Business
Proposed Acquisition of Braem
Proposed Acquisition of Braem.
About this update from Jubilee Metals Group Plc
[{"type":"text","content":"\n RNS Number : 0824V Jubilee Platinum PLC 03 July 2009 \n \n\n(A company incorporated in England and Wales with Registration number: 4459850)\nISIN: GB0031852169\nJSE Share Code: JBL / AIM Share Code: JLP\n\n\nJubilee Platinum plc\n\n('Jubilee')\n\n \nPROPOSED ACQUISITION OF THE ENTIRE ISSUED AND TO BE ISSUED SHARE CAPITAL OF BRAEMORE RESOURCES PLC ('BRAEMORE) AND WITHDRAWAL OF CAUTIONARY ANNOUNCEMENT\n\n1. INTRODUCTION\n\nFurther to the Jubilee cautionary announcement on 29 June 2009 Jubilee wishes to announce that it has entered into an implementation agreement (the 'Implementation Agreement') dated 2 July 2009 with Braemore in terms of which it will make an offer by way of a scheme of arrangement (the 'Scheme') in accordance with Part 26 of the UK Companies Act of 2006, as amended (the 'Act'), to be proposed by Jubilee between Braemore and its shareholders in terms of which Braemore will become a wholly owned subsidiary of Jubilee and Braemore's listing on AIM (a market operated by the London Stock Exchange plc) and on the JSE Limited ('JSE') will be cancelled (the 'Transaction').\n\nIn implementing this agreement, Jubilee has now extended the previous agreement with Braemore announced on 29 May 2009 into ownership based on Jubilee's strategy to become an emerging total capability platinum producer.\n\n \n2. TERMS OF THE SCHEME, RATIONALE AND RELATED MATTERS\n\nCertain terms of the Scheme, the rationale, and certain related matters including the advancing of working capital funding by Jubilee to Braemore are set out in the joint announcement by Jubilee and Braemore released simultaneously with this announcement. Jubilee shareholders are referred to that announcement which should be read in conjunction with this announcement.\n \n3. INFORMATION ON BRAEMORE\n\nBraemore is listed both on AIM and the JSE, its focus being on the smelting and refining of nickel and platinum group metal concentrates. It has projects in both Australia and South Africa and a smelting facility located at ...