To view the PDF file, sign up for a MySharenet subscription.

PLATFIELDS LIMITED - Voluntary announcement on the suspension of the Company

Release Date: 02/06/2014 13:40
Code(s): PLL     PDF:  
Wrap Text
Voluntary announcement on the suspension of the Company

 PLATFIELDS LIMITED
 Incorporated in the Republic of South Africa
 (Registration number 2002/005851/06)
 Share code: PLL ISIN: ZAE000151825
 (“Platfields” or “the Company”)

VOLUNTARY ANNOUNCEMENT ON THE SUSPENSION OF THE COMPANY


The directors of Platfields advise that the Company remains suspended due to the requirement
of publish audited and interim results for the year ended 28 February 2013 and 31 August 2013
respectively.

The company has been through a very difficult period, with attempts to secure additional
funding for the group being unsuccessful to date due, inter alia, the difficult situation in the
platinum industry. This has also impacted on potential acquisitions, which the Company has
been similarly unable to conclude thus far.

This in turn has negatively impacted on cash flow of the group causing the delay in finalising
results, amongst other matters. However, the Company has made arrangements with its
auditors to complete the audit, which process has now been finalised and the results are
pending board approval. Results are expected to be released during June 2014 but are
expected to be qualified as to going concern.

The directors wish to advise that, as announced separately, it has been approached by a third
party and has commenced negotiations for the acquisition of substantial mining assets, which
will result in a reverse listing, a change in control and in the board as well as cash flow being
injected into the group, if successful.

Shareholders will be kept appraised of developments in due course.

Johannesburg
2 June 2014

Sponsor
Arcay Moela Sponsors Proprietary Limited

Date: 02/06/2014 01:40:00 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.

Share This Story