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In The Interest Of Shareholders
Finweek English
|16 August 2018
DRDGold CEO explains why the company decided to sell a stake to Sibanye-Stillwater for R1.3bn – an amount (and deal) some analysts are concerned about.
anyone can be a CEO; you can be the CEO of your corner shop if you want to,” says Niël Pretorius, who actually doesn’t sell vegetables or cigarettes, but happens to be the CEO of a surface gold retreatment company, DRDGold.
The reference is to criticism he received earlier this year for deciding to sell a stake in the business to Sibanye-Stillwater for R1.3bn.
Leon Esterhuizen, an analyst for Nedbank Securities, observed that the transaction, conducted on the basis of a share ratio, undervalued DRDGold. Within two years, Sibanye-Stillwater also has the option of taking its stake in DRDGold up to 50.1% from the current 38% holding at a 10% discount to the 30-day volume weighted average trading price of DRDGold shares.
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