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Renewal of Cautionary Announcement
PLATFIELDS LIMITED
Incorporated in the Republic of South Africa
(Registration number 2002/005851/06)
Share code: PLL ISIN: ZAE000151825
(“the Company”)
RENEWAL OF CAUTIONARY ANNOUNCEMENT
Shareholders are referred to the previous announcements released on SENS, the
last of which was released on 8 September 2015.
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.
The Company is expected to announce changes to its executive management
in due course.
Certain of the group’s prospecting rights have lapsed subsequent to the year
end and petitions have been made to the Minister of Mineral Resources for their
validity and security of tenure.
In addition, the Company is exploring the disposal of one of its subsidiaries for
cash.
However, shareholders are advised that the Company has been approached as
a vehicle for a reverse listing unrelated to the mining industry, which negotiations
also provide for an injection of funds to regularise the compliance requirements
of the Company, and the unbundling of the mining assets to existing Platfields
shareholders. The potential unbundling of the mining assets will result in these
assets no longer being listed on the JSE.
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 be tendering their resignations at the next annual general meeting.
Accordingly, shareholders are advised to continue to exercise caution when
dealing in the Company’s securities until a further announcement is made.
Johannesburg
21 October 2015
Sponsor
Arbor Capital Sponsors Proprietary Limited
Date: 21/10/2015 08:13:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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