Extension of Convertible (0878C)
March 01 2011 - 9:00AM
UK Regulatory
TIDMPPN
RNS Number : 0878C
Platmin Limited
01 March 2011
Platmin extends convertible debentures
1 March 2011
1 March 2011. TORONTO: Platmin Limited (TSX/AIM: PPN; JSE: PLN)
today announced that it has agreed with the holders of all the
convertible debentures issued on 13 May 2010, in principal amount
of US$135 million, to extend the maturity date of the convertible
debentures from 28 February 2011 to 31 March 2011. The holders of
debentures have previously agreed to convert the debentures into
160,714,287 new common shares, subject to certain conditions. The
only condition remaining outstanding is the completion of the
transfer of certain power and water rights from Barrick Platinum
South Africa (Proprietary) Limited to an affiliate of Platmin, and
the extension is intended to permit the necessary time for that
transaction to close.
The extension of the maturity date is a related party
transaction in respect of US$30 million of principal amount of
convertible debentures held by Pallinghurst Investor Consortium
(Lux) S.a r.l. ("LuxCo") and US$100 million of principal amount of
convertible debentures held by Ridgewood Investments (Mauritius)
Pte Ltd ("Ridgewood") (an indirect subsidiary of Temasek Holdings
(Private) Limited), within the meaning of MI 61-101 in Canada but
is exempted from the minority approval requirements by application
of section 5.7 of that rule. Upon conversion, LuxCo will acquire a
total of 35,714,286 common shares and will then have ownership,
control or direction over 192,683,032 common shares of Platmin
representing 21.2% of the then outstanding Platmin common shares.
Ridgewood will acquire a total of 119,047,620 common shares and
will then have ownership, control or direction over 160,199,883
common shares representing 17.6% of the then outstanding Platmin
common shares. Each independent director of Platmin has approved
the amendment and there has been no contrary view or abstention by
any independent director.
The extension of the maturity date in respect of LuxCo also
constitutes a related party transaction under the AIM Rules. The
independent directors of Platmin, having consulted with the
Company's nominated adviser, Investec Bank plc, consider that the
related party transaction is fair and reasonable insofar as the
shareholders of Platmin are concerned.
About Platmin
Platmin's primary asset is the Pilanesberg Platinum Mine, which
is currently building up to full production. The focus of the
Company is on achieving the metal production forecasts predicted in
the bankable feasibility study for the mine and participating,
through judicious investment, in the considerable value creation
potential which lies in the optimal exploitation and development of
the western limb of the Bushveld Complex. Platmin also holds
interests in projects on the eastern limb.
For further information
Russell & Associates Charmane Russell Tel: +27 11 880 3924
Mobile: +27 82 372 5816
Russell & Associates Nicola Taylor Tel: +27 11 880 3924
Mobile: + 27 82 927 8957
This information is provided by RNS
The company news service from the London Stock Exchange
END
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