https://www.engineeringnews.co.za

Jubilee to conclude Platinum Australia acquisition by end June

3rd May 2013

By: Natasha Odendaal

Creamer Media Senior Deputy Editor

  

Font size: - +

JOHANNESBURG (miningweekly.com) – JSE- and Aim-listed Jubilee Platinum on Friday said its acquisition of mining exploration company Platinum Australia (PLA) had been extended until June 30.

The deal, which was initially expected to be completed by mid-May, would see Jubilee acquiring all listed ordinary shares in embattled PLA by offering existing shareholders one Jubilee share for every 2.6 PLA shares held, representing an aggregate 194.7-million Jubilee shares.

Jubilee, which would merge the assets of PLA into its own under a subsidiary after the delisting of PLA from the ASX, also noted other changes to the implementation deed, which was tabled in February, including an alteration to Jubilee’s depositary interests to accommodate ASX requirements.

The parties agreed to alter the scheme and have Jubilee’s Chess depository interests (CDIs) offered at a ratio of 0.5 Jubilee CDIs for each Jubilee share held. Each Jubilee CDI represents a beneficial interest in two Jubilee shares.

The initial offering of a 1:1 CDI ratio would likely have resulted in Jubilee CDIs having a price significantly less than 20c and failing to meet an ASX requirement dubbed the “20 cent rule”.

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

Alco-Safe
Alco-Safe

Developed to exceed the latest EN 15964 standards for police breathalysers proving that it will remain accurate and reliable for many years to come.

VISIT SHOWROOM 
Egoli Gas (Pty) Ltd
Egoli Gas (Pty) Ltd

As a reticulator, Egoli Gas provides natural gas to homes and businesses via underground pipes.

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







301

sq:0.116 1.143s - 140pq - 2rq
Subscribe Now