Business
Acquisition of PLA update
Acquisition of PLA update.
About this update from Jubilee Metals Group Plc
[{"type":"text","content":"\n \nRNS Number : 4014H Jubilee Platinum PLC 19 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 \n19 June 2013\nJubilee Platinum PLC\n(\"Jubilee\" or the \"Company\")\n \nAcquisition of Platinum Australia Ltd (\"PLA\") \nMarket Update \n \nFurther to previous announcements, the last of which was released on 13 June 2013, Jubilee, the JSE listed and AIM quoted Mine-to-Metals specialist, is pleased to provide shareholders with an update on the proposed acquisition of PLA (\"the Transaction\"). \n \nShareholders were advised that a liquidation application out of the High Court of South Africa (North Gauteng Provincial Division), dated 28 May 2013, was launched by Westdawn Investments (Pty) Ltd trading as JIC Mining Services (\"JIC\") against PhokaThaba Platinum (Pty) Ltd (\"PhokaThaba\") a subsidiary of PLA (\"Liquidation Application\"). The Liquidation Application triggered a regulated event as defined in the Implementation Deed entered into between Jubilee and PLA as part of the execution of the Transaction (\"Regulated Event\"). \n \nKey features of the update\n \n· Settlement value of ZAR3.5million (GBP224,500) reached between PhokaThaba, PLA and JIC payable to JIC within 14 days from settlement date\n· The Liquidation Application has been set aside\n· The Regulated Event has been remedied\n· The first court hearing for the approval of scheme of arrangement for the acquisition of PLA is confirmed for 20 June 2013\n \n \nOn 18 June 2013 the Liquidation A...