Business
Acquisition of PLA market update
Acquisition of PLA market update.
About this update from Jubilee Metals Group Plc
[{"type":"text","content":"\n \nRNS Number : 5353H Jubilee Platinum PLC 21 June 2013 \n \n\nRegistration number (4459850) \nJSE share code: JBL\nAIM share code: JLP \nISIN: GB0031852162 \n \nNot for release, publication or distribution in whole or in part in, into or from any jurisdiction where to do so would constitute a violation of the relevant laws or regulations of such jurisdiction.\n \n21 June 2013\nJubilee Platinum PLC\n(\"Jubilee\" or the \"Company\")\n \nAcquisition of Platinum Australia Ltd (\"PLA\") \nMarket Update \n \nJubilee, the JSE listed and AIM quoted Mine-to-Metals specialist, is pleased to announce the outcome of the first court hearing that took place on 20 June 2013, in Australia, required to approve the Scheme of Arrangement (\"the Scheme\") for the proposed acquisition by Jubilee of PLA (the \"Transaction\").\n \nKey Points:\n \n· PLA received orders from the Federal Court of Australia (\"the Court\") to hold a meeting of PLA shareholders (\"Scheme Meeting\") to consider and vote on the implementation of the Scheme, as announced on 14 December 2012. \n \n· The Deed Administrator and PLA Directors unanimously recommend that in the absence of a superior proposal, PLA shareholders vote in favour of the resolution to approve the Scheme at the Scheme Meeting, which is scheduled to be held on 30 July 2013.\n \n· Subject to the approval of PLA creditors of a creditor compromise agreement which will be sought in the next few weeks and the approval of the Scheme by PLA shareholders and the timely satisfaction (or waiver) of the conditions precedent, PLA and Jubilee expect the Scheme to be implemented by mid-August 2013. \n \nLeon Coetzer, CEO of Jubilee, said:\n \n\"This is a significant milestone for the transaction. We are delighted th...