Business
Transaction Update
Transaction Update.
About this update from Jubilee Metals Group Plc
[{"type":"text","content":"\n \nRNS Number : 9288G Jubilee Platinum PLC 13 June 2013 \n \n\nRegistration number (4459850) \nJSE share code: JBL\nAIM share code: JLP \nISIN: GB0031852162 \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.\nJubilee Platinum PLC\n(\"Jubilee\" or the \"Company\")\nTRANSACTION UPDATE\nJubilee Platinum, the AIM quoted Mine-to-Metals specialist, today provides further information regarding the proposed acquisition by Jubilee of Platinum Australia Limited (\"PLA\") (the \"Transaction\"). \nBackground\nJubilee's directors believe that the Transaction has the potential to enable Jubilee to establish a fully operational platinum mining and processing company backed by a strong pipe-line of projects to drive future growth. The Transaction is planned to capitalise on the challenges faced by the platinum sector, and the impact these challenges have had on PLA, to the benefit of Jubilee's shareholders.\nThe conduct of the Transaction is governed by an Implementation Deed (\"ID\") entered into between the two companies. The ID provides for a number of potential \"regulated events\" identified by the Board of Jubilee with a view to protecting the company during the execution of the transaction. As such, mechanisms are in place which enable the Company to negotiate an outcome to the best interest of shareholders if any regulated events are triggered. \nUpdate\nOn 11 June 2013, the Company updated shareholders on the Transaction. The announcement referred to the fact that one of the specified regulated events had occurred. \nThe regulated event was that an application has been filed at court in South Africa for a liquidation order against PhokaThaba Platinum Pty Ltd (PhokaThaba). ...