Northam Platinum Limited - Reduction And Repayment
Northam Platinum Limited
(Incorporated in the Republic of South Africa)
(Registration number 1977/003282/06)
Share code: NHM
ISIN code: ZAE000030912
("the company")
Reduction and repayment of share premium
As was stated in the directors` report contained in the 2002 Annual Report,
subsequent to the declaration and payment of dividend number 8 during
August/September 2002, the board obtained legal opinion which confirmed that its
interpretation of the company`s articles of association, read in conjunction
with Section 90 of the Companies Act, was not correct in that the amount
distributed of 175 cents per share included a capital payment, being share
premium, of 75 cents per share. In terms of Article 3 of the articles of
association, capital reductions require the approval of shareholders.
At the annual general meeting that was held on 7 November 2002, the shareholders
present approved a resolution ratifying the reduction of share premium of 75
cents per share.
South African shareholders should take note of the following:
Corporate shareholders who are subject to Secondary Tax on Companies ("STC") are
advised that for purposes of calculating their STC position, 100 cents of the
175 cents per share distribution represents a dividend.
For purposes of calculating Capital Gains Tax, the amount of 75 cents per share
constitutes a capital repayment, and consequently the base cost must be reduced
by this amount. For information, the published base cost at 30 September 2001
was R11.94.
Shareholders in other tax jurisdictions are advised to consult their financial
advisors.
Should you have any queries, please contact our Corporate Finance Manager on
+27 11 440 8811 (e-mail: dwolstenholme@corp.norplats.co.za).
Johannesburg
Monday, 2nd December 2002
Sponsor: Barnard Jacobs Mellet Corporate Finance (Pty) Limited
Date: 02/12/2002 01:34:00 PM Produced by the JSE SENS Department
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