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AQUARIUS PLATINUM LIMITED - Issue Of Shares To Support Black Economic Empowerment Partners Of Aquarius

Release Date: 04/10/2012 16:47
Code(s): AQP     PDF:  
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Issue Of Shares To Support Black Economic Empowerment Partners Of Aquarius

Aquarius Platinum Limited
(Incorporated in Bermuda)
Registration Number: EC26290
Share Code JSE: AQP
ISIN Code: BMG0440M1284

ISSUE OF SHARES TO SUPPORT BLACK ECONOMIC EMPOWERMENT PARTNERS OF
AQUARIUS

The Company (which has a primary listing on the ASX in Australia,
a premium listing on the London Stock Exchange and a secondary
listing on the JSE in South Africa), advises that it has recently
issued and allotted 14,000,000 fully paid common shares of US$0.05
at a price per share of 41.75 pence (A$0.64).

The issue of these shares is part of a transaction intended to
preserve the black economic empowerment (“BEE”) credentials of
Aquarius. Following the decrease in the share price of Aquarius
over recent months, the financing arrangements of Aquarius’
cornerstone   BEE   shareholders,   being   Savannah, Chuma  and
Malibongwe, (“BEE Partners”), required the sale of approximately
35 million of the 64 million shares held by the BEE Partners.
Aquarius is not a party to the current financing arrangements
between the BEE Partners and its financiers.

The Board of Aquarius has considered the implications of these
sales of the BEE Partners' shares and of further potential sales,
and resolved that it is in the interests of Aquarius, and in line
with its ongoing commitment to complying with the BEE and
regulatory framework in South Africa, to assist the BEE Partners
to preserve their remaining shareholdings in Aquarius.

In order to give effect to such resolution, Aquarius has lent its
wholly owned subsidiary, Aquarius Platinum Investments Limited
(“API”) the proceeds of the share issue which API has applied to
acquire 14 million fully paid common shares in Aquarius
(“Shares”). Accordingly, this is a cash neutral transaction for
the Aquarius group. It is proposed that API enter into a limited
guarantee and pledge of the Shares (“Security Arrangements”) with
the financiers to Aquarius' BEE Partners.     The purpose of the
Security Arrangements is to provide sufficient share security to
the BEE Partners’ financiers. The Security Arrangements contain
customary terms and conditions as well as specific events of
release of the security, with the objective of limiting recourse
and impact to API.


For further information please contact:

In Australia:
Willi Boehm        +61 8 9367 5211
In South Africa:
Jean Nel           +27 12 001 2001

4 October 2012
RAND MERCHANT BANK (A division of FirstRand Bank Limited)

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