sufficient
funding of up to R80 million (eighty million rand) to Norplats Props
to enable it to fulfil its obligations to FMO in terms of the Mojuteng
Housing Project; and
- to provide financial assistance of up to R1 billion (one billion rand)
for a (five) year senior unsecured revolving credit facility to be
provided by Nedbank Limited to Khumama Platinum (Proprietary) Limited
and Micawber 278 (Proprietary) Limited, both subsidiaries of Northam.
5 The facilities referred to in paragraph 4 will further strengthen Northam`s
balance sheet and support its key strategic initiatives, which include the
provision of housing for its Zondereinde mine employees (Mojuteng Housing
Project) and the development of its Booysendal mine.
6 This notice is provided because the value of the financial assistance
referred to in paragraph 4 exceeds the threshold stated in paragraph 3.
Johannesburg
6 December 2011
Sponsor
One Capital
Date: 06/12/2011 08:30:01 Produced by the JSE SENS Department.
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