RBPLAT PUTS EXECUTIVES RETIREMENT PLANS ON HOLD AMID BATTLE FOR TAKEOVER

ROYAL Bafokeng Platinum (RBPlat) has retained the services of its chief executive officer (CEO) and chief operating officer (COO), who were scheduled to retire this year, to maintain stability while the group is at the centre of a corporate takeover battle. CEO Steve Phiri had at its last annual results expressed an intention to retire at the 2022 annual meeting. The board was concerned about leadership continuity, organisational stability and achievement of business objectives through the period of transition, and it had entered into an agreement with Phiri, a statement from RBPlat said yesterday. In November last year, Royal Bafokeng Holdings sold its 32.8 percent stake in RBPlat to Northam Platinum at a premium of R180 a share. This came just two weeks after Implats and RBPlat announced they were in talks. Implats took an additional 24.5 percent stake in RBPlat on its own, for R90 cash per share plus 0.3 ordinary shares in Impala, and has extended the offer to all shareholders. Implats’ mandatory offer closes in June. Meanwhile Northam has acquired 34.95 percent of RBPlat and has secured an option to increase this to 38 percent over time. Phiri, in a surprise outburst last month at the announcement of record annual results for RBPlat for the year to December 31, accused

RBH of divesting “at harvest time” and squandering a golden opportunity to be a catalyst for consolidation. “The board has, through the Remuneration and Nominations Committee, on April 25 reached agreement with (Phiri) to retain his services as CEO and executive director post his retirement, which is effective from April 7, in the form of a 12-month fixed term contract, or until certainty was attained which reached on the outcome of the current corporate action,” the statement said. |