Tongaat Hulett’s plan to recapitalise the business was based on Magister Investments underwriting a rights offer. A prerequisite for this support was a waiver of a mandatory offer from other shareholders.
The Takeover Regulation Panel ruled that the waiver was a nullity due to third-party share acquisitions. Although Magister hasn’t formally run away, this is clearly a huge setback to the plan. It was a mixed week for Sibanye-Stillwater, with further drops in the share price taking the year-to-date decrease to 11.4%.
Just as things were looking up, the company announced that flooding had caused a halt to its platinum group metals operations in Montana. This is literally the Stillwater part of the business, which means the headlines just write themselves.
Australia Australia Latest News, Australia Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Private equity industry frets as market turmoil bitesCash-rich buyout funds are set to face higher financing costs to get their deals to the finishing line
Source: BDliveSA - 🏆 12. / 63 Read more »