Notice of AGM and Posting of Report and Accounts

RNS Number : 5059T

Jubilee Platinum PLC

07 December 2011

 



Jubilee Platinum Plc AIM: JLP JSE: JBL Registration number: 4459850 ISIN GB0031852162 JUBILEE PLATINUM PLC ("Jubilee" or "the Company")

POSTING OF ANNUAL REPORT AND ACCOUNTS,NOTICE OF ANNUAL GENERAL MEETING ("AGM") AND STATEMENT CHANGE FOR THE YEAR ENDED 30 JUNE 2011

Notice of AGM

Notice is hereby given, under the Companies Act 2006 of the United Kingdom, that the Annual General Meeting ("AGM") of Jubilee Platinum ("the Company") will be held at the offices of finnCap at 60 New Broad Street, London, EC2M IJJ on Wednesday, 28 December 2011 at 11.00(GMT). 

Shareholders are advised that the Annual Financial Statements for the year ended 30 June 2011 have been posted today and will be available on the Company's website:  www.jubileeplatinum.com.

The AGM is taking place later than in previous years as a result of the additional work required to produce the final audited accounts following the acquisitions of the private power plant and the smelter operations. 

CHANGE STATEMENT

As noted in the Reviewed Abridged results which were published on SENS and RNS on 30 September 2011, the identifiable net assets of the acquired Thos Begbie Holdings(Pty) Ltd and Power Alt (Pty) Ltd had been determined on a provisional basis and as a result of the finalisation of the purchase price of these assets and their reallocations, in compliance with the listing rules of the JSE, a statement of changes to the reviewed abridged results are as follows:

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

For the year ended 30 June 2011

	Group (Audited)		Difference	Reviewed (Unaudited)	Reason for  Difference
	2011 £'000		£,000	2011 £'000
Revenue	5,503		-	5,503
Cost of Sales	(5,241)		(2,477)	(2,764)	Reallocation of expenses out of Admin
	262		(2,477)	2,739
Negative goodwill	-			-
Other administrative expenses	(6,772)		2,790	(9,562)	Reallocation - See COS
Total administrative expenses	(6,772)		2,790	(9,562)
Operating loss	(6,510)		313	(6,823)
Finance income	149		-	149
Finance cost	(648)		-	(648)
Loss before  tax expense	(7,009)		313	(7,322)
Tax	(580)		(580)	-	Final purchase price allocation
Loss for the year	(7,322)
OTHER COMPREHENSIVE INCOME
Exchange gain on translation of foreign subsidiaries	4,116		2,476	1,640	Alloacation of exchange diffences on prior year business combinations
Total comprehensive loss for the year	(3,473)		2,209	(5,682)	Majority relates to forex
Loss attributable to:
Equity Shareholders	(6,821)		(2,211)	(4,610)
Non-controlling interest	(768)		304	(1,072)	Final PPA *
	(7,589)		(1,907)	(5,682)
Total comprehensive income attributable to:
Equity shareholders	(2,705)		3,545	(6,250)
Non-controlling interest	(768)		304	(1,072)
	(3,473)		3,849	(7,322)
Earnings per share
Basic and diluted loss per share (pence) Headline earnings (loss) per share (pence)	(2.67) (2.67)		1.10 1.10	(3.77) (3.77)

·      PPA  purchase price and allocation

CONSOLIDATED AND COMPANY STATEMENTS OF FINANCIAL POSITION

As at 30 June 2011

	Notes		Group (Audited) 2011 £'000	Difference £,000	Reviewed (Unaudited) 2011 £'000	Reason for Difference
ASSETS
Non-current assets
Intangible assets	11		88,222	5,841	82,381	Reallocation of goodwill, final PPA and Forex on prior year business combinations
Property, Plant and equipment	12		15,360	797	14,563	Final PPA
Investments in subsidiaries	13		-		-
Goodwill				(1,199)	1,199	Reallocated to Intangibles
Deferred tax	8		519	519	-	Final PPA
Total non-current assets			104,101	5,958	98,143
Current assets
Trade and other receivables	16		3,121	(3,857)	6,978	Inter company elimination
Inventory	17		830	-	830
Cash and cash equivalents			2,007	-	2,007
Other Receivables				(17)	17	Allocated to trade and other receivables
Total current assets			5,958	(3,874)	9,832
TOTAL ASSETS			110,059	2,084	107,975
LIABILITIES
Non-current liabilities
Loans to and from related parties				1,280	(1,280)	Reallocated to current
Long-term liabilities	21		(2,504)	878	(3,382)	Short term portion reallocated to current
Deferred tax	8		(18,240)	(18,240)		Reallocated from current and final PPA
Total non-current liabilities			(20,744)	(16,082)	(4,662)
Current liabilities
Deferred tax				16,575	(16,575)	Reallocated to non-current and final PPA
Loans from related parties	23		(1,280)	(1,280)	-	Reallocated from non-current
Contingent/ deferred consideration	18		-	-	-
Trade and other payables	18		(2,575)	1,317	(3,892)	Inter- company elimination and final PPA
Short term Liabilities Tax	21		(981)  (625)	(879) (625)	(102)              -	Short term portion from non-current Final PPA
Total current liabilities			(5,461)	(15,108)	(20,569)
TOTAL LIABILITIES			(26,205)	(974)	(25,231)
NET ASSETS			83,854	1,110	82,744
EQUITY
Share capital	19		2,565	-	2,565
Share premium			57,595	-	57,595
Merger reserve			23,184	-	23,184
Share based payments reserve	20		5,171	-	5,171
Currency translation reserve			14,503	2,476	12,027	See Intangibles
Retained deficit			(21,057)	(1,859)	(19,198)
TOTAL EQUITY			81,962	618	81,344
Equity interest of non-controlling interests			1,892	492	1,400	Final PPA
NET EQUITY			83,854	1,110	82,744

CONSOLIDATED AND COMPANY STATEMENTS OF CASH FLOWS 

For the year ended 30 June 2011

	Group (Audited) 2011 £'000	Difference £,000	Reviewed (Unaudited)2011 £'000
Cash flows from operating activities
Loss for the year	(7,009)	n/a	-
Finance income	(149)	n/a	-
Finance expense	648	n/a	-
Depreciation	1,278	n/a	-
Share based payment	766	n/a	-
Impairment of intangibles	-		-
Amortisation of intangibles	1,221	n/a	-
Profit on sale of property, plant and equipment	-	n/a	-
(Increase) / Decrease  in inventory	(148)	n/a	-
Decrease / (Increase) in receivables	(2,191)	n/a	-
(Decrease) / Increase in payables	(1,321)	n/a	-
Net cash from operating activities	(6,905)	(3,475)	(3,430)
Cash flows from investing activities
Increase in loans and investments	-	n/a	-
Acquisition of subsidiary, net of cash acquired	(6,578)	n/a	-
Proceeds from sale of property, plant and equipment	-	n/a	-
Funding of deposit account for business combination	7,652	n/a	-
(Purchase) / disposal of intangible fixed assets	(2,284)	n/a	-
Purchase of property, plant and equipment	(1,472)	n/a	-
Net cash used in investing activities	(2,682)	6,027	(8,709)
Cash flows from financing activities
Issue of shares	-	n/a	-
Issue costs	-	n/a	-
Acquisition of non-controlling interest	(1,640)	n/a	-
Net cash generated from financing activities	(1,640)	(2,258)	618
Net (decrease) / increase in cash and cash equivalents	(11,227)	294	(11,521)
Cash and cash equivalents at beginning of the year	12,997	-	12,997
Effects of foreign exchange on cash and cash equivalents	237	(294)	531
Cash and cash equivalents at the end of the year	2,007	-	2,007

CONSOLIDATED AND COMPANY STATEMENT OF CHANGES IN EQUITY

For the year ended 30 June 2011

	Share capital	Share premium	Merger reserve	Share based payment reserve		Currency translation reserve	Retained deficit	Non- controlling interest	Total equity
Group	£'000	£'000	£'000	£'000		£'000	£'000	£'000	£'000
Balance at 30 June 2011 (Reviewed)	2,565	57,595	23,184		5,171	12,027	(19,198)	1,400	82,744
Balance at 30 June 2011	2,565	57,595	23,184		5,171	14,503	(21,057)	1,892	83,854
Difference	-	-	-		-	2,476	(1,859)	492	1,110
Reason for Difference	-	-	-		-

Cash flow statement changes all related to changes in the Statement of Financial Position

Statement of changes in equity changes related to Statement of comprehensive income changes and final PPA detailed disclosures

COMMENTARY

1.  Cost of Sales has increased by £2.477 million from  £2.764 million to 5.241 million due mainly to including in the cost of sales (reallocating from other administrative expenses)the depreciation associated with RST Special Metals (Pty) Ltd as well as all the costs for unused power (to secure future power) of electricity from Power Alt (Pty)Ltd.

2.  A tax provison of £580,000 tax (previously zero in the Reviewed Abridged results) has been made due to the final purchase price and reallocation.

3.  Exchange gain on translation of foreign subsidiaries has increased to £4.11 million from £1.640 million and is now correctly reallocated to comprehensive income from capitalisation, which reduced the comprehensive loss to £3.473 million from £5.682 million and as a result has had a positive material impact on the earnings (loss) per share which has decreased to 2.67 pence from 3.77 pence.

4.  Net assets have increased to £83,854 million from £82,744 million due mainly to the final purchase price of the Thos Begbie and its reallocation. 

Johannesburg

7 December 2011

For further information please contact:

Colin Bird/Leon Coetzer

Jubilee Platinum plc

Tel [phone] / Tel [phone]

Matthew Robinson/Ben Thompson - Corporate Finance

Joanna Weaving - Corporate Broking

finnCap Ltd

Tel [phone]

Jerry Keen/Edward Mansfield

Shore Capital Stockbrokers Limited (Joint Broker)

Tel [phone]

Nick Rome/Shabnam Bashir

Bishopsgate Communications Ltd

Tel [phone]

Leonard Eiser/Sharon Owens

Sasfin Capital

Tel [phone]

Sponsor

SASFIN CAPITAL 

(a division of Sasfin Bank Limited)

 

END

 

 

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