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JUBILEE PLATINUM PLC - Update on acquisition - first Court hearing outcome

Release Date: 21/06/2013 08:00
Code(s): JBL     PDF:  
Wrap Text
Update on acquisition - first Court hearing outcome

Jubilee Platinum PLC
Registration number (4459850)
JSE share code: JBL
AIM share code: JLP
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


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 +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


21 June 2013
Johannesburg


Sponsor
Sasfin Capital (a division of Sasfin Bank Limited)

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