REG - Anglo American Pltn - Secondary Listing and Publication of a Prospectus

ComputershareAnnouncement

08/04/2025 16:15

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RNS Number : 1755E  Anglo American Platinum Limited  08 April 2025

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR PART, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM THE UNITED STATES, CANADA, JAPAN OR AUSTRALIA OR ANY OTHER JURISDICTION WHERE SUCH DISTRIBUTION WOULD BE UNLAWFUL.

 

 

8 April 2025

 

APPLICATION FOR SECONDARY LISTING ON THE LONDON STOCK EXCHANGE AND PUBLICATION
OF PROSPECTUS

 

Anglo American Platinum Limited (proposed to be renamed Valterra Platinum
Limited(1)) (the "Company", together with its subsidiaries, the "Group")
hereby announces that it proposes to apply (i) to the Financial Conduct
Authority in the United Kingdom ("UK") (the "FCA") for the admission of the
entire issued share capital in the Company (the "Shares") to listing on the
Equity Shares (International Commercial Companies Secondary Listing) category
of the official list (the "Official List") of the FCA, and (ii) to the London
Stock Exchange plc ("London Stock Exchange") in the UK for admission of the
Shares to trading on the main market for listed securities ("Main Market") of
the London Stock Exchange (together, "Admission").

 

Given the Company's proposed demerger from Anglo American plc ("Anglo
American"), as announced by Anglo American in May 2024 and set out in a
circular published by Anglo American today, the Company believes that the
Admission will ensure that the high number of Anglo American's existing,
UK-based shareholders will not be prevented from holding, or continuing to
hold, shares in the Company following the demerger. The Company also believes
that a listing in London, in addition to the Company's primary listing on the
JSE, will benefit its geographically diverse shareholder base and will assist
in building the Company's capital markets profile, enhancing the Company's
share trading liquidity and support its global shareholder base.

 

The effective date of the demerger is expected to be on Saturday, 31 May 2025,
assuming the relevant shareholder approval is obtained at Anglo American's
general meeting to be held on 30 April 2025 as set out in Anglo American
shareholder circular published today. In the circular, Anglo American has
confirmed that it will continue to hold a c19.9% shareholding in the Company
following the demerger, which it intends to retain for at least 90 days
following the demerger (subject to exceptions customary for a transaction of
this nature), with this shareholding position to be managed responsibly over
time to effect a full separation. The circular is available on
www.angloamerican.com/investors/anglo-american-platinum-demerger
(http://www.angloamerican.com/investors/anglo-american-platinum-demerger) .

 

The Company is and will remain primary listed on the Main Board of the
Johannesburg Stock Exchange (the "JSE") under ticker symbol "AMS" (to be
changed to "VAL" to correspond to the Company's proposed name of Valterra
Platinum Limited following the Company's proposed name change). It is expected
that Admission will occur at 8:00 am BST on Monday, 2 June 2025 whereafter the
Company's Shares will trade on the London Stock Exchange under the ticker
symbol "VALT".

 

The Company's prospectus, which was prepared solely in connection with the
Admission in the UK (the "Prospectus"), has today been approved by the FCA and
published by the Company. The Prospectus contains certain business and
financial information and risk factors relating to the Group. The Prospectus
also contains information on the Company's recent performance, for the two
months ended 28 February 2025.

 

Craig Miller, CEO of Anglo American Platinum said: "As an independent company
with a new name - Valterra Platinum - we offer an exciting investment
proposition based on our industry-leading resource endowment and integrated
processing capacity. All our managed mining assets are in the first half of
the cost curve which, together with our leading integrated value chain,
provides us with meaningful pathways to deliver value-accretive growth. With
global Platinum Group Metals (PGMs) supply in deficit, minimal industry
investment in new production capacity, and a strong case for enduring demand,
we are confident about the medium and long-term outlook for PGMs. Together
with our disciplined approach to capital allocation and robust balance sheet,
we are positioned strongly to continue delivering leading shareholder returns
through the cycle. We believe that a listing on the London Stock Exchange, in
addition to our current listing on the Johannesburg Stock Exchange, will
benefit our geographically diverse shareholder base and will assist in
building the Group's profile and providing a larger market for trading in our
shares."

 

The Prospectus will shortly be available on the Company's website at
https://www.angloamericanplatinum.com/investors/demerger
(https://www.angloamericanplatinum.com/investors/demerger) . A copy of the
Prospectus has been submitted to the National Storage Mechanism in the UK and
will shortly be available for inspection at:
https://data.fca.org.uk/#/nsm/nationalstoragemechanism.

 

The Prospectus does not constitute an offer or invitation to any person to
subscribe for or purchase any Shares in any jurisdiction. The Company is not
offering any Shares for cash and therefore will not receive any proceeds as a
result of Admission.

 

ABOUT THE GROUP

The Group is one of the world's leading primary producers of Platinum Group
Metals (PGMs), with operations spanning five mines (including one on care and
maintenance), five smelters (including one currently on care and maintenance),
and several other upstream and downstream processing operations. PGMs serve a
diverse set of industrial, electronic and metallurgical processes. Global
demand for PGMs can be broadly categorised into: automotive demand; industrial
demand; and as precious metals for jewelry or investment products. PGMs have
unique properties that make them key to the modern economy and to developments
in clean chemistry, decarbonisation and reducing air pollution, such as
playing a critical role in autocatalysts for all types of combustion engines
including increasingly popular hybrid vehicles. PGMs are critical to the
economic and national security needs of the world's largest economies and
trade blocks and are on the critical minerals lists of the USA and EU. The
Group has the largest PGM resource base globally, and one of the largest
processing capabilities of the PGM miners in Southern Africa, where it invests
in its infrastructure to deliver cost competitive production. The Group has an
established track record as one of the world's leading primary producers of
PGMs through its over 90-year history of mining, processing, refining and
marketing these metals. The Company has a core commitment to safety and zero
harm, and a clear focus on sustainability to create and protect value. The
group is well-positioned for improving commodity fundamentals and is executing
a clear action plan to embed operational excellence, improve resilience and
optimise value creation as a competitive leader in the PGM industry.

 

SETTLEMENT AND TRADING

Trades in securities in uncertificated form are settled on the London Stock
Exchange through the CREST system. CREST is a paperless settlement procedure
enabling securities to be evidenced otherwise than by a certificate and
transferred otherwise than by a written instrument.

 

As the Company is a non-UK company, the Shares cannot be directly held in
uncertificated form or transferred electronically in the CREST system. To
enable shareholders and investors to hold and transfer interests in such
Shares, and settle the trades in the Shares traded on the London Stock
Exchange through the CREST system, the Company has engaged Computershare
Investor Services PLC to hold the relevant Shares and issue de-materialised
depositary interests ("Depositary Interests") representing the underlying
Shares which are held on trust for the holders of the Depositary Interests.

 

The Depositary Interests are not themselves admitted to trading on the London
Stock Exchange but represent a mechanism by which trades in the Shares placed
on the London Stock Exchange can be settled in CREST. Once settled, the
holders can either continue to hold their interests in Shares in the form of
Depositary Interests (in CREST) or withdraw their interests from CREST (at
which point the underlying Shares will be transferred in certificated form to
them on the principal share register).

 

For details on trading and settlement of the Shares by qualifying Anglo
American shareholders, please refer to the Trading and Dealing in Shares
section of the Prospectus.

 

ADMISSION STATISTICS

 Number of Shares in issue on Admission                265,292,206
 ISIN number of the Shares and Depositary Interests    ZAE000013181
 SEDOL                                                 BV1D8Q6
 Legal entity identifier (LEI) number                  529900RORCZ0E5S5FX81
 Ticker symbol on London Stock Exchange                VALT

 

The Shares are quoted and traded in South African Rands on the JSE and
following Admission, will be quoted and traded in Pound Sterling (GBP) on the
London Stock Exchange.

 

PRINCIPAL SHARE REGISTRAR AND LOCATION OF PRINCIPAL REGISTER OF MEMBERS

Computershare Investor Services Proprietary Limited of Rosebank Towers, 15
Biermann Avenue, Rosebank 2196, South Africa remains the Company's principal
share registrar.

 

Computershare Investor Services (Jersey) Limited, of 13 Castle Street, St.
Helier, JE1 1ES, Jersey will be the Company's Jersey branch share register.

 

For further information, please contact:

 

Investors:
Media:

Theto
Maake
Cindy Maneveld

(SA) +27 (0) 83 489 5215
                     (SA) +27 (0) 82 201 4779

theto.maake@angloamerican.com
            cindy.maneveld@angloamerican.com

PlatinumIR@angloamerican.com

 

Marcela Grochowina

(SA) +27 (0) 82 400 3222

marcela.grochowina@angloamerican.com

PlatinumIR@angloamerican.com (mailto:PlatinumIR@angloamerican.com)

 

 

Notes:

 

 1  Subject to approval by shareholders of the Company at its annual general
meeting on 8 May 2025 and proposed to commence trading under the name on 28
May 2025.

 

Anglo American Platinum Limited is a member of the Anglo American plc Group
and is a leading primary producer of platinum group metals. The company is
listed on the Johannesburg Securities Exchange (JSE). Its mining, smelting,
and refining operations are based in South Africa. Elsewhere in the world, the
Group owns Unki Platinum Mine in Zimbabwe. Anglo American Platinum is
committed to the highest standards of safety and continues to make a
meaningful and sustainable difference in the development of the communities
around its operations.

www.angloamericanplatinum.com

 

Anglo American is a leading global mining company focused on the responsible
production of copper, premium iron ore and crop nutrients - future-enabling
products that are essential for decarbonising the global economy, improving
living standards, and food security. Our portfolio of world-class operations
and outstanding resource endowments offers value-accretive growth potential
across all three businesses, positioning us to deliver into structurally
attractive major demand growth trends.

 

Our integrated approach to sustainability and innovation drives our
decision-making across the value chain, from how we discover new resources to
how we mine, process, move and market our products to our customers - safely,
efficiently and responsibly. Our Sustainable Mining Plan commits us to a
series of stretching goals over different time horizons to ensure we
contribute to a healthy environment, create thriving communities and build
trust as a corporate leader. We work together with our business partners and
diverse stakeholders to unlock enduring value from precious natural resources
for our shareholders, for the benefit of the communities and countries in
which we operate, and for society as a whole. Anglo American is re-imagining
mining to improve people's lives.

 

Anglo American is currently implementing several major structural changes to
unlock the inherent value in its portfolio and thereby accelerate delivery of
its strategic priorities of Operational excellence, Portfolio simplification,
and Growth. This portfolio transformation will focus Anglo American on its
world-class resource asset base in copper, premium iron ore and crop
nutrients, once the sale of our steelmaking coal and nickel businesses, the
demerger of our PGMs business (Anglo American Platinum), and the separation of
our diamond business (De Beers) have been completed.

www.angloamerican.com

 

 

Disclaimer

This document is for information purposes only and does not constitute, nor is
to be construed as, an offer to sell or the recommendation, solicitation,
inducement or offer to buy, subscribe for or sell shares in Anglo American
Platinum or any other securities by Anglo American Platinum or any other
party. Further, it should not be treated as giving investment, legal,
accounting, regulatory, taxation or other advice and has no regard to the
specific investment or other objectives, financial situation or particular
needs of any recipient.

 

Forward-looking statements and third party information

This document may include forward-looking statements. All statements other
than statements of historical facts included in this document, including,
without limitation, those regarding Anglo American Platinum's financial
position, business, acquisition and divestment strategy, dividend policy,
plans and objectives of management for future operations, prospects and
projects (including development plans and objectives relating to Anglo
American Platinum's products, production forecasts and Ore Reserve and Mineral
Resource positions) and sustainability performance related (including
environmental, social and governance) goals, ambitions, targets, visions,
milestones and aspirations, are forward-looking statements. By their nature,
such forward-looking statements involve known and unknown risks, uncertainties
and other factors which may cause the actual results, performance or
achievements of Anglo American Platinum or industry results to be materially
different from any future results, performance or achievements expressed or
implied by such forward-looking statements.

 

Such forward-looking statements are based on numerous assumptions regarding
Anglo American Platinum's present and future business strategies and the
environment in which Anglo American Platinum will operate in the future.
Important factors that could cause Anglo American Platinum's actual results,
performance or achievements to differ materially from those in the
forward-looking statements include, among others, levels of actual production
during any period, levels of global demand and product prices, unanticipated
downturns in business relationships with customers or their purchases from
Anglo American Platinum, mineral resource exploration and project development
capabilities and delivery, recovery rates and other operational capabilities,
safety, health or environmental incidents, the effects of global pandemics and
outbreaks of infectious diseases, the impact of attacks from third parties on
our information systems, natural catastrophes or adverse geological
conditions, climate change and extreme weather events, the outcome of
litigation or regulatory proceedings, the availability of mining and
processing equipment, the ability to obtain key inputs in a timely manner, the
ability to produce and transport products profitably, the availability of
necessary infrastructure services, the development, efficacy and adoption of
new or competing technology, challenges in realising resource estimates or
discovering new economic mineralisation, the impact of foreign currency
exchange rates on market prices and operating costs, the availability of
sufficient credit, liquidity and counterparty risks, the effects of inflation,
war, conflict, political or civil unrest, uncertainty, tensions and disputes
and economic and financial conditions around the world, evolving societal and
stakeholder requirements and expectations, shortages of skilled employees,
unexpected difficulties relating to acquisitions or divestitures, competitive
pressures and the actions of competitors, activities by courts, regulators and
governmental authorities such as in relation to permitting or forcing closure
of mines and ceasing of operations or maintenance of Anglo American Platinum's
assets and changes in taxation or safety, health, environmental or other types
of regulation in the countries where Anglo American Platinum operates,
conflicts over land and resource ownership rights and such other risk factors
identified in Anglo American Platinum's most recent Annual Report.
Forward-looking statements should, therefore, be construed in light of such
risk factors and undue reliance should not be placed on forward-looking
statements. These forward-looking statements speak only as of the date of this
document. Anglo American Platinum expressly disclaims any obligation or
undertaking (except as required by applicable law) to release publicly any
updates or revisions to any forward-looking statement contained herein to
reflect any change in Anglo American Platinum's expectations with regard
thereto or any change in events, conditions or circumstances on which any such
statement is based.

 

Nothing in this document should be interpreted to mean that future earnings
per share of Anglo American Platinum's will necessarily match or exceed its
historical published earnings per share. Certain statistical and other
information included in this document is sourced from third party sources
(including, but not limited to, externally conducted studies and trials). As
such it has not been independently verified and presents the views of those
third parties, but may not necessarily correspond to the views held by Anglo
American Platinum and Anglo American Platinum expressly disclaims any
responsibility for, or liability in respect of, such information.

 

 

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