Mvela Resources has asked to be excused from its obligation to make an offer to other shareholders of Northam Platinum.

According to the Johannesburg Stock Exchange (JSE) Mvela Resources will own about 62.8 per cent of Northam Platinum and is therefore required to make an offer to any minority shareholders.

But Mvela Resources has asked the Securities Regulation Panel (SRP) to grant a formal waiver if certain shareholders allow it.

According to Mining Weekly, Mvela Resources wants the waiver to be granted if Northam Platinum shareholders other than Mvela Resources and Anglo Platinum agree to the deal.

Anglo Platinum is already selling a 22 per cent holding in Northam Platinum to Mvela Resources.

Those against granting the waiver have until May 16th to write to the SRP with their objections.

Reports state that granting of the waiver is one of the conditions to the agreements between Mvela, Northam and Anglo Platinum.

Source:

Mvela applies for waiver from mandatory Northam offer, 09/05/08
http://www.miningweekly.com/article.php?a_id=132981