JSE/NYSE Sibanye-Stillwater and JSE/LSE Lonmin have announced the CACSA has delivered its judgment on the appeal filed with the CACSA by the AMCU.
The Competition Appeal Court of South Africa (CACSA) dismissed the
Association of Mineworkers and Construction Union’s (AMCU) appeal with costs.
It has therefore upheld the South African Competition Tribunal’s decision of 21 November 2018, to approve the offer subject to certain specific conditions, including one minor amendment which clarifies the measure used as part of the investigation and implementation of certain mining projects, but does not change the overall conditions.
Both companies remain fully committed to the offer.
Neal Froneman CEO of Sibanye-Stillwater comments:
“We are pleased that the Competition Appeal Court has upheld the decision of the Competition Tribunal. We are confident that the integration of Lonmin’s PGM assets and our adjacent PGM operations will ensure a more sustainable and positive future for these assets.
“We believe that the Transaction continues to be in the best interest of all stakeholders.”
Ben Magara, CEO of Lonmin comments:
“We welcome this decision as it clears the way towards the shareholder votes on 28 May. The combination creates a larger and more diversified company which we believe is in the best interest of Lonmin shareholders and other stakeholders.”
The Transaction remains subject to the satisfaction or waiver of the conditions set out in the announcement of the Transaction by the two companies on 14 December 2017 and in the scheme circular published by Lonmin on 25 April 2019.
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 Circular, each containing notices convening the required shareholder meetings and relevant resolutions in relation to the Transaction, were posted to the respective shareholders on 25 April 2019.
Shareholder meetings from both companies will be held on Tuesday, 28 May 2019. Shareholders should see the Sibanye-Stillwater Circular or the Lonmin Scheme Circular for further information.