Shares in Valterra Platinum edged up on Monday as investors welcomed the miner’s debut on the London Stock Exchange (LSE).
Valterra’s LSE share price closed 2% higher at £28.90 (R698.51), having peaked at £29.80 during the day.
The secondary listing comes after Valterra, formerly Anglo American Platinum, celebrated its new name last week following separation from mining giant Anglo American.
Anglo spun out the platinum business as part of its radical restructuring, announced in May 2024 in response to a failed takeover bid by Australian miner BHP.
The strong start to Valterra’s London listing was a show of confidence in the company’s prospects as an independent platinum group metals (PGMs) miner and reflects continued interest in PGM producers by UK investors.
“Today marks a significant milestone as Valterra joins the main market of the LSE, complementing our primary listing in Johannesburg,” said Valterra CEO Craig Miller.
“Our secondary listing is a pivotal step in our evolution as a stand-alone PGM business. Not only does this listing broaden our shareholder base and access to our world-class assets but it also underscores our commitment to long-term value creation for the benefit of all our stakeholders.
“I welcome all our new shareholders and look forward to the future with real excitement. Our industry-leading resource base, competitive cost position and integrated processing capacity ideally positions us to make the most of the PGM industry, where there is a strong case for enduring demand.”
On Monday, Valterra’s entire issued share capital, comprising 265-million ordinary shares, was admitted to the equity shares (international commercial companies secondary listing) category and to trading on the LSE’s main market, with an initial market value of £7.5bn.
‘Significant boost’
UK law firm Macfarlanes, which advised Valterra on the secondary listing and demerger from Anglo, said the transaction was a “significant boost” to the London capital markets.
“We are delighted to have supported Valterra on this transformational deal, which allows the company to become independent and establish a larger market for trading in its shares,” said Macfarlanes corporate mergers & acquisitions partner Harry Coghill.
Anglo CEO Duncan Wanblad said Valterra had been a major part of Anglo for many years, but “now is the right time for it to optimise its value creation prospects on an independent path”.
It is an “outstanding business and team and I have every confidence Valterra will thrive as a leader in the global PGM industry”, said Wanblad.
After the demerger, Anglo plans to retain 19.9% of Valterra for at least 90 days, “with this shareholding position to be managed responsibly over time to effect a full separation”, it said.
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