www.sibanyestillwater.com
MARKET RELEASE
Sibanye-Stillwater posts circular and notice of General meeting to shareholders
Johannesburg, 25 April 2019: Sibanye-Stillwater (Tickers JSE: SGL and NYSE: SBGL) refers Sibanye-Stillwater
shareholders (“Shareholders”) to the announcement made by Sibanye-Stillwater and Lonmin plc
(“Lonmin”) today (25 April 2019) (available, subject to certain restrictions relating to persons in certain
restricted jurisdictions, on Sibanye-Stillwater’s website at the address noted below), where it was
announced that, the Boards of Sibanye-Stillwater and Lonmin have reached agreement on the terms of
an increased recommended all-share offer to be made by Sibanye-Stillwater for the entire issued and to
be issued share capital of Lonmin (the “Increased Offer”). Under the terms of the Increased Offer, Lonmin
shareholders will be entitled to receive one new Sibanye-Stillwater share for each Lonmin share that they
hold (the “Revised Exchange Ratio”), reflecting a 3.4% increase (or an additional 0.033 new Sibanye-
Stillwater shares per Lonmin share held) relative to the Exchange Ratio of 0.967 new Sibanye-Stillwater
shares for each Lonmin share held, as announced on 14 December 2017. The Boards of Sibanye-Stillwater
and Lonmin consider that the Increased Offer for Lonmin reflects the recent recovery in the PGM pricing
environment, balanced against the fact that Lonmin continues to be financially constrained and unable
to fund the significant investment required to sustain its business and associated employment.
The Increased Offer is proposed to be effected by means of a UK scheme of arrangement (the
“Scheme”).
Sibanye-Stillwater is also pleased to advise that a circular (“Circular”) containing, inter alia, an ordinary
resolution regarding the issuance and allotment of shares as the consideration payable by Sibanye-
Stillwater to Lonmin for the Increased Offer (“Ordinary Resolution”), a notice convening the general
meeting (“General Meeting”) and a form of proxy, has been posted to Shareholders today, 25 April 2019.
Shareholders are further advised that the Circular will be available, subject to certain restrictions relating
to persons in certain restricted jurisdictions, from today on Sibanye-Stillwater’s website at
www.sibanyestillwater.com/investors/transactions/lonmin.
Notice is hereby given to Shareholders that the General Meeting of Shareholders will be held at the
Sibanye-Stillwater Academy, Rietkloof 349, Glenharvie, 1786, South Africa, on Tuesday, 28 May 2019 at
08:30 a.m. (South African time), immediately before the Sibanye-Stillwater annual general meeting, to
consider and, if deemed fit, pass, with or without amendment, the Ordinary Resolution set out in the
Circular.
Sibanye-Stillwater also notes that a Scheme circular in relation to the Increased Offer (the “Lonmin
Scheme Circular”) has been published today and is available, subject to certain restrictions relating to
persons in certain restricted jurisdictions, on Lonmin’s website at www.lonmin.com/investors/sibanye-
stillwater-offer and is also available, subject to certain restrictions relating to persons in certain restricted
jurisdictions, on Sibanye-Stillwater’s website at the address noted above. The Lonmin Scheme Circular
sets out, amongst other things, a letter from the Chairman of Lonmin, the full terms and conditions of the
Sibanye Gold Limited
Trading as Sibanye-Stillwater
Reg. 2002/031431/06
Incorporated in the Republic of South Africa
Share code: SGL
ISIN – ZAE000173951
Issuer code: SGL
(“Sibanye-Stillwater”,”the Company” and/or “the Group”)
Business Address:
Libanon Business Park
1 Hospital Street
(Off Cedar Ave)
Libanon, Westonaria, 1780
Postal Address:
Private Bag X5
Westonaria, 1780
Tel +27 11 278 9600
Fax +27 11 278 9863