Despite calls by some bankers that Lonmin should reject Sibanye-Stillwater’s takeover deal because it undervalues the platinum producer, Lonmin shareholders have voted in overwhelming favour of it.
The Lonmin shareholder approval follows the approval of the deal by Sibanye-Stillwater shareholders on the morning of 28 May, with all shareholders now in support of the R4.2 billion all-share offer by Sibanye-Stillwater for the entire issued and to be issued ordinary share capital of Lonmin.
Lonmin’s shareholder meeting, held on the afternoon of 28 May, saw 98.98% of shareholders vote in favour of the transaction, this was in addition to the 99.65% of Sibanye-Stillwater shareholders who also voted in favour of the deal.
The deal now needs to be sanctioned by the UK Court at the Court hearing which is expected to take place on 7 June 2019.
The shareholder approval paves the way for the formation of a powerful player in the global platinum group metals market.