Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Global Platinum & Gold (GPGI) -- Ignore unavailable to you. Want to Upgrade?

To: JACK R. SMITH JR. who wrote (10923)	7/17/1999 8:52:00 PM
From: Chuca Marsh	Respond to of 14226

Arthur Anderson would find the HOLES in the POTS: Impala Platinum Holdings Limited (Implats) is the ultimate holding company of Impala Platinum Limited (Impala), the second largest producer of platinum; Messina Limited (Messina); and Barplats Investments Limited (Barplats). It has an investment in Western Platinum Limited (WPL) and Eastern Platinum Limited (EPL), which together, as Lonrho Platinum Division (LPD), constitute the third largest platinum producer in Southern Africa. 27% on Front Page April 99 NEWS RELEASE: So revise the ownership in Lonrho? Implats offers to swap Lonmin stake for Karee David McKay and Reuter IMPALA Platinum will swap its 27% stake in Lonmin's platinum division for the return of the Karee mine as an alternative to a second merger attempt with the Lonmin division. This follows a European Court ruling yesterday upholding a 1996 European Commission decision to block a proposed merger of Impala and the division. Impala MD Steve Kearney said Impala was prepared to bring the curtain down on further merger attempts with the division if Lonmin returned the Karee mine to the group. Impala merged its Karee mine with Lonrho subsidiary Western Platinum in 1990 as a first step in a fuller merger between the two firms. An asset swap would satisfy Lonmin's intention of regaining Impala's stake in its platinum company. The deal also would not involve the division paying cash for its equity, which Impala said was unlikely to tempt it anyway. Kearney said Impala would expand Karee by 100 000oz of platinum a year, at a cost R500m, were it to be retrieved. It would also rub out litigation between Impala and Lonmin over the Karee mine. Following the sale of Karee, Lonmin said Impala had misrepresented Karee's geology and that its ore body was potholed in parts. This led to litigation which had yet to be resolved. Kearney said the matter had not been discussed recently or in any detail with Lonmin. "We are in 'no comment' mode at the moment", a Lonrho spokesman said. Impala will also give up its 50 % board representation in the division and a pre-emptive right which it holds in the company. This has been seen as a poison pill protecting Lonmin from takeovers. Investec analyst John Clemmow believes Lonmin is susceptible to a takeover following the European Court's ruling. "Parties will be knocking on the door in days," he said. In a landmark ruling, the European Court initially rejected Gencor's argument that the commission, which acted as a competition watchdog, had no jurisdiction over mergers where assets were located outside the European Union. (Gencor controlled Impala at the time of the merger attempt and now holds 46.9 % of it.) However, the court said yesterday it was the place where goods were sold, not produced, that mattered. Impala Platinum Holdings Limited 3rd Floor, Old Trafford 4 Isle of Houghton, Boundary Road Houghton 2198 Johannesburg 2001 PO Box 61386 Marshalltown 2107 Chuckazipcode( No relationship to a towm as Mike McKay probably is none to this Company' Spokesman!) lonrho.com ( Let's see if Impala is actually MENTIONED at the World Famous Lonrho site!) Now TRY: lonrho.co.za If that didn't work... NO it did NOT: lonrho.co.sa SA for South Africa I have no clue but Lonrho is famous...so is it 27 % still will them or did they trade it all back ? further information, contact Alan Snashall at snashall@implats.co.za