AngloGold Ashanti plc Provides Corporate Restructuring Update

Author: Benzinga Newsdesk | October 09, 2023 09:07am

AngloGold Ashanti plc ("AGA") has completed a corporate restructuring resulting in a corporate domicile in the United Kingdom, and a change of its primary listing from the Johannesburg Stock Exchange ("JSE") to the New York Stock Exchange ("NYSE"). The company, which now has its group headquarters in Denver, retains secondary listings on the JSE and the Ghana Stock Exchange ("GSE").

Transaction Payment Update

As disclosed in its initial announcement of the restructuring, on 12 May of this year, the restructuring attracted various tax payments in South Africa and Australia. These tax payments have now been determined at about $286m, following the successful conclusion of the corporate restructuring transaction. The detailed breakdown of the estimated total amount is provided below.

AGA has a robust balance sheet, with strong liquidity, low leverage and no near-term maturities, and will fund the tax payments from internal sources.

The tax amounts, calculated based on market prices on 22 September of this year at a closing share price of $18.15, shares in issue of 419,685,792, and a closing market capitalisation on the NYSE of $7.6bn, are listed below. Please note that final US dollar amounts of tax payments in South Africa may vary based on foreign exchange rates at the time payment is made in rands.

In South Africa:

• Dividend Withholding Tax: R4.18bn or $221m (payable on or about 31 October)
• Securities Transfer Tax: R351m or $19m (payable on or about 13 October)

In Australia

• Estimated Landholder Duties: $46m (payable in Q1 2024)

Reporting Update

AGA qualifies as a foreign private issuer ("FPI") in the United States for purposes of the Securities Exchange Act of 1934, as amended (the "Exchange Act") and is filing annual reports on Form 20-F and current reports on Form 6-K with the United States Securities and Exchange Commission ("SEC").

AGA plans to voluntarily file annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K with the SEC instead of filing on the reporting forms available to FPIs starting with the 10-Q filing for the second quarter of 2024.

Prior to voluntarily filing on forms that are available to U.S. domestic issuers, AGA will file its annual report for 2023 on Form 20-F and will only provide production information for each mine and major project updates in its reports for the third quarter of 2023 and the first quarter of 2024. We expect to release full year results for 2023 with detailed financial and operating information in February 2024.

Posted In: AU