Sibanye Gold, whose assets reside at a holding company level, has commenced with an internal restructuring process which will see its gold assets included as a subsidiary of the new holding company, Sibanye-Stillwater.
In order to effect the internal restructuring, which is expected to create a more efficient Group structure, the board of Sibanye Gold (SGL) has received an offer from Sibanye-Stillwater, a wholly owned subsidiary of SGL, to acquire the entire issued share capital of SGL held by shareholders of
This process is being proposed to create a more efficient corporate structure and to facilitate the Group’s growth strategy by reorganising the Group’s existing operations, following which Sibanye-Stillwater will serve as the holding company of the Group.
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SGL continues to hold the Kloof, Driefontein and Beatrix operations directly. In order to create a corporate structure whereby the SGL gold and PGM portfolios are each held within their own distinct legal entities, SGL is proposing that Sibanye-Stillwater acquires the entire issued share capital of SGL in exchange for the issue and allotment of shares in Sibanye-Stillwater to the SGL shareholders.
In addition, the Group expects the shareholding of Sibanye Platinum will be reorganised, the end result being:
- all of the issued shares in Sibanye Platinum will be directly held by Sibanye-Stillwater and will no longer be held directly by SGL, as is currently the case; and
- (ii) SGL, as a wholly-owned subsidiary of Sibanye-Stillwater, will hold the Group’s gold portfolio and Sibanye Platinum will hold the Group’s PGM portfolio.
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