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EASTERN PLATINUM LIMITED - Eastern Platinum limited announces proposed delisting from AIM, annual general and special meeting notification

Release Date: 08/05/2014 16:07
Code(s): EPS     PDF:  
Wrap Text
Eastern Platinum limited announces 
proposed delisting from AIM, 
annual general and special meeting notification

EASTERN PLATINUM LIMITED
(Incorporated in Canada)
(Canadian Registration number BC0722783)
(South African Registration number 2007/006318/10)
Share Code TSX: ELR ISIN: CA 2768551038
Share Code AIM: ELR ISIN: CA 2768551038
Share Code JSE: EPS ISIN: CA 2768551038

May 8, 2014
Trading Symbol: ELR (TSX & AIM) EPS (JSE)
S&P TSX Composite Index

EASTERN PLATINUM LIMITED ANNOUNCES
PROPOSED DELISTING FROM AIM,
ANNUAL GENERAL AND SPECIAL MEETING NOTIFICATION,
AND PROPOSED SHARE CONSOLIDATION AND SUBDIVISION

Eastern Platinum Limited (TSX:ELR)(AIM:ELR)(JSE:EPS) (“Eastplats” or the “Company”) today
gives notice in accordance with regulatory requirements, that it has mailed out its Management
Proxy Circular, Notice of Meeting and related proxy materials on May 8, 2014, in connection with
the Company’s annual general and special meeting (“AGM”) to be held on June 12, 2014 at 10:00
A.M. (Vancouver time) / 19:00 (South African time) in the Erickson Room, lobby level, 1075 West
Georgia Street, Vancouver, British Columbia, Canada. Copies of these documents are available
during normal business hours on weekdays (except public holidays) free of charge from the
Company’s office at Suite 250 – 1075 West Georgia Street, Vancouver, British Columbia, Canada.
In addition, these documents are available on the SEDAR website at www.sedar.com and on the
Company’s website at www.eastplats.com.

The resolutions to be proposed at the AGM include, inter alia, resolutions to seek shareholder
approval to delist the Company’s shares from trading on the AIM market of the London Stock
Exchange (“AIM”) and a resolution to effect a share consolidation and subdivision.

AIM Delisting

When the Company’s Shares were admitted to trading on AIM, the Company was hopeful that an
active market for its Shares would evolve. This has not proved to be the case and the great majority
of the trading in the Company’s Shares has been in Canada on the Toronto Stock Exchange
(“TSX”).

Due to the low volume in trading of the Company’s Shares on AIM compared to the regulatory and
financial commitment required to maintain an AIM listing, the Board considers it in the best interest
of the Company to seek the cancellation of its Shares from trading on AIM. The relatively low profile
of the Company and inactive trading on AIM do not, in the Board’s view, justify the financial and
management costs associated with maintaining an AIM listing.

The Board believes that shareholders currently trading or holding AIM-quoted shares will not be
materially prejudiced by the proposed cancellation of the AIM quotation, given that shareholders will
continue to be able to trade their Shares on both the TSX and the Johannesburg Stock Exchange
(“JSE”). For those not familiar with the Canadian securities regulatory system, public information on
the Company will be accessible through www.sedar.com, an independent website on which all
regulatory filings must be made and through the Company’s website.

In order to be passed in accordance with the AIM Rules for Companies, at least three-quarters
(75%) of the votes cast at the Meeting by Shareholders in person or by proxy must be voted in
favour of the AIM Delisting Resolution. Should the AIM Delisting Resolution be approved, it is
anticipated that the last day of dealings for the Company’s common shares on AIM will be June 19,
2014 with, cancellation of the admission of the Common Shares on AIM occurring at 7:00 a.m.
(London time) on June 20, 2014. Pursuant to Rule 41 of the AIM Rules, the Company has notified
the London Stock Exchange of the date of the Cancellation.
Prior to the Cancellation Date, shareholders may continue to trade their securities on AIM. Whilst
shareholders that have their shares deposited with CREST Depositary Interest ("CDI") will not be
required to move their holdings from CREST until such time as they wish to trade their CDIs or
transfer them to the Canadian Depositary System ("CDS"), the Company encourages shareholders
to migrate their holdings of common shares to the Canadian shareholder register. CDI holders
wishing to transfer their position should contact their broker or independent professional adviser for
the procedure to follow.

Share Consolidation and Subdivision

At the AGM, shareholders will also be asked to consider and, if thought fit, to adopt a special
resolution (the “Consolidation and Subdivision Resolution”) to:

(a)    consolidate (the “Consolidation”) all of the issued and outstanding common shares of the
       Company (the “Pre-Consolidation Shares”) on the basis of one (1) new common share (a
       “Consolidated Share”) for each one thousand (1,000) Pre-Consolidation Shares;

(b)    purchase for cancellation all of the fractional shares held by any shareholder who holds less
       than one (1) Consolidated Share, by payment in cash; and

(c)    to subsequently subdivide or split (the “Subdivision”) all of the Consolidated Shares on the
       basis of one hundred (100) new common shares (the “New Common Shares”) for each
       whole Consolidated Share being subdivided.

As a result of the above, any shareholder holding less than 1,000 Pre-Consolidation Shares will be
entitled to receive a cash payment for equal to that number of Pre-Consolidated Shares multiplied
by an amount equal to the average weighted trading price of the Pre-Consolidated Shares on the
TSX and the JSE, whichever is applicable, for the ten trading days preceding the effective date of
the Consolidation.

Upon the Consolidation and Subdivision being completed, the Company’s transfer agent will, as
soon as practicable, allow shareholders to exchange their share certificates representing Pre-
Consolidation Shares for a certificate representing the appropriate number of New Common
Shares.

It is currently envisaged that the New Common Shares will commence trading on the TSX and the
JSE on June 27, 2014.

Total shares issued and outstanding: 928,187,807

For further information contact:
Investor Relations
Website: www.eastplats.com
Email: info@eastplats.com
Tel: 1-(604)-685-6851, Fax: 1-(604)-685-6493

NOMAD:
Neil Elliot, Damien Hackett
Canaccord Genuity Limited, London
Tel: +44 (0) 207 523 8000

JSE SPONSOR:
Johan Fourie
PSG Capital (Pty) Limited
Email: johanf@psgcapital.com
Tel: +27 21 887 9602

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