Northam’s stake in Trans Hex dates back to 2011 with the unbundling of Mvela Resources. In terms of the transaction, Mvela Resources became a wholly-owned subsidiary of Northam and was delisted from the JSE.
[quote]The funds will be allocated towards developing Northam’s internal project pipeline.
“The disposal of this non-core holding is in line with Northam’s strategy of rationalising its asset portfolio, and focusing on growing its PGM business into shallow, mechanisable ore bodies,” comments Northam chief executive Paul Dunne.
The R81.8 million transaction represents a 7.6% premium on the 30 day volume weighted average price of a Trans Hex share on the day prior to the transaction.