Angloplat has ‘more balanced cap structure’

[] — Resources giant Anglo American on Monday said Anglo Platinum, the world’s largest platinum producer, has a more balanced capital structure following its R12.5bn rights issue.

Anglo American holds a 79.72% stake in Anglo Platinum.

The rights offer, which closed on Friday last week, received strong
support from Anglo Platinum’s shareholders and was, as a result, significantly over-subscribed, after taking into account the applications received for excess rights offer shares.

Anglo American took up its rights in full and given the strong demand for the balance of the rights offer shares, Anglo American’s underwriting commitment in relation to the minority portion of the rights offer was not called upon.

Accordingly, following the rights offer, Anglo American’s shareholding in Anglo Platinum is expected to be unchanged at 79.72%.

“Anglo American believes that the demand shown for the rights offer shares is a clear demonstration of confidence in Anglo Platinum’s strategy as the world’s leading producer of platinum, following its major restructuring in 2009 and ongoing operational improvements,” Anglo said.

“Anglo Platinum now has a more balanced capital structure, enabling it to focus on extracting value from its existing operations through further cost and productivity improvements and optimising its premium portfolio of assets and growth projects through disciplined investment,” it added.

At 13:33 shares in Anglo American were trading R3.60 or 1.16% firmer at R313.50 on the JSE, while shares in Anglo Platinum were R4.51 or 0.62% up at R729.51.