South Africa's Impala Platinum signs black empowerment deal [Yahoo! Finance]
IMPALA PLATINUM HLDGS ADR (IMPUY)
NASDAQ:AMEX Investor Relations:
implats.co.za/results-and-presentations.php
Company Research
Source: Yahoo! Finance
This move will see black investors picking a 13% stake in both Impala Platinum, which owns the Impala Rustenburg and Impala Refineries assets, and Impala Bafokeng through its subsidiary, Impala Bafokeng Resources. The equity ownership in Impala and Impala Bafokeng Resources will be distributed among an employee share ownership trust, a community share ownership trust and a strategic empowerment consortium, with respective ownership stakes of 4%, 4% and 5%. Implats has collaborated with Siyanda Resources, which will spearhead the strategic empowerment consortium's participation. The transaction's three components will be facilitated through loans from Impala and Impala Bafokeng Resources, with dividends used to service interest and capital repayments. The community share ownership trust (CSOT), established through CSOT Proprietary, will subscribe for a 4% share in both Impala and Impala Bafokeng Resources. CSOT aims to benefit a broad range of beneficiaries from previously d
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