Still no news on the details of the merger or the jbl:pla swap ratio! Got to wait another week or two! JBL SP has gone up to 13p (13.5p high) over night which is positive. Maybe we might get some more details from the administrator today? Waiting...
Here's the latest jbl announcement...
Renewal of Cautionary announcement, relating to the proposed merger transaction by Jubilee with Platinum Australia Ltd ("PLA")
5 February 2013
Jubilee Platinum, the AIM and JSE Limited quoted mine-to-metal specialist, is pleased to announce that, further to the prior cautionary announcement of 29 January 2013, the Company, Platinum Australia Ltd (“PLA”) and the latter’s senior creditor have agreed terms for settlement of PLA’s senior debt. Consequently, the Company and PLA have agreed to extend the Heads of Agreement to 15 February 2013 in order to seek to conclude the Implementation Agreement for the proposed merger of PLA and Jubilee (the “Proposed Transaction”). The due diligence investigations are largely complete, and the binding Implementation Agreement is in the final stages of negotiation, pending completion of accounts for finalising the merger ratios. The Company will provide further details on the Proposed Transaction on conclusion of the Implementation Agreement.
On the current timetable, completion of the Proposed Transaction is projected for May 2013.
The transaction will create a platinum mining group with the potential to be a significant producer within the top five platinum producers in the World. The due diligence investigations conducted by the parties have confirmed that significant synergies could be achieved by merging PLA with Jubilee.
Leon Coetzer, Chief Executive Office of Jubilee, said: “The Company has successfully reached key milestones in the execution of the Proposed Transaction. The agreement reached with the senior creditor of PLA allows for the completion of the Implementation Agreement within the coming days. As previously stated the enlarged group would include the combination of shallow and at-surface mining, a fully operable shallow mining operation and smelters and exploration assets underpinned by the large Tjate mining exploration asset, making the enlarged group a significant low cost player in the platinum industry.”
Commenting on the progress made to date, John Lewins, Director of Platinum Australia, said: “The process of completing the due diligence and the Independent Experts Report has served to highlight the clear benefits and synergies achievable from the proposed merger to both parties. With the major aspects of the proposed transaction agreed we are confident of completing the outstanding details in the coming week and concluding the Implementation Agreement.”
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Still no news on the details of the merger or the jbl:pla swap...
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