Business
Deferred Share Agreement
Deferred Share Agreement.
About this update from Jubilee Metals Group Plc
[{"type":"text","content":"\n RNS Number : 7564R Jubilee Platinum PLC 06 May 2009 \n \nJubilee Platinum PLC \n6 May 2009\n\nAIM: JLP\nJSE:JBL\nRegistration number :4459850\nISIN GB0031852169\n\n\nJUBILEE PLATINUM PLC \n\n('Jubilee' or 'the company') \n\nSPECIFIC ISSUE OF SHARES FOR CASH IN TERMS OF THE DEFERRED SHARE AGREEMENT\n\n\n\nIntroduction\n\n\nIn announcements released by the company on 2 April and 19 June 2008, Jubilee shareholders were advised that the company had obtained approval from the Department of Minerals and Energy ('DME'), in terms of Section 11 of the Mineral and Petroleum Resources Development Act (Act 28 of 2002) ('MPRDA'), to increase its stake in the Tjate Project to 63%. Jubilee increased its stake in the Tjate Project by the purchase of A Preference shares in New Plats (Tjate) (Proprietary) Limited ('New Plats'). The consideration for this purchase was paid by the issue of 8,016,669 Jubilee ordinary shares to New Plats and New Plats minority shareholders and was approved by the South African Reserve Bank.\n\nIn being granted the Section 11 approval, Jubilee gave an undertaking to the DME to provide further ordinary shares in Jubilee to New Plats shareholders, against the achievement of certain hurdles, which include certain commercial production targets. The undertaking to issue further shares to New Plats shareholders enabled Jubilee to satisfy the economic empowerment requirements of the MPRDA and to keep to the spirit and intent of the Mining Charter. On 21 January 2009 Jubilee entered into the deferred share agreement and in accordance with the terms of that agreement the company will issue shares for cash so as to comply with its undertaking given to the DME at that time.\n\n2. The terms of the issue of shares for cash\n \nJubilee has, subject to the fulfilment of the suspensive conditions set out below, entered into the deferred share agreement with the beneficiaries described in paragraph 2.1 below. In accordance with the terms the company will allot and issue new Jubilee ordinary shares to the beneficiaries as a specific issue of shares for cash at the subscription price of R1.527147 (being equivalent to 10.59p per share...