Latest news with #demerger
Zawya
2 days ago
- Business
- Zawya
Anglo American Valterra Platinum demerger completed
Following the approval by shareholders on Wednesday, 30 April 2025, the demerger of Anglo American's interest in Valterra Platinum Limited and the associated share consolidation of Anglo American has been completed, with the share consolidation becoming effective on Sunday, 1 June 2025. Valterra Platinum's debut on the JSE follows the demerger of Anglo American's interest in the company The admission of Anglo American's new ordinary shares to the equity shares (commercial companies) listing segment of the Official List of the Financial Conduct Authority and to trading on the London Stock Exchange's Main Market for listed securities took place at 8 am today, 2 June, Monday. This was along with the listing and commencement of dealings in entitlements to Anglo American's new ordinary shares on the JSE. The shares of Valterra Platinum will also be admitted to the equity shares (international commercial companies secondary listing) listing segment of the Official List of the Financial Conduct Authority and to trading on the London Stock Exchange's Main Market for listed securities at 8 am, Monday, 2 June. This listing will be alongside Valterra Platinum's existing primary listing on the Johannesburg Stock Exchange. A major step to unlock the inherent value Duncan Wanblad, Chief Executive of Anglo American, says: 'This is an important moment for both Anglo American and Valterra Platinum. "For Anglo American, this is a major step in our plan to unlock the inherent value in our portfolio as a whole, with enhanced focus on our world-class positions in copper, premium iron ore and crop nutrients. "Valterra Platinum has been a major part of the company for many years but now is the right time for it to optimise its value creation prospects on an independent path – it's an outstanding business and team and I have every confidence that Valterra Platinum will thrive as a leader in the global platinum group metals industry.' Following the demerger Anglo American will continue to hold c.19.9% of Valterra Platinum and intends to retain this shareholding for at least 90 days following the demerger (subject to appropriate exceptions for any sale to maintain, and not exceed, this c.19.9% interest), with this shareholding position to be managed responsibly over time to effect a full separation. All rights reserved. © 2022. Provided by SyndiGate Media Inc. (
Wall Street Journal
3 days ago
- Business
- Wall Street Journal
Anglo American Completes Valterra Platinum Demerger
Valterra Platinum shares will begin trading on the London Stock Exchange via a secondary listing on Monday, Anglo American AAL 0.00%increase; green up pointing triangle confirmed after it completed its demerger. Anglo American began the process of demerging Valterra Platinum, formerly Anglo American Platinum VAL -2.10%decrease; red down pointing triangle, following BHP's $50 billion failed takeover bid last year.
Bloomberg
28-05-2025
- Business
- Bloomberg
PGM Prices Should Be Higher, says Valterra Platinum CEO
Anglo American's platinum unit, Amplats has demerged and started trading on the Johannesburg Stock Exchange under the new name Valterra Platinum. The new entity will also have a secondary listing on the London Stock Exchange from next Monday. It's a culmination of Anglo's wider restructuring plans announced last year to fend off an unsolicited $49 billion takeover by BHP Group. Amplats CEO, Craig Miller, spoke to Bloomberg's Chief Africa Correspondent Jennifer Zabasajja on Horizons Middle East and Africa just minutes before becoming the CEO of Valterra Platinum. (Source: Bloomberg)
Yahoo
27-05-2025
- Business
- Yahoo
Aditya Birla Fashion and Retail Ltd (BOM:535755) Q4 2025 Earnings Call Highlights: Strong ...
Equity Capital Raised: USD 490 million through QIP and preferential issuance. Cash Availability: INR 2,350 crores at consolidated level for ABFRL. ABLBL Revenue (Q4 '25): INR 1,942 crores, normalized growth of 4%. ABLBL EBITDA (Q4 '25): INR 330 crores, 18% Y-o-Y growth, margin expanded by 200 basis points to 17%. ABLBL Full Year Revenue ('25): INR 7,830 crores, normalized EBITDA margin of 16.2%. ABLBL Net Debt: INR 781 crores. Lifestyle Brands Revenue (Q4 '25): INR 1,639 crores, 5% Y-o-Y growth, EBITDA margin expanded by 50 basis points to 20%. ABFRL Revenue (Q4 '25): INR 1,719 crores, 9% Y-o-Y growth. ABFRL Comparable EBITDA (Q4 '25): INR 199 crores, up 103% Y-o-Y, reported EBITDA at INR 295 crores, margin at 17.2%. Pantaloons Revenue (Q4 '25): INR 885 crores, EBITDA margin expanded by 480 basis points to 15.1%. Ethnic Wear Revenue (Q4 '25): INR 564 crores, 19% Y-o-Y growth, EBITDA margin expanded by 700 basis points to 10.1%. Designer-led Ethnic Portfolio Growth (Q4 '25): 46% Y-o-Y, EBITDA margin exceeding 20%. Digital-first Brand Portfolio Growth (Q4 '25): 27% Y-o-Y growth. Warning! GuruFocus has detected 5 Warning Signs with BOM:535755. Release Date: May 26, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Aditya Birla Fashion and Retail Ltd (BOM:535755) successfully completed the demerger, creating two focused fashion powerhouses, which are now set on independent high-growth trajectories. The company raised USD 490 million of equity capital, strengthening its balance sheet with INR2,350 crores cash available for growth. Both entities delivered robust profitability, with ABLBL achieving a 200 basis points margin expansion and demerged ABFRL more than doubling its EBITDA. Pantaloons segment achieved significant EBITDA margin expansion of 480 basis points, reaching 15.1%, marking its sixth consecutive quarter of margin improvement. The Ethnic wear segment reported a robust 19% Y-o-Y growth in Q4, with profitability improving sharply and EBITDA margin expanding by 700 basis points to 10.1%. The industry faced strong macro headwinds with sustained impact on consumer discretionary consumption, affecting overall performance. Revenue performance was marginally impacted by the closure of Forever 21's offline operations. TCNS saw a revenue decline during the quarter due to ongoing distribution rationalization. The company is still working on turning around loss-making businesses like TCNS and Tasva, which are currently suppressing overall margins. The Style Up brand, while showing growth potential, may initially dilute margins due to its expansion strategy. Q: What will drive the margin expansion for the demerged ABFRL, and what are the sustainable margins for Pantaloons? A: The largest uptick in margins will come from turning around currently negative EBITDA businesses, such as parts of the ethnic businesses and digital-first brands. For Pantaloons, the margin expansion is driven by gross margin improvements, better product planning, and lower markdowns. The sustainable margin for Pantaloons is expected to improve by at least 300 basis points over the next couple of years. - Ashish Dikshit, Managing Director Q: Is the current cash balance sufficient to fund the planned expansion and investments for the demerged ABFRL? A: Yes, the demerged ABFRL is well-capitalized with over INR 2,000 crore in gross cash, which is sufficient to fund planned expansions and investments over the next three to four years. Additionally, there are plans to raise separate capital for the Tomorrow business. - Ashish Dikshit, Managing Director Q: What is the CapEx expectation for the demerged ABFRL in the next few years? A: The ongoing CapEx is expected to be around INR 400 crores annually. This includes expansion plans for various segments such as Style Up, Pantaloons, Tasva, and TCNS luxury. Galeries Lafayette will require a one-time CapEx of about INR 100 crores this year. - Ashish Dikshit, Managing Director Q: How is the company planning to differentiate Style Up in the competitive value fashion space? A: While specific differentiation strategies were not detailed, the company has identified opportunities in the value fashion space that align with its growth thesis for Style Up. The focus will be on opening new stores with a strong emphasis on capital productivity and market presence. - Ashish Dikshit, Managing Director Q: What are the growth expectations for the Sabyasachi brand, and how does the company plan to expand it? A: Sabyasachi is expected to grow at an early double-digit rate, with long-term growth closer to 20% over four to five years. Expansion will be selective, focusing on organic growth rather than aggressive store additions. The brand is positioned as India's only true luxury brand with potential for global growth. - Ashish Dikshit, Managing Director For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
The Australian
15-05-2025
- Business
- The Australian
DLI spins out Mt Ida
Special report: Delta Lithium has entered into binding agreements to demerge its full interest in the Mt Ida project to Ballard Mining, pending shareholder and ASX approval. Delta's Mt Ida asset will be spun out via a demerger and concurrent IPO A new, standalone and gold focused ASX-lister will be formed, named Ballard Mining Delta will retain upside exposure to Ballard through a substantial equity holding in Ballard As part of the proposed spin-out, eligible Delta Lithium (ASX:DLI) shareholders will receive one fully paid Ballard share for every 11.25 Delta shares they own, retaining exposure to the Mt Ida asset through an in-specie distribution. Ballard intends to conduct an initial public offering, targeting a raise of $25-30 million at 25c per share, to facilitate its proposed admission to the ASX official list. Following the demerger and successful IPO, Delta will maintain a significant interest in Ballard— roughly 49% at the minimum raise, and 46% at the maximum. The spin out paves the way for DLI to continue focusing on its primary business, being the exploration and development of its lithium assets at Mt Ida and Yinnetharra in WA. Potential for a standalone mining operation The decision follows an update to the inferred and indicated resource at the Mt Ida asset, now totalling 10.3Mt at 3.33g/t gold for 1.1Moz, significantly increasing the project's gold inventory and demonstrating the presence of a large system. DLI said the update represented significant potential upside for future exploration across the 250km2 Mt Ida tenement package (including pending tenure) and another 1,300km2 for water exploration. In light of its scale and viability as a standalone mining operation, Delta determined it was the right move to spin off the asset, a decision which comes at a time when lithium prices are depressed but gold prices are near record highs at close to A$5000/oz. Delta will remain as a lithium focused exploration and development company and will retain Delta's balance sheet strength by maintaining a significant shareholding in Ballard post demerger. Upon successful ASX admission, Ballard will allocate IPO funds to accelerate exploration at Mt Ida, including regional drilling and infill work at Baldock, aimed at completing DFS studies and progressing toward a final investment decision. Ballard, named after Lake Ballard – a local landmark in WA's Shire of Menzies famed for hosting the Gormley sculptures – will hold the gold asset through its shareholding in Mt Ida AU Pty Ltd, which will be a wholly owned subsidiary of Ballard. 'Opportune time in the gold price cycle' DLI managing director James Croser believes that the separation of the lithium and gold assets will create greater value for shareholders of both Delta and Ballard by enabling direct participation in the growth of the gold asset through an independent vehicle. "Delta has been working diligently towards this outcome for some time, and we are delighted to be finally able to announce these details of the demerger and Ballard IPO,' he said. 'Re-setting the exciting and prospective Mt Ida gold asset into Ballard, a pure new gold company, at such an opportune time in the gold price cycle best positions Ballard to launch into early success, underpinned by a strong foundation of 1.1Moz gold and a new dedicated and specialised management team. 'Momentum is crucial to a new listing and the pricing of the gold asset is compelling with significant potential to create investor returns and shareholder value.' Forecasters continuing to tip higher levels for gold, despite a recent pullback from an apparent normalisation of trade relations between the US and China. By way of example, State Street Global Advisors says 'there is a strong tactical and strategic case to be made that the gold market has transitioned to a higher price regime north of US$3000/oz.' They've loaded up a new baseline floor price of US$3000-3100/oz, with a base case of US$3100-3500/oz for 2025. Their H2 bull case has been upgraded, with new projections ranging between US$3500 and US$3900 per ounce. Looking ahead If approved by shareholders, the demerger is expected to be completed by early July 2025. Ballard has secured a high-calibre and experienced team with extensive experience in mineral exploration, project development, mining and financing in the resources industry. The team includes a combination of existing Delta directors and new appointments, including two independent non-executive directors with suitable technical expertise. The Ballard board and senior management comprises previous De Grey (ASX:DEG) chairman Simon Lill as independent non-executive chairman, Paul Brennan as managing director and CEO and former Ramelius Resources (ASX:RMS) CFO Tim Manners as finance director. Proposed chairman Simon Lill said Delta has done an excellent job in preparing Ballard for a spin out on behalf of its shareholders through IPO. 'I was pleasantly surprised with the substantial exploration upside at the Mt Ida gold project,' he said. 'With multiple walk-up targets over a largely untested 16km of trend, the opportunity to find another Baldock with its 930,000oz at 4.1g/t Au is real with the potential to grow into a camp-scale endowment.' This article was developed in collaboration with Delta Lithium, a Stockhead advertiser at the time of publishing. This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
