Adverse changes force Northam to terminate the RBPlat offer
Northam Holdings on 9 November 2022 announced its firm intention to make an offer for PGM-producer RBPlat.
OCCURRENCE OF MATERIAL ADVERSE CHANGES
In the Announcement, it was advised that the Offer would terminate with immediate effect if Northam Holdings notifies RBPlat by way of a SENS announcement of a Material Adverse Change occurring. Further information as to what amounts to a Material Adverse Change is set out in the Announcement.
Following publication of the Announcement and as at the trading day preceding the date of this announcement:
- the rhodium closing price has fallen and remained below USD9 000.00 per oz, for 12 consecutive trading days; and
- the closing 4E ZAR basket price has fallen and remained below ZAR33 000 per oz, based on a prill split of platinum: 60%, palladium: 30%, rhodium: 9% and gold: 1%, for 10 consecutive trading days.
Accordingly, Material Adverse Changes have occurred in respect of two separate metrics.
