Announcements 2019
- 07 Nov 2019
Results of annual general meeting
Northam shareholders are advised that at the annual general meeting of shareholders held on Thursday, 7 November 2019 (“AGM”), the ordinary and special resolutions, as set out in the notice of AGM dated Tuesday, 20 August 2019, were approved by the requisite majority of shareholders present or represented by proxy at the AGM. Further details regarding the voting results for each of the resolutions are contained below.
Northam shareholders (“shareholders”) are advised that at the annual general meeting of shareholders held on Thursday, 7 November 2019 (“AGM”), the ordinary and special resolutions, as set out in the notice of AGM dated Tuesday, 20 August 2019, were approved by the requisite majority of shareholders present or represented by proxy at the AGM. Further details regarding the voting results for each of the resolutions are contained below.
The total number of Northam shares eligible to vote at the AGM is 509 781 212.
All resolutions proposed at the AGM, together with the number and percentage of shares voted, the percentage of shares abstained, as well as the percentage of votes carried for and against each resolution, are as follows:
Ordinary resolution number 1.1 – re-election of Mr DH Brown as a director
Shares voted | For | Against | Abstained |
440 892 301 86.49% |
93.94% | 6.06% | 0.00% |
Ordinary resolution number 1.2 – re-election of Mr R Havenstein as a director
Shares voted | For | Against | Abstained |
440 892 301 86.49% |
91.83% | 8.17% | 0.00% |
Ordinary resolution number 1.3 – re-election of Mr JG Smithies as a director
Shares voted | For | Against | Abstained |
440 892 301 86.49% |
99.99% | 0.01% | 0.00% |
Ordinary resolution number 1.4 – re-election of Ms TE Kgosi as a director
Shares voted | For | Against | Abstained |
440 892 301 86.49% |
94.34% | 5.66% | 0.00% |
Ordinary resolution number 1.5 – election of Ms AH Coetzee as a director
Shares voted | For | Against | Abstained |
440 892 301 86.49% |
99.93% | 0.07% | 0.00% |
Ordinary resolution number 2 – re-appointment of Ernst & Young Inc. as the independent external auditors of the group
Shares voted | For | Against | Abstained |
440 892 301 86.49% |
82.92% | 17.08% | 0.00% |
Ordinary resolution number 3.1 – re-election of Ms HH Hickey as a member of the audit and risk committee
Shares voted | For | Against | Abstained |
440 892 301 86.49% |
96.89% | 3.11% | 0.00% |
Ordinary resolution number 3.2 – re-election of Mr DH Brown as a member of the audit and risk committee
Shares voted | For | Against | Abstained |
440 892 301 86.49% |
94.27% | 5.73% | 0.00% |
Ordinary resolution number 3.3 – election of Dr NY Jekwa as a member of the audit and risk committee
Shares voted | For | Against | Abstained |
440 892 301 86.49% |
99.99% | 0.01% | 0.00% |
Ordinary resolution number 3.4 – election of Mr JJ Nel as a member of the audit and risk committee
Shares voted | For | Against | Abstained |
440 892 301 86.49% |
100.00% | 0.00% | 0.00% |
Ordinary resolution number 4.1 – non-binding endorsement of the group’s remuneration policy
Shares voted | For | Against | Abstained |
440 890 223 86.49% |
86.35% | 13.65% | 0.00% |
Ordinary resolution number 4.2 – non-binding endorsement of the group’s remuneration implementation report
Shares voted | For | Against | Abstained |
440 890 223 86.49% |
87.16% | 12.84% | 0.00% |
Special resolution number 1 – approval of non-executive directors’ fees for the year ending 30 June 2020
Shares voted | For | Against | Abstained |
440 890 223 86.49% |
99.92% | 0.08% | 0.00% |
Special resolution number 2 – approval of financial assistance in terms of section 45 of the Companies Act, No. 71 of 2008
Shares voted | For | Against | Abstained |
440 892 301 86.49% |
99.59% | 0.41% | 0.00% |
Special resolution number 3 – approval of general authority to repurchase issued shares
Shares voted | For | Against | Abstained |
440 883 795 86.48% |
98.70% | 1.30% | 0.00% |
Notes
- Percentages of shares voted are calculated in relation to the total issued share capital of Northam.
- Percentage of shares voted for and against are calculated in relation to the total number of shares voted in respect of each resolution.
- Abstentions are calculated as a percentage in relation to the total issued share capital of Northam.
Johannesburg
7 November 2019
Sponsor and Debt Sponsor
One Capital
- 07 Nov 2019
Interest payment notification – NHM002
Northam bondholders are advised of the following interest payment due on Tuesday, 12 November 2019.
Northam bondholders are advised of the following interest payment due on Tuesday, 12 November 2019:
Bond Code: | NHM002 |
ISIN No: | ZAG000129024 |
Coupon: | 13.5% per annum |
Interest Period: | 12 May 2019 to 11 November 2019 |
Interest Amount Due: | R11 812 500.00 |
Payment Date: | 12 November 2019 |
Date Convention: | Modified Following Business Day |
7 November 2019
Debt Sponsor
One Capital
- 01 Nov 2019
Acquisition of R997.5 million of Zambezi preference shares
Northam shareholders are referred to the announcement dated 2 September 2019 pertaining to the acquisition by Northam of preference shares in Zambezi Platinum (RF) Limited.
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INTRODUCTION
Northam shareholders (“shareholders”) are referred to the announcement dated 2 September 2019 (“previous announcement”) pertaining to the acquisition by Northam of preference shares in Zambezi Platinum (RF) Limited (“Zambezi”), (“Zambezi preference shares”).
Northam is pleased to announce that, since the date of the previous announcement, Northam has reached an agreement to acquire additional Zambezi preference shares, as detailed in paragraph 3 below (“acquisition”). Following the acquisition, Northam will hold 36 688 840 Zambezi preference shares, representing approximately 22.94% of all Zambezi preference shares in issue.
- RATIONALE FOR THE ACQUISITION
As stated in the previous announcement, Northam’s acquisition of Zambezi preference shares will reduce the preference share dividend expense and liability included in Northam’s consolidated financial statements, as well as Northam’s potential financial exposure under the guarantee it provided to holders of Zambezi preference shares, should the guarantee be called upon. Furthermore, should Zambezi redeem the Zambezi preference shares through a distribution of ordinary shares in Northam (“Northam shares”) held by Zambezi, then the redemption of the Zambezi preference shares held by Northam at such time will result in a distribution of Northam shares to Northam, thereby reducing the number of Northam shares in issue.
SMALL RELATED PARTY TRANSACTIONAND FAIRNESS OPINION
Northam has reached agreement with the Public Investment Corporation SOC Limited (“PIC”), pursuant to which Northam will acquire 13 300 000 Zambezi preference shares from the PIC today, 1 November 2019 at a price of R75 per Zambezi preference share, for a total cash consideration of R997.5 million.
The acquisition is not subject to any conditions precedent and will be funded from Northam’s cash reserves.
The PIC is a material shareholder of Northam, in that within the preceding 12 months, it has been able to exercise voting control in excess of 10% of all Northam shares in issue. Accordingly, the PIC is a related party to Northam as contemplated in paragraph 10.1(b)(i) of the JSE Limited Listings Requirements (“Listings Requirements”) and the acquisition is categorised as a “small related party transaction” in terms of paragraph 10.7 of the Listings Requirements.
In terms of paragraph 10.7 of the Listings Requirements, the acquisition is not subject to shareholder approval, provided an independent professional expert confirms that the terms of the acquisition are fair to shareholders. Northam has appointed BDO Corporate Finance Proprietary Limited (“BDO”) as the independent expert for purposes of providing an opinion in respect of the fairness of the acquisition (“fairness opinion”).
BDO has considered the terms and conditions of the acquisition and is of the opinion that the acquisition is fair to shareholders. A copy of the fairness opinion is available for inspection for a period of 28 days from the date of this announcement, at Northam’s registered office being, Building 4, 1st Floor, Maxwell Office Park, Magwa Crescent West, Waterfall City, Jukskei View.
Over the course of the past 12 months, Northam has acquired, in aggregate, 32 458 021 Zambezi preference shares. As a result of the aggregation provision contemplated in paragraph 9.11 read with paragraph 9.13(b) of the Listings Requirements, the acquisition is categorised as a “category 2 transaction” in terms of paragraph 9.5(a) of the Listings Requirements. Notwithstanding this, in terms of paragraph 10.7 as read with paragraph 10.8 of the Listings Requirements, the acquisition is not a “related party transaction” as contemplated in paragraph 10.4 of the Listings Requirements and therefore is not subject to shareholder approval.
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DETAILS OF THE ZAMBEZI PREFERENCE SHARES
The Zambezi preference shares are cumulative, non-participating redeemable preference shares which accrue dividends at a nominal rate equal to the South African prime interest rate plus 3.5%, calculated on a daily basis, based on a 365-day year, compounded annually. The Zambezi preference shares were listed on the securities exchange operated by the JSE Limited on 11 May 2015.
Subject to certain exceptions, the Zambezi preference shares are redeemable on 17 May 2025 and will be redeemed, at Zambezi’s election, in cash and/or through the distribution of Northam shares held by Zambezi. The redemption of the Zambezi preference shares is secured through a guarantee provided by Northam in favour of the holders of Zambezi preference shares. If the guarantee is exercised, Northam will, at its election, settle the associated liability using cash and/or through the issue of new Northam shares.
As reported in the annual financial statements of Northam for the year ended 30 June 2019, the Zambezi preference share liability amounted to approximately R10.8 billion and the accumulated preference share dividends for the period amounted to approximately R1.3 billion. The acquisition by Northam of Zambezi preference shares will further reduce the Zambezi preference share liability and accumulated preference share dividends recognised in Northam’s consolidated financial statements. The accounting policies adopted by Northam in the preparation of its annual financial statements are in accordance with the International Financial Reporting Standards.
Johannesburg
1 November 2019
Corporate Advisor, Sponsor and Debt Sponsor to Northam
One Capital
Independent Professional Expert to Northam
BDO Corporate Finance Proprietary Limited
Attorneys to Northam
Cliffe Dekker Hofmeyr Inc.
- 29 Oct 2019
SENS: Northam acquires the Maroelabult assets for R20 million
Northam is pleased to announce that its wholly owned subsidiary, Eland Platinum Proprietary Limited (“Eland”), has entered into an agreement with Barplats Mines Proprietary Limited, a subsidiary of Eastern Platinum Limited, to purchase the Maroelabult assets (“Maroelabult assets”) including the mining and surface rights, infrastructure, equipment and associated fixed and movable property, for a cash consideration of R20 million (“purchase consideration”), (“transaction”). Upon implementation of the transaction, Eland will assume the environmental rehabilitation liabilities associated with the Maroelabult assets in accordance with the transaction terms.
Northam is pleased to announce that its wholly owned subsidiary, Eland Platinum Proprietary Limited (“Eland”), has entered into an agreement with Barplats Mines Proprietary Limited, a subsidiary of Eastern Platinum Limited, to purchase the Maroelabult assets (“Maroelabult assets”) including the mining and surface rights, infrastructure, equipment and associated fixed and movable property, for a cash consideration of R20 million (“purchase consideration”), (“transaction”). Upon implementation of the transaction, Eland will assume the environmental rehabilitation liabilities associated with the Maroelabult assets in accordance with the transaction terms.
The transaction and payment of the purchase consideration are subject to the fulfilment of certain conditions precedent typical for a transaction of this nature including, inter alia, consent by the Minister of Mineral Resources and Energy in terms of section 102 of the Mineral and Petroleum Resources Development Act, No. 28 of 2002 to incorporate the relevant mining right portions into the contiguous mining right held by Eland.
The property on which the Maroelabult assets are located lies immediately west of Eland mine and the UG2 orebody on these two properties is analogous. The Maroelabult assets include a measured and indicated resource of 231 744 oz 4E and a proved and probable reserve of 188 357 oz 4E. The surface and underground infrastructure included in the Maroelabult assets will positively impact the overall build program of Eland mine and provide additional planning optionality.
In order to facilitate an efficient transfer of ownership, Eland will be granted access to the Maroelabult assets from 1 November 2019 and will assume responsibility for the care and maintenance costs of the Maroelabult assets with effect from this date, amounting to approximately R6.6 million per annum.
Northam’s Chief Executive Officer, Paul Dunne, said “Northam is looking forward to extracting the synergistic benefits between the Maroelabult assets and Eland and we are confident that the Maroelabult assets will make a positive contribution towards Eland’s ongoing development.”
The transaction falls below the threshold for categorisation in terms of the JSE Limited Listings Requirements and therefore this announcement is provided for information purposes only.
Johannesburg
29 October 2019
Corporate Advisor, Sponsor and Debt Sponsor
One Capital
- 29 Oct 2019
Media release: Northam acquires the Maroelabult assets for R20 million
Northam Platinum Limited (Northam) is pleased to announce that its wholly-owned subsidiary, Eland Platinum Proprietary Limited (Eland), has entered into an agreement with Barplats Mines Proprietary Limited (Barplats) to purchase its Maroelabult assets for a cash consideration of R20 million. Barplats is a subsidiary of Eastern Platinum Limited.
Johannesburg 29 October 2019: Northam Platinum Limited (Northam) is pleased to announce that its wholly-owned subsidiary, Eland Platinum Proprietary Limited (Eland), has entered into an agreement with Barplats Mines Proprietary Limited (Barplats) to purchase its Maroelabult assets for a cash consideration of R20 million. Barplats is a subsidiary of Eastern Platinum Limited.
Included in the transaction are the mining and surface rights, infrastructure, equipment and associated fixed and movable property. Upon implementation of the transaction, Eland will assume the environmental rehabilitation liabilities associated with the Maroelabult assets in accordance with the transaction terms.
The property on which the Maroelabult assets are located lies immediately west of Eland mine and the UG2 orebody on these two properties is analogous. The Maroelabult assets include a measured and indicated resource of 231 744 oz 4E and a proven and probable reserve of 188 357 oz 4E.
The surface and underground infrastructure included in the Maroelabult assets will enhance the overall build program of Eland mine and provide additional planning optionality.
In order to facilitate an efficient transfer of ownership, Eland will be granted access to the Maroelabult assets from 1 November 2019 and will assume responsibility for the care and maintenance costs of the Maroelabult assets with effect from this date, amounting to approximately R6.6 million per annum.
Northam’s Chief Executive Officer, Paul Dunne, said “Northam is looking forward to extracting the synergistic benefits between the Maroelabult assets and Eland and we are confident that the Maroelabult assets will make a positive contribution towards Eland’s ongoing development.”
The transaction and payment of the purchase consideration are subject to the fulfilment of certain conditions precedent including, inter alia, consent by the Minister of Mineral Resources and Energy in terms of section 102 of the Mineral and Petroleum Resources Development Act, No. 28 of 2002 to incorporate the relevant mining right portions into the contiguous mining right held by Eland.
Johannesburg
29 October 2019
Issued by R&A Strategic Communications, Johannesburg, Tel +27 (0)11 880 3924;
Marion Brower +27 71 493 0387
- 28 Oct 2019
Northam’s long term credit rating re-affirmed, short term credit rating revised and outlook upgraded
Northam is pleased to advise shareholders that the credit rating agency, Global Credit Rating Co. (“GCR”), has re-affirmed Northam’s national scale long term credit rating of A-(ZA) and revised its short term credit rating to A2(ZA) (in accordance with the changes in GCR’s Rating Scales, Symbols and Definitions, May 2019), with the outlook upgraded to positive.
Northam is pleased to advise shareholders that the credit rating agency, Global Credit Rating Co. (“GCR”), has re-affirmed Northam’s national scale long term credit rating of A-(ZA) and revised its short term credit rating to A2(ZA) (in accordance with the changes in GCR’s Rating Scales, Symbols and Definitions, May 2019), with the outlook upgraded to positive.
The upgrade to a positive outlook acknowledges Northam’s improving trends in its earnings and production profile, as well as its conservative debt metrics. Moreover, the positive outlook reflects the likelihood of a future upgrade to Northam’s credit rating, should Northam continue to expand its production profile and operating cash flows in line with expectations, whilst maintaining financial discipline regarding expansionary capital expenditure and shareholder distributions.
GCR’s announcement in regard to Northam’s credit rating is available from GCR’s website at http://globalratings.net.
Johannesburg
28 October 2019
Corporate Advisor, Sponsor and Debt Sponsor
One Capital
- 28 Oct 2019
Release of annual financial statements of the guarantor
Northam wishes to advise noteholders that the annual financial statements of Booysendal Platinum Proprietary Limited for the year ended 30 June 2019 (“annual financial statements”) and the auditor’s unqualified audit report thereon, are available for inspection at the registered office of the company.
Northam wishes to advise noteholders that the annual financial statements of Booysendal Platinum Proprietary Limited for the year ended 30 June 2019 (“annual financial statements”) and the auditor’s unqualified audit report thereon, are available for inspection at the registered office of the company.
Noteholders are further advised that as a result of the adoption of the International Financial Reporting Standard (IFRS) 15: Revenue from contracts with customers, comparative information contained in the annual financial statements has been restated in line with the new accounting standard, which replaced the International Accounting Standards (IAS) 18: Revenue and all related amendments and interpretations.
Johannesburg
28 October 2019
Debt Sponsor
One Capital
- 23 Oct 2019
Interest payments notification – NHM008 and NHM009
Northam bondholders are advised of the following interest payments due on
Monday, 28 October 2019.
Northam bondholders are advised of the following interest payments due on
Monday, 28 October 2019:
Bond Code: | NHM008 |
ISIN No: | ZAG000158858 |
Coupon: | 9.242% |
Interest Period: | 26 July 2019 to 27 October 2019 |
Interest Amount Due: | R4 760 263.01 |
Payment Date: | 28 October 2019 |
Date Convention: | Following Business Day |
Bond Code: | NHM009 |
ISIN No: | ZAG000158866 |
Coupon: | 10.592% |
Interest Period: | 26 July 2019 to 27 October 2019 |
Interest Amount Due: | R6 819 506.85 |
Payment Date: | 28 October 2019 |
Date Convention: | Following Business Day |
Johannesburg
23 October 2019
Debt Sponsor
One Capital
- 11 Oct 2019
Interest payments notification – NHM006 and NHM007
Northam bondholders are advised of the following interest payments due on Wednesday, 16 October 2019.
Northam bondholders are advised of the following interest payments due on Wednesday, 16 October 2019:
Bond Code: | NHM006 |
ISIN No: | ZAG000158577 |
Coupon: | 10.25% |
Interest Period: | 16 July 2019 to 15 October 2019 |
Interest Amount Due: | R6 458 904.11 |
Payment Date: | 16 October 2019 |
Date Convention: | Following Business Day |
Bond Code: | NHM007 |
ISIN No: | ZAG000158593 |
Coupon: | 10.75% |
Interest Period: | 16 July 2019 to 15 October 2019 |
Interest Amount Due: | R8 128 767.12 |
Payment Date: | 16 October 2019 |
Date Convention: | Following Business Day |
Johannesburg
11 October 2019
Debt Sponsor
One Capital
- 04 Oct 2019
Dealings in securities
Disposal of Zambezi Platinum (RF) Limited (“Zambezi Platinum”) preference shares (“preference shares”)
In terms of the Northam broad-based black economic empowerment transaction implemented on 18 May 2015, Zambezi Platinum holds ordinary shares in Northam. Pursuant to the preference share terms, Zambezi Platinum is entitled to elect to settle the preference share redemption amount in cash, Northam ordinary shares or a combination thereof.
Disposal of Zambezi Platinum (RF) Limited (“Zambezi Platinum”) preference shares (“preference shares”)
In terms of the Northam broad-based black economic empowerment transaction implemented on 18 May 2015, Zambezi Platinum holds ordinary shares in Northam. Pursuant to the preference share terms, Zambezi Platinum is entitled to elect to settle the preference share redemption amount in cash, Northam ordinary shares or a combination thereof.
Accordingly, in compliance with paragraphs 3.63 to 3.70 of the JSE Limited Listings Requirements (“Listings Requirements”), Northam advises its shareholders of the following dealings by a director and chairman of the company and Zambezi Platinum:
Name of director | Mr K B Mosehla |
Name of associate | Adelaide Trust |
Relationship with associate | Trustee |
Date of transaction | 1 October 2019 |
Nature of transaction | Disposal of preference shares |
Class of shares | Preference shares |
Price per preference share | Various different trades with the following price information:
|
Total number of preference shares | 17 200 |
Value of transaction | R1 304 335.80 |
Nature and extent of director’s interest | Indirect beneficial interest in Zambezi Platinum resulting in an indirect exposure to Northam ordinary shares |
Transaction completed on market | Yes |
Clearance obtained in terms of paragraph 3.66 of the Listings Requirements | Yes |
Johannesburg
4 October 2019
Sponsor and Debt Sponsor
One Capital