This follows an announcement made by Exxaro Resources on 22 November 2016 relating to the unwinding of Exxaro’s existing BEE transaction and terms of a replacement BEE transaction.
Exxaro Resources and Main Street 333 (MS333) have agreed an implementation agreement which contains the salient terms of the replacement BEE transaction and the MS333 unwind, however both the replacement BEE transaction and the MS333 unwind are subject to the conclusion and signing of detailed transaction agreements.
In terms of the implementation agreement, the MS333 unwind will be implemented by no later than three months from the :i) agreement of the detailed transaction agreements; or ii) 30 April 2017, or such other date as agreed to in writing between Exxaro Resources and MS333.
The detailed terms of the replacement BEE transaction will be announced once the transaction agreements have been agreed and signed.
Engagement between Exxaro Resources and MS333 is still on-going and significant progress has been made to reach agreement on the replacement BEE transaction terms.
Detailed transaction agreements are expected to be agreed in due course.
In the interim period, the implementation agreement remains legally binding and governs the regulated sale of Exxaro Resources’ shares by MS333 or any direct or indirect MS333 shareholder pursuant to the MS333 unwind, through decision by the joint advisory committee, as established pursuant to the implementation agreement.