Acquisition of PLA market update

RNS Number : 5353H

Jubilee Platinum PLC

21 June 2013

 



Registration number (4459850)                                          

JSE share code: JBL

AIM share code: JLP  

ISIN: GB0031852162                                      

Not for release, publication or distribution in whole or in part in, into or from any jurisdiction where to do so would constitute a violation of the relevant laws or regulations of such jurisdiction.

21 June 2013

Jubilee Platinum PLC

("Jubilee" or the "Company")

Acquisition of Platinum Australia Ltd ("PLA")

Market Update

Jubilee, the JSE listed and AIM quoted Mine-to-Metals specialist, is pleased to announce the outcome of the first court hearing that took place on 20 June 2013, in Australia, required to approve the Scheme of Arrangement ("the Scheme") for the proposed acquisition by Jubilee of PLA (the "Transaction").

Key Points:

·    PLA received orders from the Federal Court of Australia ("the Court") to hold a meeting of PLA shareholders ("Scheme Meeting") to consider and vote on the implementation of the Scheme, as announced on 14 December 2012. 

·    The Deed Administrator and PLA Directors unanimously recommend that in the absence of a superior proposal, PLA shareholders vote in favour of the resolution to approve the Scheme at the Scheme Meeting, which is scheduled to be held on 30 July 2013.

·    Subject to the approval of PLA creditors of a creditor compromise agreement which will be sought in the next few weeks and the approval of the Scheme by PLA shareholders and the timely satisfaction (or waiver) of the conditions precedent, PLA and Jubilee expect the Scheme to be implemented by mid-August 2013. 

Leon Coetzer, CEO of Jubilee, said:

"This is a significant milestone for the transaction. We are delighted that the first court hearing has now taken place and that we can focus on driving this transaction forward. The proposed enlarged entity combines shallow and at-surface mining and exploration assets together with a fully operable processing facility and smelters to create an integrated platinum company."

Contacts

Jubilee Platinum plc                          

Colin Bird

Tel [phone]

Leon Coetzer            

Tel [phone]

Andrew Sarosi         

Tel [phone]

JSE Sponsor    

Sasfin Capital, a division of Sasfin Bank Limited

Angela Teething-Smith/Sharon Owens

Tel [phone]

NOMAD                      

finnCap Ltd

Matthew Robinson/Ben Thompson - corporate finance

Joanna Weaving - corporate broking

Tel [phone]

Shore Capital Stockbrokers Limited (Joint Broker)

Jerry Keen/Edward Mansfield

Tel: [phone]

Bishopsgate Communications Ltd

Nick Rome/Anna Michniewicz/Ivana Petkova

Tel [phone]

 

END

 

 

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