Some new, some old in Northam deal
new BEE partners. They are:
An employee trust for Northam’s Northam Platinum’s new BEE deal existing and future employees reveals some old names. which will own 3% of
Northam announced this week it Northam. had finalised a R4.6 billion equity Zondereinde raising and a R6.6 billion black Community Trust economic empowerment transaction, and the Booysendal which will bring its BEE shareholding Community Trust – to 35.4%. 5%..
With Tokyo Sexwale’s Mvelaphanda The Atisa Holdings and Lazarus Zim’s Afripalm Consortium led by as investors, Northam had a strong Lazarus Zim (former BEE component. But in 2011, following empowerment partner the collapse of the Northam share and current chairman) – 4%..price, both had to sell their stakes as they were in breach of funding The Mpilo Resources covenants. Consortium led by Sipho Mseleku,
Northam went back to the drawing chairman of the Sakhumnotho Group board, and this week announced its and former CEO of Nafcoc – 9.4%.
The Malundi Consortium, led by Mosomo Investment Holdings CEO Brian Mosehla – 4%. The Khumalela Women’s Consortium led by acting PetroSA chair Brenda Madumise – 6%.
The most interesting of these is Mosehla, whose name has been linked to a number of high-profile and controversial transactions. He is a former corporate finance executive of Mvelaphanda Strategic Investments. He was an executive director of new business of Mvelaphanda Resources from 2005 to 2008 and a director of Mvelaphanda Platinum.
He was a director of Net1 Ueps Technologies, which was involved in the social security tender controversy and was Baleka Mbete’s representative on the Gold Fields BEE deal.
Northam will issue 112 million shares to a BEE special-purpose vehicle at R41 a share for R4.6 billion. BEE partners will buy an additional 48 million shares from the PIC for R1.9 billion.
Northam will issue 160 million new preference shares worth R6.6 billion to finance the acquisition of Northam shares. Following the transactions, BEE shareholders will have 31.4% of Northam, while the existing Toto Trust profit share will bring black ownership up to 35.4%.