Competition authorities approval in respect of the proposed transaction
08 February 2018
Unless otherwise indicated, capitalised words and terms contained in this announcement shall bear the same meanings ascribed thereto in the announcement published by DRDGOLD on SENS on Wednesday, 22 November 2017 (“Transaction Announcement”).
In terms of the Transaction Announcement, Shareholders were advised of, inter alia:
- the proposed acquisition by DRDGOLD of the WRTRP Assets, by way of the acquisition of a 100% shareholding in WRTRP from Sibanye-Stillwater; and
- the granting of the Option to Sibanye-Stillwater, collectively referred to as the “Proposed Transaction”.
Competition authorities approval
DRDGOLD is pleased to advise that, on Wednesday, 7 February 2018, the South African Competition Authorities (“Competition Authorities”) established in accordance with the Competition Act, No. 89 of 1998 (“Competition Act”) approved the merger pursuant to the implementation of the Proposed Transaction.
The approval is subject to the following:
- Should Sibanye-Stillwater elect to exercise the Option within a period of 24 months from the date on which the Competition Authorities issued the requisite clearance certificate, being Wednesday, 7 February 2018 (“Approval Date”), Sibanye-Stillwater shall inform the Competition Authorities of its decision within 20 business days of exercising the Option.
- Should Sibanye-Stillwater elect to exercise the Option after a period of 24 months from the Approval Date, Sibanye-Stillwater shall notify the Competition Authorities of such decision for consideration by the Competition Authorities as a merger in terms of section 13A of the Competition Act.
Implementation of the Proposed Transaction remains conditional on the fulfilment or waiver of certain conditions precedent, including the approval by Shareholders of all resolutions required to implement the Proposed Transaction at the General Meeting and Shareholders waiving the benefit of the Mandatory Offer.
Shareholders will be advised of the posting of the Circular, the salient dates and times relating to the Proposed Transaction and the General Meeting in due course.
8 February 2018
Malan Scholes Incorporated