Sibanye-Stillwater (Tickers JSE: SSW and NYSE: SBSW) and Funds sponsored by Appian Capital Advisory Limited and its affiliates (collectively, “Appian” and, together with Sibanye-Stillwater, the “Parties”) have agreed a commercial settlement of the dispute arising from Sibanye-Stillwater’s termination of the transaction with Appian to acquire shares of Atlantic Nickel and Mineração Vale Verde from Appian in January 2022 for a total payment of US$215 million (inclusive of £5 million in legal fees already paid). The Parties have invested significant time, effort, and resources into this dispute and are pleased to have resolved the matter ahead of the quantum trial, which was due to begin today.
Michael W. Scherb, Founder and CEO of Appian, commented: “We are pleased to have reached a constructive resolution that reflects our commitment to acting in the best interests of our investors. This positive outcome allows us to close this matter on appropriate terms and focus our full attention on managing our funds and driving continued growth across our portfolio.”
Richard Stewart, Chief Executive Officer of Sibanye-Stillwater, commented: “The Board and management of the Group are convinced that the settlement of this protracted legal dispute is in the best interests of the Group and all its stakeholders. We are pleased with the commercial settlement agreed, which precludes further legal processes and related costs being incurred, and provides certainty for the Group and its stakeholders, removing, on acceptable terms, a market overhang of close to 4 years after the proposed transaction with Appian was terminated.”
