JUBILEE PLATINUM PLC - market update on PLA acquisition

market update on PLA acquisition

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


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.




Acquisition of Platinum Australia Ltd (“PLA”)
Market Update


Further to the announcement of 28 May 2013, Jubilee, the JSE and AIM
quoted Mine-to-Metals specialist, herewith announces an update on the
proposed acquisition of PLA (“the Transaction”).


Shareholders are advised that PLA received notification of a
liquidation application out of the High Court of South Africa (North
Gauteng Provincial Division), dated 28 May 2013, launched by Westdawn
Investments (Pty) Ltd trading as JIC Mining Services (“JIC”) against
PhokaThaba Platinum (Pty) Ltd (“PhokaThaba”) a subsidiary of PLA and
65.75% owner of PLA’s Smokey Hills Mine project (“Liquidation
Application”).


Under the terms of the Implementation Deed (“ID”) entered into
between Jubilee and PLA (subject to Deed of Company arrangement) on
25 February 2013, the Liquidation Application comprises a regulated
event as defined therein. A PLA Regulated Event includes an
application or order being made for the winding up or dissolution of
any PLA Group Entity, other than where the application or order (as
the case may be) is set aside within 14 days (“Regulated Event”).
Jubilee has accordingly given notice, on 7 June 2013, to PLA, of such
an event occurring.


Consequently, PLA postponed the first court hearing scheduled for
Monday, 10 June 2013 to Thursday, 20 June 2013 to enable PLA to
address the Liquidation Application. This postponement falls within
the execution time line set for the Transaction, where completion was
targeted for the end of July 2013.


The condition precedent for securing of financing as stated in the ID
has, by mutual agreement between Jubilee and PLA, been amended to
coincide with the second court hearing for the Transaction. This
extension will enable the Jubilee board to evaluate the merits of the
Regulated Event and continue to engage with PLA towards reaching an
acceptable solution.


Leon Coetzer, CEO of Jubilee, said: “The development with the
Liquidation Application against PhokaThaba is regrettable due to the
potential delays in the execution of the Transaction. The Liquidation
Application is however well defined within the Implementation Deed
and allows Jubilee under the terms of the Implementation Deed to
review the progress made by PLA to address this event while Jubilee
continues to engage with PLA on the potential outcome and its
implications on the Transaction.”


A further announcement will be made in this regard in due course. The
PLA announcement regarding the Liquidation Application is available
on Jubilee’s website at www.jubileeplatinum.com.
Contacts


Jubilee Platinum plc
Colin Bird
Tel +44 (0) 20 7584 2155
Leon Coetzer
Tel +27 (0)11 465 1913
Andrew Sarosi
Tel +44 (0) 1752 221937




JSE Sponsor
Sasfin Capital, a division of Sasfin Bank Limited
Angela Teething-Smith/Sharon Owens
Tel +27 (0) 11 809 7500


NOMAD
finnCap Ltd
Matthew Robinson/Ben Thompson – corporate finance
Joanna Weaving – corporate broking
Tel +44 (0) 20 7220 0500




Shore Capital Stockbrokers Limited (Joint Broker)
Jerry Keen/Edward Mansfield
Tel: +44 (0) 20 7 408 4090




Bishopsgate Communications Ltd
Nick Rome/Anna Michniewicz/Ivana Petkova
Tel +44 (0) 20 7562 3350


11 June 2013
Johannesburg


Sponsor
Sasfin Capital (a division of Sasfin Bank Limited)

Date: 11/06/2013 10:24:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.