Gencor discloses the terms of Impala Platinum unbu
Resources Correspondent
FORMER mining house Gencor said yesterday its shareholders would get 8,8 Impala Platinum shares for every 100 Gencor shares they held, marking the final stage of Gencor's unbundling.
Gencor said in April it would go ahead with unbundling after setting aside R460,5m to be paid into a trust after it faced claims to compensate former mine workers, who said they contracted asbestos-related illnesses while working in asbestos mines linked to Gencor.
The Asbestos Relief Trust was set up to compensate current and future claimants.
This settlement removed any objection to Gencor's proposed unbundling.
Unbundling involves distributing about 30,6-million Impala shares.
Impala said: "As a consequence of the unbundling, Implats' free float has increased significantly to 100%, which will result in improved liquidity of the share on the international markets. At the same time the company's ratings, in respect of the MSCI index, should also improve in line with the increase in the free float."
As part of the unbundling Gencor has already transferred its listing from the "resources-platinum" sector on the JSE Securities Exchange SA to the "financials-speciality & other finance".
In the final step of the unbundling, Implats share certificates will be posted to certificated shareholders.
Jun 11 2003 07:35:41:000AM Julie Bain Business Day 1st Edition
Wednesday
11 June 2003
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