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ROYAL BAFOKENG PLATINUM LIMITED - Update in respect of the Maseve Transaction

Release Date: 20/09/2018 15:00
Code(s): RBP RBPCB     PDF:  
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Update in respect of the Maseve Transaction

ROYAL BAFOKENG PLATINUM LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 2008/015696/06)
JSE share code: RBP
ISIN: ZAE000149936
Company code: RBPD
Bond code: RBPCB
ISIN: ZAE000243853
(“RBPlat” or “the Company”)

UPDATE IN RESPECT OF THE MASEVE TRANSACTION

Security holders are referred to the full terms announcements released by the Company on SENS
dated 6 September 2017 together with the circular posted to shareholders on 2 November 2017 in
terms of which the Company advised security holders that it had entered into agreements with
Platinum Group Metals (RSA) Proprietary Limited (“PTM (RSA)”), a wholly-owned subsidiary of
TSX listed Platinum Group Metals Limited (“PTM”), in terms of which RBPlat and its wholly-owned
subsidiary, Royal Bafokeng Resources Proprietary Limited (“RBR”) would -

•     acquire the concentrator plant (the “Plant”) and related surface assets owned by Maseve
      Investments 11 Proprietary Limited (“Maseve”) from Maseve for an aggregate consideration
      equal to the ZAR equivalent of USD58 million (the “Plant Transaction”); and

•     acquire 100% of the shares in and shareholder claims owing by Maseve for an aggregate purchase
      consideration equal to the ZAR equivalent of USD12 million (the “Share Transaction”),
      (collectively the “Maseve Transaction”).

Security holders are further referred to the announcements released on SENS on 14 February 2018
and 6 April 2018, in terms of which security holders were advised that all conditions precedent to the
Plant Transaction and Share Transaction, respectively, had been fulfilled.

As announced by PTM earlier today, Africa Wide Mineral Prospecting and Exploration Proprietary
Limited (“Africa Wide”), which held 17.1% of the shares in Maseve prior to the implementation of the
Share Transaction, has instituted legal proceedings against PTM, RBPlat and Maseve, in relation to the
Maseve Transaction, in terms of which it seeks to have the Maseve Transaction declared unlawful and
invalid, or alternatively to be paid an increased amount for its Maseve shares, which it argues were
undervalued. Africa Wide contends that the Maseve Transaction required the consent of Africa Wide
in terms of a shareholders’ agreement.

RBPlat has consulted with its legal advisers and senior counsel in respect of Africa Wide’s claim, and
on the basis of the advice received, is of the view that the claim is weak and that there are strong
prospects of successfully defending this matter.
Security holders will be kept appraised on any developments in this regard.

Johannesburg
20 September 2018


Corporate advisor and transaction sponsor   
Questco (Pty) Ltd                           

Legal advisor
Bowmans

JSE sponsor                                 
Merrill Lynch South Africa (Pty) Ltd

JSE debt sponsor
RMB (a division of FirstRand Bank Limited)


For further information, please contact:


Lindiwe Montshiwagae
Executive: Investor Relations
Tel: +27 (0)10 590 4510
Email: lindiwe@bafokengplatinum.co.za




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Date: 20/09/2018 03:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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