Shareholders in South African mining group Gencor (GMF) on Friday approved resolutions authorising the unbundling of its shareholding in Impala Platinum Holdings Limited (Implats IMP).
This means that Gencor’s 46% holding in Implats will be distributed to Gencor shareholders before the end of June this year.
At a general meeting earlier on Friday, a special resolution authorising Gencor to repurchase ordinary shares in its capital was also approved.
The resolutions were voted on by shareholders representing 266 901 733 shares, or 76,6% of Gencor’s issued share capital.
The meeting follows Gencor’s R460,5-million settlements last month with claimants allegedly suffering from asbestos-related diseases. Payment of the settlement amount is subject to the unbundling being completed in every respect. According to the unbundling timetable, this will be from 18 June 2003.
Gencor chairman Attie du Plessis said the approval of shareholders had cleared the way to finalising the unbundling process.
“The directors have throughout this process followed a reasonable, responsible and prudent approach, and we believe the outcome is in the best interests of all parties, including Gencor shareholders,” he said.