Anglo American - Proposal for demerger and share consolidation

Modified on Thu, 17 Apr at 2:21 PM

Dear client

We have been notified of a demerger and share consolidation proposal for the Anglo American company.

The simplification of Anglo American's current portfolio includes the demerger of a portion of its 67% owned platinum group metals business, Anglo American Platinum Limited ("AAP").

In order for the proposed demerger to be implemented, Anglo American shareholder approval will be sought at a General Meeting to be held immediately following the Annual General Meeting, at 1pm UK time (or as soon thereafter as the AGM shall have concluded or been adjourned) on Wednesday, 30 April 2025. If the ordinary resolution is approved, it is expected that the effective date for the demerger will be Saturday, 31 May 2025 and AAP UK Admission will occur on Monday, 2 June 2025.

As a result of the proposed demerger, c.51% of the issued share capital of AAP will be distributed to Anglo American shareholders who will each receive 110 AAP shares for every 1,075 Anglo American shares that they hold2.

In conjunction with the demerger, Anglo American intends to carry out a share consolidation. This is intended to provide consistency in the Anglo American share price before and after the demerger process. The share consolidation ratio will be determined on the basis of the relative three month volume-weighted average share prices for Anglo American and AAP, as adjusted for its proposed additional dividend, up to the day prior to the ratio being announced on Tuesday, 20 May 2025. The effective date for the share consolidation is expected to be Sunday, 1 June 2025 and unconditional dealings in the consolidated shares is expected to commence on the LSE and the JSE on Monday, 2 June 2025. Anglo American shareholder approval is being sought for the share consolidation as part of the ordinary resolution to approve the demerger.

Please see the link to the notification received here: https://www.londonstockexchange.com/news-article/AAL/publication-of-circular-for-demerger-of-aap/16980620

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Kind regards