Some new, some old in Northam deal

CityPress - - Business - MAR­CIA KLEIN business@city­press.co.za

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%.

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