Wrap Text
SA Competition Tribunal approves the Lonmin acquisition subject to agreed conditions
Sibanye Gold Limited
Trading as Sibanye-Stillwater
Incorporated in the Republic of South Africa
Registration number 2002/031431/06
Share code: SGL
ISIN – ZAE000173951
Issuer code: SGL
(“Sibanye-Stillwater” or “the Group” or “the Company”)
SA Competition Tribunal approves the Lonmin acquisition subject to agreed
conditions
Johannesburg, 21 November 2018. Sibanye-Stillwater (Tickers JSE: SGL and NYSE:
SBGL) is pleased to announce that the South African Competition Tribunal (the
Competition Tribunal) has approved the proposed acquisition of Lonmin Plc
(Lonmin)(the Transaction), subject to specific conditions.
In addition to the conditions agreed between Sibanye-Stillwater and the
Competition Commission (details of which were provided in the announcement on 18
September 2018), a further condition has been imposed by the Competition Tribunal,
namely:
- a moratorium on retrenchments at the Lonmin operations for a period of six
months from the implementation date. This excludes any voluntary separation
agreements and ordinary course of business terminations, and does not
prevent the Company from initiating proceedings in terms of Section 189 of
the Labour Relations Act, as long as such proceedings are not finalised
before six-months from implementation of the Transaction
Neal Froneman CEO of Sibanye-Stillwater commented: “I am extremely pleased that
the Competition Tribunal has approved the Transaction, on terms which we believe
are fair, reasonable and in the best interest of all stakeholders. We are
confident that the integration of Lonmin’s PGM assets and Sibanye-Stillwater’s
adjacent PGM operations, will ensure a more sustainable and positive future for
these assets and bring greater stability to the region. I would also like to
acknowledge the comprehensive and pragmatic approach taken by the Competition
Commission and Commission Tribunal, with all stakeholders having been given due
consideration. This has ensured a fair and judicious outcome, which recognises
Sibanye-Stillwater’s commitment to the South African mining sector and the
benefits that will accrue to all stakeholders.”
The Transaction remains subject to the satisfaction or (where applicable) waiver
of the conditions set out in the announcement of the Transaction by Lonmin and
Sibanye-Stillwater on 14 December 2017. Such conditions include, amongst others,
the approvals of Lonmin and Sibanye-Stillwater shareholders and the courts of
England and Wales.
A circular to Sibanye-Stillwater shareholders and the Lonmin scheme of arrangement
document will be posted to the respective shareholders in due course. Included in
those documents will be the expected dates of the shareholder meetings and
timetable to the closing of the transaction.
For more information on the proposed acquisition of Lonmin by Sibanye-Stillwater,
please refer to https://www.sibanyestillwater.com/investors/transactions/lonmin.
Ends.
Contacts:
Email: ir@sibanyestillwater.com
James Wellsted
Head of Investor Relations
+27 (0) 83 453 4014
Sponsor: J.P. Morgan Equities South Africa Proprietary Limited
FORWARD LOOKING STATEMENTS
This announcement contains forward-looking statements within the meaning of the “safe
harbour” provisions of the United States Private Securities Litigation Reform Act of 1995.
All statements other than statements of historical fact included in this announcement may
be forward-looking statements. Forward-looking statements may be identified by the use of
words such as “will”, “would”, “expect”, “may”, “could” “believe”, “anticipate”, “target”,
“estimate” and words of similar meaning. These forward-looking statements, including among
others, those relating to our future business prospects, financial positions, business
strategies, plans and objectives of management for future operations and the anticipated
benefits and synergies of transactions, are necessarily estimates reflecting the best
judgement of our senior management. Readers are cautioned not to place undue reliance on
such statements. Forward looking statements involve a number of known and unknown risks,
uncertainties and other factors, many of which are difficult to predict and generally
beyond the control of Sibanye-Stillwater that could cause Sibanye-Stillwater’s actual
results and outcomes to be materially different from historical results or from any future
results expressed or implied by such forward-looking statements. As a consequence, these
forward-looking statements should be considered in light of various important factors,
including those set forth in the Group’s Annual Integrated Report and Annual Financial
Report, published on 30 March 2018, and the Group’s Annual Report on Form 20-F filed by
Sibanye-Stillwater with the Securities and Exchange Commission on 2 April 2018 (SEC File
no. 001-35785). These forward-looking statements speak only as of the date of this
announcement. Sibanye-Stillwater expressly disclaims any obligation or undertaking to
update or revise these forward-looking statements, save as required by applicable law.
Additional Information
This announcement is for information purposes only. It is not intended to and does not
constitute, or form part of, an offer, invitation or the solicitation of an offer to
purchase, otherwise acquire, subscribe for, sell or otherwise dispose of any securities,
or the solicitation of any vote or approval in any jurisdiction, pursuant to the
Transaction or otherwise nor will there be any sale, issuance or transfer of securities in
any jurisdiction in contravention of applicable law.
The release, publication or distribution of this announcement in certain jurisdictions may
be restricted by law. Persons who are not resident in South Africa or the United Kingdom
or who are subject to the laws of other jurisdictions should inform themselves of, and
observe, any applicable requirements. Any failure to comply with applicable requirements
may constitute a violation of the securities law of any such jurisdiction.
Disclosure requirements of the Takeover Code
Under Rule 8.3(a) of the Takeover Code (Code), any person who is interested in 1% or more
of any class of relevant securities of an offeree company or of any securities exchange
offeror (being any offeror other than an offeror in respect of which it has been announced
that its offer is, or is likely to be, solely in cash) must make an Opening Position
Disclosure following the commencement of the offer period and, if later, following the
announcement in which any securities exchange offeror is first identified. An Opening
Position Disclosure must contain details of the person’s interests and short positions in,
and rights to subscribe for, any relevant securities of each of (i) the offeree company
and (ii) any securities exchange offeror(s). An Opening Position Disclosure by a person to
whom Rule 8.3(a) applies must be made by no later than 3.30 pm (London time) on the 10th
business day following the commencement of the offer period and, if appropriate, by no
later than 3.30 pm (London time) on the 10th business day following the announcement in
which any securities exchange offeror is first identified. Relevant persons who deal in
the relevant securities of the offeree company or of a securities exchange offeror prior
to the deadline for making an Opening Position Disclosure must instead make a Dealing
Disclosure.
Under Rule 8.3(b) of the Code, any person who is, or becomes, interested in 1% or more of
any class of relevant securities of the offeree company or of any securities exchange
offeror must make a Dealing Disclosure if the person deals in any relevant securities of
the offeree company or of any securities exchange offeror. A Dealing Disclosure must
contain details of the dealing concerned and of the person’s interests and short positions
in, and rights to subscribe for, any relevant securities of each of (i) the offeree
company and (ii) any securities exchange offeror, save to the extent that these details
have previously been disclosed under Rule 8. A Dealing Disclosure by a person to whom Rule
8.3(b) applies must be made by no later than 3.30 pm (London time) on the business day
following the date of the relevant dealing.
If two or more persons act together pursuant to an agreement or understanding, whether
formal or informal, to acquire or control an interest in relevant securities of an offeree
company or a securities exchange offeror, they will be deemed to be a single person for
the purpose of Rule 8.3.
Opening Position Disclosures must also be made by the offeree company and by any offeror
and Dealing Disclosures must also be made by the offeree company, by any offeror and by
any persons acting in concert with any of them (see Rules 8.1, 8.2 and 8.4).
Details of the offeree and offeror companies in respect of whose relevant securities
Opening Position Disclosures and Dealing Disclosures must be made can be found in the
Disclosure Table on the Takeover Panel’s website at http://www.thetakeoverpanel.org.uk,
including details of the number of relevant securities in issue, when the offer period
commenced and when any offeror was first identified. If you are in any doubt as to whether
you are required to make an Opening Position Disclosure or a Dealing Disclosure, you
should contact the Takeover Panel’s Market Surveillance Unit on +44 (0)20 7638 0129.]
Publication on Website
A copy of this announcement will be made available, subject to certain restrictions
relating to persons resident in restricted jurisdictions, at Sibanye-Stillwater’s website
on https://www.sibanyestillwater.com/investors/transactions/lonmin by no later than 12
noon (London time) on 22 November 2019. For the avoidance of doubt, the contents of this
website is not incorporated into and does not form part of this announcement.
Date: 21/11/2018 05:38:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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