| Fri 13 Jul 2001, 0:00 | | Delisting Of Kroondal From The Jse Securities Exch |
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KROONDAL PLATINUM MINES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1977/002213/06)
("Kroondal")
Delisting of Kroondal from the JSE Securities Exchange South Africa
1. Introduction
Kroondal, which was a wholly-owned subsidiary of Aquarius Platinum Limited
("Aquarius"), listed in the "Mining - Platinum" sector of the JSE Securities
Exchange South Africa ("JSE") list in August 1998. Simultaneously with the
listing on the JSE, Kroondal raised approximately R152 million to fund the
development of the Kroondal Platinum Mine and concentrator plant near
Rustenburg, South Africa.
In January 2001, Aquarius extended a cash offer to acquire all the
Kroondal shares not already held by Aquarius ("the cash offer") at R32,00
per share. The cash offer opened on 15 January 2001 and closed on 5 February
2001. As a consequence of the cash offer, Aquarius increased its interest
in Kroondal from 50,34% to 77,73%.
After the close of the cash offer Aquarius continued to acquire Kroondal
shares on the
JSE to the extent that it currently owns 94,30% of Kroondal. Impala
Platinum Limited owns a further 4,71% of Kroondal and the remaining 0,99% is
held by approximately 146 individual investors.
2. Rationale for delisting
Aquarius's intention of making the cash offer was to acquire 100% of the
issued shares in Kroondal. As a consequence of the cash offer and the
subsequent purchases on the market, Aquarius interest in Kroondal has
increased to 94,30%. Kroondal does not meet the JSE Listings Requirements in
respect of a listing on the JSE in that:
* less than 20% of its issued shares are held by public shareholders; and
* it has less than 500 shareholders.
The investment by Aquarius in Kroondal is long term, strategic and
critical to the development of the remainder of the PGM properties held by
Aquarius, therefore, it is unlikely that Kroondal will meet the JSE Listings
Requirements in respect of a listing on the JSE.
While listed on the JSE, Kroondal will remain obliged to incur the costs
associated with a listing on the JSE, while not being able to derive any
benefits from the listing.
These have been the main motivating factors leading to the application to
the JSE for the delisting of Kroondal from the JSE.
3. JSE approval for the delisting
Based on the above rationale for the delisting, Kroondal made an application
to the JSE to delist Kroondal from the JSE. The JSE has approved the
application for the delisting of Kroondal from the JSE with effect from the
close of business on Friday, 3 August 2001.
4. Exit mechanism for remaining Kroondal shareholders
Prior to the delisting of Kroondal from the JSE, Aquarius has undertaken to
"stand in the market" and acquire Kroondal shares at R26,00 per Kroondal
share, being the cash offer consideration of R32,00 less the capital
reduction of R6,00 per Kroondal share, for a period of three weeks from
publication of this announcement. This will enable Kroondal shareholders who
do not want to be shareholders of Kroondal in an unlisted environment to
exit from their investment at a price which the board of Aquarius believes
is fair and reasonable.
Post the delisting of Kroondal from the JSE any remaining Kroondal
shareholders who wish to sell their shares in Kroondal are advised to
contact the company secretary of Kroondal.
Johannesburg Company Secretary: Graham Ferreira
16 July 2001 Tel: +27 (14) 536-4000
Fax: +27 (14) 536-4015
E-mail: graham@kpm.co.za
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