Business
NAMF - Conversion of Holding
NAMF - Conversion of Holding.
About this update from Jubilee Metals Group Plc
[{"type":"text","content":"\n Jubilee Platinum PLC\n05 December 2005\n\n\n\n\n\n\n5 December 2005\n AIM: JLP\n\n\n Jubilee Platinum Plc\n\n\n Conversion of New Africa Mining Fund's holding in\n\n Windsor Platinum Investments (Pty) Ltd into Jubilee shares\n\n\n\n\n\nThe New Africa Mining Fund ('NAMF') and Jubilee Platinum plc ('Jubilee') have\nagreed, pursuant to an agreement dated February 2004, that NAMF converts its\nshares in Windsor Platinum Investments (Pty) Ltd ('Windsor') into Jubilee\nordinary shares. Windsor is the holding company for Jubilee's operations in\nSouth Africa and holds the Company's 35% interest in Tjate Platinum Corporation\n(Pty) Ltd and various other operating subsidiaries in South Africa.\n\n\n\nHighlights:\n\n\n\n • Jubilee acquires 100% control of its South African subsidiary Windsor\n Platinum Investments (Pty) Ltd\n • This acquistion has been achieved by Jubilee and NAMF agreeing to convert\n NAMF's 12.52% holding in Windsor into a 10% holding in Jubilee Platinum Plc\n • Control of Windsor is strategically important for Jubilee as Windsor holds\n the Company's interest in the Tjate project\n\n\n\nThis conversion will result in Jubilee acquiring full control of Windsor, which\nthe Company regards as strategically important in view of Windsor's holding in\nTjate Platinum Corporation (Pty) Ltd and the positive drilling results obtained\nfrom the Tjate project to date.\n\n\n\nNAMF has South Africa Reserve Bank ('SARB') approval for this conversion and\nwill be subject to certain time scales for realising its position in Jubilee.\nHowever, NAMF has indicated that it intends to maintain a holding in Jubilee,\nsubject to regulatory approval from SARB.\n\n\n\nThe conversion will be effected on the basis of 12.52% of Windsor's shares\ncurrently owned by NAMF for 10% of Jubilee's ordinary shares on a fully diluted\nbasis.\n\n\n\nThis conversion will be settled by the issue of 7,447,443 ordinary 1p shares in\nJubilee to NAMF. These shares are expected to be admitted to trading on AIM on\n12 December 2005.\n\n\n\nFor further information, please contact:\n\n\n\nJubilee Platinum plc Parkgreen Communications\nColin Bird Cathy Malins / Annabel Leather\nTel: +44 (0)20 7584 2155 Tel: +44 (0)20 7493 3713\nwww.jubileeplatinum.com\n\n\n This information is provided by RNS\n The company news service from the London Stock Exchange \n ","lengt...