[miningmx.com] – INVESTEC Asset Management opted for pragmatism by supporting Sibanye Gold’s R4bn bid for Aquarius Platinum, said BDLive citing Investec’s portfolio manager, Hanre Rossouw.
“The die was cast. We voted in favour,” said Rossouw. Rossouw’s colleague, John Biccard, was critical of the offer because it undervalued the long-term prospects of the platinum firm. Aquarius announced on January 18 that 99% of shareholders had supported Sibanye Gold’s offer.
“As a 14% shareholder, we were originally not impressed by the relative quantum of the premium, but you have to be pragmatic,” said Rossouw. “You’ve seen the Aquarius peer group take quite a dramatic slide since the offer from Sibanye was made,” he said.
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