Business
Increase in Tjate Holding
Increase in Tjate Holding.
About this update from Jubilee Metals Group Plc
[{"type":"text","content":"\n Jubilee Platinum PLC\n19 July 2007\n\n\n\n Jubilee Platinum Plc\n ('Jubilee' or 'the Company')\n\n\n\n Jubilee Acquires Preference Shares in New Plats (Tjate) (Pty) \n Limited ('NewPlats')\n\n\n\nThe Company announces that the Sale of Shares Agreement announced in December\n2006, has been amended whereby Jubilee has now acquired a 49% interest in\nNewPlats by way of issue of new Jubilee shares, subject to South African Reserve\nBank (SARB) approval, thereby increasing to 48.72% the Company's direct and\nindirect interest in Tjate Platinum Corporation (Pty) Limited ('Tjate').\n\n\n\nThe Company is pleased to announce further that it has now entered into a\nPreference Share Subscription and Sale Agreement ('Agreement') to purchase\nNewPlats' A Preference shares ('Preference Shares') by way of issue of new\nJubilee shares, subject to SARB and the Department of Minerals and Energy (DME)\napproval. On receipt of this approval the Company's indirect and direct interest\nin Tjate will increase to 58.53%.\n\n\n\nHighlights:\n\n\n\n• This Preference Share Agreement will result in Jubilee holding a\n further 9.81% indirect interest in Tjate\n\n\n\n• Jubilee's direct and indirect stake in Tjate will increase to 58.53%\n from the 48% previously announced in December 2006\n\n\n\n• The consideration for the Preference shares will be by way of issue of\n new Jubilee shares\n\n\n\n\n\nColin Bird CEO of Jubilee said, 'In taking this step, we are progressing our\ninterest in Tjate. This Agreement with NewPlats further cements our relationship\nwith our economic empowerment partners and Jubilee looks forward to working with\nthem to advance the project towards development.'\n\n\n\n\n\nSalient Terms of the Agreement\n\n\n\nNewPlats shareholders, who have elected to do so, will subscribe pro rata their\ninterest in NewPlats for Preference Shares at par value.\n\n\n\nThe Company will purchase all NewPlats Preference shares in issue, the\nconsideration for which will be by way of issue of 5,507,493 Jubilee shares to\nNewPlats.\n\n\n\nThe Preference Shares confer on the holders the right to receive all dividends\nor other distributions declared and/or paid by NewPlats to its shareholders in\nrespect of 9.81% of the shares it holds in Tjate. Under this Agreement the\nCompany will have the right, subject to DME approval, to convert the Preferenc...