Change of holding & listed entity
In order to effect an internal restructuring which creates a more efficient group structure, the group announces a firm intention in respect of an offer by Sibanye-Stillwater to acquire 100% of the issued ordinary share capital of Sibanye Gold Limited, by way of a scheme of arrangement and the listing of Sibanye-Stillwater shares on the Johannesburg Stock Exchange and American Depositary Shares on the New York Stock Exchange to replicate the listings of SGL.
- The current corporate structure of Sibanye Gold Limited has the current South African gold assets at holding company level
- With the growth of the Company the PGM acquisitions of Aquarius, Rustenburg Platinum, Stillwater and more recently Lonmin have been incorporated as subsidiaries of the holding company
- To ensure structural flexibility and efficiency it is deemed appropriate to have the gold assets included as a subsidiary of the holding company
- This effectively requires a new holding company to be listed with the same shareholders and exactly the same shares in the new holding company to be issued to existing shareholders. The new holding company will replicate the corporate governance structures and policies of Sibanye Gold Limited. This will be achieved through a proposed scheme of arrangement
- The new holding company will be called Sibanye-Stillwater and the gold subsidiary will retain the name Sibanye Gold Limited