AngloGold Ashanti plc Provides Corporate Restructuring Update
10 October 2023 - 12:00AM
Business Wire
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.
Forward-looking statements
Certain statements contained in this document, other than
statements of historical fact, are forward-looking statements
regarding AngloGold Ashanti plc’s (“AngloGold Ashanti”) financial
reports, operations, economic performance and financial condition.
These forward-looking statements are not based on historical facts,
but rather reflect our current expectations concerning future
events and generally may be identified by the use of
forward-looking words or phrases such as “believe”, “aim”,
“expect”, “anticipate”, “intend”, “foresee”, “forecast”, “likely”,
“should”, “planning”, “could”, “may”, “would”, “estimated”,
“potential” or other similar words and phrases. Similarly,
statements that describe our objectives, plans or goals are or may
be forward-looking statements. These forward-looking statements
involve known and unknown risks, uncertainties and other factors
that may cause AngloGold Ashanti’s actual results, performance,
actions or achievements to differ materially from the anticipated
results, performance, actions or achievements expressed or implied
in these forward-looking statements. Although AngloGold Ashanti
believes that the expectations reflected in such forward-looking
statements and forecasts are reasonable, no assurance can be given
that such expectations will prove to have been correct.
Accordingly, results could differ materially from those set out in
the forward-looking statements as a result of, among other factors,
changes in economic, social, political and market conditions,
including related to inflation or international conflicts, the
success of business and operating initiatives, changes in the
regulatory environment and other government actions, including
environmental approvals, fluctuations in gold prices and exchange
rates, the outcome of pending or future litigation proceedings, any
supply chain disruptions, any public health crises, pandemics or
epidemics (including the COVID-19 pandemic), and other business and
operational risks and challenges and other factors, including
mining accidents. For a discussion of such risk factors, refer to
AngloGold Ashanti Limited’s annual report on Form 20-F for the year
ended 31 December 2022 filed with the United States Securities and
Exchange Commission (“SEC”) and AngloGold Ashanti’s registration
statement on Form F-4 initially filed with the SEC on 23 June 2023.
These factors are not necessarily all of the important factors that
could cause AngloGold Ashanti’s actual results or actions to differ
materially from those expressed in any forward-looking statements.
Other unknown or unpredictable factors could also have material
adverse effects on AngloGold Ashanti’s future results or actions.
Consequently, readers are cautioned not to place undue reliance on
forward-looking statements. AngloGold Ashanti undertakes no
obligation to update publicly or release any revisions to these
forward-looking statements to reflect events or circumstances after
the date hereof or to reflect the occurrence of unanticipated
events, except to the extent required by applicable law. All
subsequent written or oral forward-looking statements attributable
to AngloGold Ashanti or any person acting on its behalf are
qualified by the cautionary statements herein.
AngloGold Ashanti plc (Incorporated in England and Wales)
Registration number: 14654651 LEI No.: 2138005YDSA7A82RNU96 ISIN:
GB00BRXH2664 CUSIP: G0378L100 NYSE Share code: AU JSE Share code:
ANG (“AngloGold Ashanti”)
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Media Andrea Maxey +61 08
9435 4603/ +61 400 072 199 amaxey@anglogoldashanti.com
General inquiries media@anglogoldashanti.com
Investors Andrea Maxey +61
08 9435 4603/ +61 400 072 199 amaxey@anglogoldashanti.com
Yatish Chowthee +27 11 637 6273 / +27 78 364 2080
yrchowthee@anglogoldashanti.com Website:
www.anglogoldashanti.com
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