Cliffe Dekker Hofmeyr acted as legal advisors to the Broad-Based Black Economic Empowerment ("BEE") consortium and the Bookrunner in respect of Northam Platinum's fully funded R6.6 billion ten year BEE transaction (“Transaction”). The Transaction will secure a sustainable 35.4% Historically Disadvantaged South African (“HDSA”) interest in Northam Platinum and simultaneously secure funding for the Company’s expansion and growth plans.

The Transaction entails the subscription for 22% of Northam’s new ordinary shares, and the acquisition of 9.4% of Northam Platinum shares from Public Investment Corporation (SOC) Limited ("PIC") , thereby increasing the Company’s total effective HDSA ownership level to approximately 35.4%, when including the 4% held by Northam Platinum's employees through the Toro Trust.

The BEE consortium will settle their liability to Northam Platinum and PIC via the issuing and listing on the JSE of new preference shares.

Banzi Malinga, Director in the Corporate and Commercial practice at Cliffe Dekker Hofmeyr, was lead legal advisor to the BEE consortium, and Lilia Franca, also a Director in the Corporate and Commercial practice,  was lead legal advisor to the Bookrunner.