PLATFIELDS LIMITED - Quarterly update on the suspension of the Company

Quarterly update 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”)

QUARTERLY UPDATE ON THE SUSPENSION OF THE COMPANY

The directors of Platfields advise that the Company remains suspended due to the
requirement to finalise and publish interim results for the six months ended 31 August
2013 and 31 August 2014, the years ended 28 February 2014 and 28 February 2015.

Cash flow constraints remain a problem and are negatively impacting the Company’s
ability to finalise and publish its results as detailed above. 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.

As previously announced, certain of the group’s prospecting rights have lapsed
subsequent and petitions have been made to the Minister of Mineral Resources for
their validity and security of tenure.

The directors wish to advise that, as announced separately, it had been approached
by a third party for the acquisition of substantial mining assets. Shareholders are
advised that these negotiations have since been terminated. However, the Company
has received a separate approach and is in discussions to capitalise the Company,
proceed with a reverse listing of assets unrelated to the mining industry and the
unbundling of the mining assets to Platfields shareholders. The potential unbundling of
the mining assets will result in these assets no longer being listed on the JSE.

The potential disposal of a subsidiary is also under discussion. Shareholders are advised
that negotiations are progressing well.

Shareholders are also advised that the Company’s administrative offices have been
closed for operations.

The Company has also received notice from their Executive Directors that they will
tender their resignations at the next annual general meeting.

Shareholders will be kept appraised of developments in due course.

Johannesburg
9 September 2015


Sponsor
Arbor Capital Sponsors Proprietary Limited

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