| Wed 7 Nov 2007, 9:00 | | JLP - Jubilee Platinum Plc - Proposed General Issu |
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JBL
JUJLP
JLP - Jubilee Platinum Plc - Proposed General Issue Of Shares For Cash
Jubilee Platinum plc
(Incorporated in the United Kingdom)
(Registration number 4459850)
AIM code: JLP
JSE code: JBL
ISIN: GB0031852162
(the "Company" or "Jubilee")
Not for release, publication or distribution in or into the United States,
Australia, Canada or Japan.
PROPOSED GENERAL ISSUE OF SHARES FOR CASH
Introduction
In accordance with Jubilee`s existing authority under its memorandum and
articles of association and general authority to issue shares for cash in
accordance with paragraph 5.52 of the Listings Requirements of the JSE Limited
("JSE"), Jubilee announces today that it proposes to place 13,000,000 new
ordinary shares (the "Placing Shares") equating to approximately 14.77 per
cent. of the Company`s current issued share capital, to raise approximately
GBP11,000,000 (net of expenses).
Jubilee proposes to place 13,000,000 ordinary shares at an issue price per
Placing Share of R12.50 on the JSE and 89 pence on the AIM Market of the
London Stock Exchange ("AIM"). This represents a 4.1% discount to the 30 day
volume weighted average price of 92.70 pence per ordinary share on AIM as at 6
November 2007 being the last practicable date prior to this announcement.
The Company proposes to place the shares with institutional shareholders, who
qualify as "public" shareholders within the meaning of paragraphs 4.25 and
4.26 of the Listings Requirements of the JSE.
Application will be made to the London Stock Exchange and the JSE Limited for
the Placing Shares to be admitted to trading on AIM and the Johannesburg Stock
Exchange ("Admission"). The Placing Shares will rank pari passu in all
respects with the existing ordinary shares. The Placing is conditional on
Admission. It is expected that dealings in the Placing Shares on AIM and the
JSE will commence on 12 November 2007.
Application of proceeds
The net proceeds will primarily be used to fund the bankable feasibility study
at Jubilee`s core Tjate project.
Financial effects
The table below reflects the unaudited pro forma financial effects of the
above mentioned proposed general issue of shares for cash. The pro forma
financial effects have been prepared for illustrative purposes only and in
terms of the Listings Requirements of the JSE and therefore due to their
nature, may not truly reflect Jubilee`s financial position or results. The
directors of Jubilee are responsible for the preparation of the pro forma
financial effects.
Before Pro forma Change
the issue after the (%)
issue
Basic loss - 2.09 1.79 14.35
pence per share
Headline loss - 2.09 1.79 14.35
pence per share
Net asset value 24.87 32.16 29.31
("NAV") - pence
per share
Net tangible 17.38 26.56 52.82
asset value
("NTAV") - pence
per share
Notes:
i). The "Before the issue" figures are based on Jubilee published provisional
interim results for the six months ended 30 June 2007.
ii). The "Pro forma after the issue" column is based on the assumption that
the issue was effective on 1 January 2007 for basic loss per share and
headline loss per share. It is assumed that the proceeds will be utilised
for capital expenditure and working capital and will therefore not affect
earnings for the period. Losses per share, however, will be diluted by
the new number of shares in issue.
iii).The "Pro forma after the issue" column is based on the assumption that
the issue was effective on 30 June 2007 for NAV and NTAV purposes.
iv). The number of shares used in the basic loss and headline loss
calculations were 79 839 600 for before the issue and 92 839 600 for
after the issue. The weighted average number of shares used in the NAV
and NTAV calculation were 82,305,192 for before the issue and 95,305,192
for after the issue.
London
7 November 2007
Sponsor: Investec Bank Limited
For further information please contact:
Colin Bird
Jubilee Platinum plc
Tel: +44 (0) 20 7584 2155
Gerard Kisbey-Green / Erik Anderson / Jan Bosch
Investec Bank (UK) Limited
Tel+ 44 (0) 20 7597 5000
Louise Goodeve / Justine Howarth
Parkgreen Communications Ltd
Tel +44 (0) 20 7851 7480
Date: 07/11/2007 09:00:04 Produced by the JSE SENS Department.
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