Platfields in talks to sell assets
JOHANNESBURG (miningweekly.com) – South Africa-based precious metals explorer Platfields is considering the potential reverse listing of assets unrelated to its mining interests, as well as the unbundling of its mining assets to shareholders.
The company, which continues to face financial hardship, said on Wednesday that it had been in talks with a third party regarding the sale of mining assets, but that those talks had been terminated.
“However, we received a separate approach and are in discussions to capitalise the company.
“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,” Platfields said.
Trading in the company’s shares on the JSE remained suspended owing to the company’s inability to finalise its results for the six months ended August 31, 2013, and August 31, 2014, as well as for the financial years ended February 28, 2014, and February 28, this year.
The company reiterated that cash flow constraints remained a problem and were negatively impacting its ability to finalise and publish its results.
“The company has been through a very difficult period, with attempts to secure additional funding for the group being unsuccessful, to date, owing to the difficult situation in the platinum industry,” it said in a statement to shareholders.
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