Platinum miner shows its mettle: Anglo American's spin-off climbs on London debut in boost for the City
The mining giant spun off its Amplats business – renamed Valterra Platinum – as part of a restructuring plan launched last year to defeat a takeover bid by rival BHP.
Valterra yesterday launched its secondary listing on the London Stock Exchange about a week after making its market debut in Johannesburg.
Shares started trading at 2,830p and closed up 2 per cent at 2,890p, valuing it at £7.8billion.
The firm 'briefly' considered a US listing but 'discounted [that idea] quite early on', Valterra chief executive Craig Miller said.
Instead, the firm chose London's stock market for its mining sector knowledge and experience.
And the location will make it easier for Anglo American shareholders in the UK to buy in to the firm.
Miller said: 'It's predominantly to enable Anglo American's existing shareholders offshore of South Africa to continue to hold shares in Valterra Platinum.'
The spin-off came as a 'surprise' to Miller when the plan was unveiled by Anglo chief executive Duncan Wanblad last year. It was part of a huge overhaul of the FTSE 100 company, which is listed in London.
Anglo has sold its steel making coal and nickel businesses and is planning to offload diamond firm De Beers – although a time frame has not been set.
Anglo will continue to hold a near-20 per cent stake in Valterra. Wanblad said: '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, iron ore and crop nutrients.'
...but Indivior quits LSE
Indivior has become the latest firm to quit London's stock market for the US.
The pharmaceutical group moved its primary listing to New York last year.
And yesterday it revealed it will cancel its secondary listing in London in another blow to the City.
The liquidity on Nasdaq 'far outweighed' that of London, an Indivior spokesman said.
The London Stock Exchange last year saw 88 firms delist or transfer their primary listing – the most since 2009.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Independent
6 minutes ago
- The Independent
The advert that landed Octopus Energy in hot water
Octopus Energy 's Facebook advertisement, which claimed heat pump "Installs from £500", has been banned by the Advertising Standards Authority (ASA). The ASA received complaints challenging the accuracy of the £500 claim and the omission of material information regarding government grants. The ruling found the ad misleading as sales data did not show a significant proportion of consumers paid £500 for installation when the ad appeared. Octopus Energy stated that 13.9 per cent of their heat pump customers paid £500 or less, after accounting for the £7,500 Boiler Upgrade Scheme funding. The energy company disagreed with the ASA's decision, asserting that 13 per cent of sales met the advertised price point and attributing the complaints to the "fossil fuel lobby".
The Independent
6 minutes ago
- The Independent
Inheritance tax and the rise of ‘giving while living': Smart ways to pass on wealth tax-free
For generations, inheritance was something handed down after death. Now, amid rule changes meaning more might be taxable, more families are flipping the script. Instead of waiting for probate and HMRC to take a slice of their hard-earned assets, they're adopting a new approach: giving while living. What's happening with inheritance tax? One major factor behind this shift is the growing impact of inheritance tax (IHT). With the UK's IHT threshold frozen at £325,000 since 2009 - despite soaring house prices and inflation - more estates are being dragged into the tax net. Currently, anything above the threshold is taxed at 40 per cent, unless it qualifies for reliefs like the main residence nil-rate band or passes to a spouse or charity. But the rules around gifting do offer some workarounds to pass on money during your lifetime without triggering a tax bill - if you plan properly. Why are people gifting early? According to HMRC, inheritance tax receipts hit a record £7.5bn in the 2023/24 tax year. That upward trend is likely to continue. Meanwhile, young adults are struggling with high living costs, unaffordable housing, and student debt. For many parents and grandparents, the most obvious solution is to give financial help now, when it matters the most. 'Making gifts to family while you are alive isn't just about tax planning,' says Anthony Fuller, chartered financial planner at Path Financial. 'Giving money while you are alive also means you get to see your loved ones enjoy it, which can be very motivating.' Thanks to the UK's relatively generous gifting rules, there are legitimate ways to do this without incurring immediate tax consequences. Know your gifting allowances There are several exemptions that allow you to give away money or assets each year without incurring IHT: Annual exemption: You can gift up to £3,000 each tax year free of IHT. This can be carried forward one year, meaning a couple could give £12,000 together if unused the previous year. Small gifts exemption: You can give up to £250 per person, per year, to as many individuals as you like, provided they haven't also received part of your £3,000 exemption. Wedding gifts: Gifts made on marriage are exempt up to £5,000 for a child, £2,500 for a grandchild, or £1,000 to anyone else. Normal expenditure out of income: Perhaps the most underused rule, this allows regular gifts from your surplus income - say, paying a grandchild's school fees - without affecting your estate, as long as it doesn't reduce your standard of living. There is more to know, however. The seven-year rule Larger gifts outside these exemptions fall under the 'potentially exempt transfer' (PET) rules. If you survive for seven years after making the gift, it falls outside your estate for IHT. Die within that window, and the gift may still be taxed, although taper relief can reduce the liability if you survive at least three years. 'If the driver behind gifting is decreasing the inheritance tax bill of your estate, then gifting early gives you a much higher chance of achieving this,' says Fuller. 'You need to live for at least seven years from the date of the gift for it to be fully successful for inheritance tax planning. This is much more likely for a 60-year-old than an 80-year-old.' Watch out for traps Not all gifts are created equal. Giving away property or assets you still benefit from, like transferring a home but continuing to live in it rent-free, can trigger the 'gift with reservation of benefit' rules. In those cases, HMRC may still count the asset in your estate. Also, capital gains tax (CGT) may apply if you gift certain assets, such as shares or a second home, even if there's no cash exchanged. It's wise to get advice before gifting anything complex. Fuller warns that generosity should never come at the expense of your own security. 'The first person you should look after in your financial plan is yourself - and that means keeping enough money to make sure you can afford to live your own life and pay for unexpected costs like replacing a car, roof or boiler.' Whatever your strategy, documentation is essential. 'It is important to keep a list of any gifts that you have made in your lifetime because they might need to be declared when you die as part of probate,' says Fuller. 'We suggest keeping a digital copy and printing out the latest version to leave with your will. Your executors should know where to find both.' With proper planning and communication, your inheritance tax bill can therefore be significantly managed.
The Sun
6 minutes ago
- The Sun
Massive fast food chain that rivals Taco Bell & Wahaca is opening 100 restaurants in UK
A MEXICAN-inspired fast food chain is set to open 100 restaurants across the UK in the next few years. Popular Aussie franchise Zambrero entered the UK market in 2021 with a London site, quickly expanding to 12 more across England. 2 Zambrero - known for its customisable burritos and bowls - runs over 300 restaurants in Australia, New Zealand, the US, Ireland and England. While it boasts the title of the largest Mexican restaurant franchise in Ireland, Zambrero is yet to make its mark across the rest of the UK. The chain currently has 13 restaurants around London, Manchester, Birmingham, Reading and Essex. But within the next 12 months, Zambrero plans to open an undisclosed number of other sites - including its first branch in Scotland. By 2030, the chain aims to reach its target of 100 restaurants in the UK, which is expected to create 1,500 jobs. This move is part of the business' renewed expansion drive, which includes the signing of its first three franchise partners. Emily Teh, CEO of Zambrero UK, told The Caterer: 'We've had a lot of interest in the brand during the last couple of years – and now is the right time for us to expand through our franchise partners and work towards opening 100 restaurants by 2030." She added the business is on the lookout for more area developers and franchise partners to support its expansion goals. Zambrero was founded by Aussie philanthropist Dr Sam Prince, who opened the first restaurant in 2005 as a 21-year-old medical student with less than £12,000 in savings, according to the chain's website. The fast food chain has a "Plate 4 Plate" initiative, whereby a meal is donated to someone in need for every burrito or bowl bought. Zambrero has so far donated over 93 million meals - a sum expected to reach 100 million later this year. It comes as the business secured a £141m investment from Metric Capital Partners in February 2023. Meanwhile, Slim Chickens, a major American fast food chain, recently opened four new restaurant sites in the UK. The US franchise started in the Deep South in 2003 and expanded to the UK in 2020. The business announced plans to open 16 more UK sites over the next year in February. The first Slim Chickens site opened on June 26 on 39-40 Wind Street in Swansea. The second branch opened in Ealing, West London, on July 2, followed by a branch in Walton on July 10. The fourth opened in Birmingham 's Utilita Arena on July 24. 2
