By now, a day ahead of Tuesday’s shareholder vote, the fate of Lonmin will probably have been decided. And given how widely dispersed the shareholding is and the likelihood most institutional investors will opt for the relative security offered by the Sibanye-Stillwater takeover proposal, it seems inevitable the Public Investment Corporation has determined that fate.
Froneman is adamant the deal is attractive for Lonmin, which he contends is not a going concern on a stand-alone basis, even at the current improved platinum prices. This is a chilling thought for shareholders who have looked on helplessly for almost two decades as successive leadership teams have destroyed the value of their investment.
Back in the early 2000s, there was the ill-considered multi-billion rand attempt, in defiance of geological reality, at mechanisation and then the high-profile ongoing failure to meet its social and community obligations, which overlapped with the appalling events of August 2012 when 34 striking miners were shot dead by police.
But by doing so, they have side-stepped the need for an independent valuation to determine whether the offer is fair and-reasonable. They have also ensured that with 75% backing, the remaining 25% shareholders will be forced to accept the transaction.
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