Appian victorious in High Court claim against Sibanye-Stillwater following unlawful termination of US$1.2 billion transaction

LONDON, Oct. 10, 2024 /PRNewswire/ -- Appian Capital Advisory LLP ("Appian"), the investment advisor to long-term value-focused private capital funds that invest in companies in metals, mining, and adjacent industries, welcomes today's ruling from the High Court of England and Wales that Sibanye-Stillwater Limited and its subsidiary Sibanye BM Brazil (Pty) Ltd (together, "Sibanye") are liable for damages caused by unlawfully terminating their US$1.2 billion transaction with Appian to acquire shares in Atlantic Nickel and Mineração Vale Verde in January 2022.

Highlights

The judgment was handed down following a five-week trial in the commercial list of the English High Court. The ruling vindicates Appian's claim that Sibanye unlawfully breached two sale and purchase agreements ("SPAs") for its acquisition of the Brazilian mining companies Atlantic Nickel and Mineração Vale Verde. 

Sibanye's termination was based on the incorrect assertion that an insignificant and minor geotechnical event ("GE") at Atlantic Nickel's Santa Rita mine in November 2021 constituted a material adverse effect ("MAE") under the terms of the SPAs. The event, which Sibanye had previously assessed as an occurrence "to be anticipated in mature mining operations", had minimal impact on the mine. In 2022, the mine produced 117kdmt of nickel concentrate representing a 9% year-on-year increase and delivered strong financial growth with EBITDA increasing by 65% year on year. Sibanye improperly relied on the event to avoid its contractual obligations.

In the High Court ruling, Justice Butcher determined that "the GE was not and would not reasonably have been expected to be material, and none of the bases relied on by the Defendants (Sibanye) demonstrated that it was or would" and that "there was no other basis on which the Defendants (Sibanye) were entitled to terminate the SPAs."

Today's ruling dictates that Sibanye is liable to compensate Appian for all of the damages which resulted from Sibanye's unlawful termination of the US$1.2 billion transaction. Appian will seek to recover these losses in full, including the significant interest that would have accrued since January 2022. The hearing to deal with the quantum of these damages will be tried in November 2025. If Sibanye cannot pay in full the damages awarded to Appian in the quantum trial, Appian will pursue all enforcement options.

Atlantic Nickel's Santa Rita project is one of a few long-life nickel sulphide mines, with a copper, cobalt and platinum group metals by-product, producing globally. Atlantic Nickel will continue progressing the asset's large underground extension development through the transition from open pit to underground mining. The underground development with higher-grade nickel will increase the production rate and extend the life of the mine to over 20 years.

For further information:

Appian Capital Advisory LLP:
Andrew Todd, Head of Communications: +44 7990416759 / atodd@appiancapitaladvisory.com
+44 (0)20 7004 0951 / info@appiancapitaladvisory.com 

FGS Global:
Charles O'Brien, Richard Crowley: +44 (0)20 7251 3801 / AppianCapital-LON@fgsglobal.com

About Appian Capital Advisory LLP

Appian Capital Advisory LLP is the investment advisor to the Appian Natural Resources Funds, which are long-term, value-focused funds that invest in metals, mining, and adjacent industries.

Appian is a leading investment advisor with global experience across South America, North America, Australia and Africa. It has a successful track record of supporting companies in metals, mining, and adjacent industries to achieve their development targets, with a global operating portfolio overseeing nearly 5,000 employees.

Appian has a global team of 85 experienced professionals with presences in London, New York, Hong Kong, Toronto, Vancouver, Lima, Belo Horizonte, Montreal, Dubai, Johannesburg and Perth.

For more information, please visit www.appiancapitaladvisory.com, or find us on LinkedIn, Instagram or Twitter/X.

** The press release content is from PR Newswire. Bastille Post is not involved in its creation. **

Appian victorious in High Court claim against Sibanye-Stillwater following unlawful termination of US$1.2 billion transaction

CITY OF INDUSTRY, Calif., Oct. 10, 2024 /PRNewswire/ -- LINSY HOME, a trusted name in home furnishings, is proud to announce the launch of the RUBIK V Cloud Modular Couch. Designed with today's families in mind, this couch delivers the perfect mix of comfort, style, and flexibility. Whether you're enjoying movie night, taking a quick nap, or just relaxing with your phone, the RUBIK V is made to fit seamlessly into your everyday life.

The True Modular for Every Family Member

Built for families with busy lives, the RUBIK V Cloud Modular Couch offers cloud-like comfort with its plush cotton and high-density foam cushions. Its modular design means you can rearrange the couch to fit your space—whether it's a cozy corner for reading or a spacious setup for entertaining guests. Plus, the removable, washable covers make it easy to keep your couch looking fresh, no matter how hectic life gets.

Available in Charcoal Grey and Cloud White, the RUBIK V complements any living room with its modern, sleek design.

Built to Last

Durability meets style in the RUBIK V Couch. Made with a sturdy plywood frame, this couch is designed to handle everyday wear and tear—whether it's from kids, pets, or daily lounging. The high-quality linen fabric is breathable, eco-friendly, and designed to highly durable and resist fading, ensuring your couch looks great for years to come.

Perfect for Families and Busy Lifestyles

The RUBIK V is perfect for families who value both comfort and flexibility. Its modular design can be transformed into various forms such as loveseat, sofa bed, or gaming footrest.

Whether you're watching TV, working from home, or hosting a game night with friends, this couch adapts seamlessly to your lifestyle. Its spacious design offers room for everyone, including pets, while maintaining its cozy, inviting feel.

But that's not all—the RUBIK V includes versatile matching modules to enhance your living experience. The Versatile Console adds extra functionality with built-in cup holders, charger and storage, perfect for keeping essentials within arm's reach. The Pet Bed module ensures your furry friends can enjoy their own space, while the Storage Ottoman helps keep your living area clutter-free with hidden storage for blankets, games, or anything else you need to tuck away.

Crafted with high-quality materials and featuring washable fabric covers, this couch offers easy maintenance, making life simpler no matter how busy things get.

Now Available at LINSY HOME

The RUBIK V Cloud Modular Couch is now available exclusively on the LINSY HOME website, with price ranging from $899.99 to $4,019.99. To celebrate the launch, LINSY HOME is offering a limited-time 20% discount, bringing the price down to $719.99 to $3,215.99 during the early bird period. Don't miss the chance to bring comfort and flexibility to your home with this stylish and practical couch.

About LINSY HOME

LINSY HOME designs furniture that grows with you. Known for their modular, eco-friendly products, LINSY HOME creates furniture that fits seamlessly into any lifestyle. From sofas to storage, every piece is built with the future in mind—providing durable, flexible, and stylish solutions for modern living.

For more information about the RUBIK V Cloud Modular Couch or other LINSY HOME products, visit linsyhome.com.

Media Contact:

Kate Pang
Brand Specialist
kate@linsyhome.com 

** The press release content is from PR Newswire. Bastille Post is not involved in its creation. **

LINSY HOME Introduces the RUBIK V Cloud Modular Couch: Comfort and Flexibility Tailored to Your Life