Zambezi Platinum (RF) Limited (Zambezi Platinum), the special purpose vehicle created to house the newly constituted HDSA shareholding in Northam Platinum, successfully listed as a debt issuer on the main board of the JSE recently.
Zambezi Platinum will beneficially hold nearly 16 million Northam shares, amounting to approximately 31,4 % of the total issued ordinary share capital of Northam. Zambezi Platinum's preference shares provide an affordable opportunity for a broad range of investors, over and above those directly invested in Northam, to gain exposure to the PGM sector.
Paul Dunne and Lazarus Zim celebrate the listing on the JSE of Zambezi Platinum (photo: Philip Mostert Photography).
Speaking at the JSE listing function, Chairman Elect of Zambezi Platinum Lazarus Zim described the nature of the transaction which saw the establishment of Zambezi Platinum and which has revitalised Northam's empowerment status, as unique and unprecedented.
"Unlike many prior BEE transactions, everyone party to this transaction is protected from the vicissitudes of the market through the ring-fencing of Zambezi," he said. "With Northam's strong balance sheet, visionary and energetic leadership, we can now pursue value-accretive growth opportunities which will benefit shareholders and all stakeholders alike."
Northam Chief Executive Paul Dunne added, "This landmark transaction recognises the fundamental value of Northam along with its growth potential. Now, with meaningful and sustainable empowerment participation, we are well poised to realise further upside."
