| Wed 7 May 2008, 9:29 | | EPS - Eastern Platinum Limited Adopts Shareholder |
|
EPS
EPS
EPS - Eastern Platinum Limited Adopts Shareholder Rights Plan
EASTERN PLATINUM LIMITED
(Incorporated in Canada)
(Canadian Registration number BC0722783)
(South African Registration number 2007/006318/10)
Share Code TSX: ELR ISIN: CA2768551038
Share Code AIM: ELR ISIN: CA2768551038
Share Code JSE: EPS ISIN: CA2768551038
Eastern Platinum Limited Adopts Shareholder Rights Plan
VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 6, 2008) - Eastern Platinum
Limited (TSX:ELR)(AIM:ELR)(JSE:EPS)(`Eastplats`) announced today that its Board
of Directors has approved the adoption of a Shareholder Rights Plan Agreement
(the `Rights Plan`). The Rights Plan is being adopted to ensure the fair
treatment of all Eastplats shareholders in connection with any take-over bid for
the outstanding common shares of Eastplats. The Rights Plan will provide
shareholders with adequate time to properly evaluate and assess a take-over bid
without facing undue pressure or coercion. The Rights Plan also provides the
Board with additional time to consider any take-over and, if applicable, to
explore alternative transactions in order to maximize shareholder value.
The Rights Plan is not designed to prevent take-over bids that treat Eastplats
shareholders fairly. Pursuant to the terms of the Rights Plan, any bid that
meets certain criteria intended to protect the interests of all shareholders are
deemed to be `Permitted Bids`. A Permitted Bid must be made by way of a take-
over bid circular prepared in compliance with applicable securities laws and, in
addition to certain other conditions, must remain open for 60 days. In the event
a take-over bid does not meet the Permitted Bid requirements of the Rights Plan,
the rights issued under the plan will entitle shareholders, other than any
shareholder or shareholders involved in the take-over bid, to purchase
additional common shares of Eastplats at a significant discount to the market
price of the common shares at that time. The Rights Plan is not being adopted in
response to any proposal to acquire control of Eastplats.
The Rights Plan has been accepted by the Toronto Stock Exchange and will be
presented for ratification by the shareholders at the Eastplats annual general
meeting to be held on June 4, 2008. If ratified by shareholders,
the Rights Plan will have a term of three years.
Total shares issued and outstanding: 678,405,204
Certain statements included herein constitute `forward-looking statements`
within the meaning of applicable Canadian securities legislation. These forward-
looking statements are based on certain assumptions by Eastplats
and Barplats and as such are not a guarantee of future performance. Actual
results could differ materially from those expressed or implied in such forward-
looking statements due to factors such as general economic and
market conditions, increased costs of production and a decline in metal prices.
Eastplats is under no obligation to update or revise any forward-looking
statements, whether as a result of new information, future
events or otherwise, except as required by applicable laws.
S&P TSX Composite Index
7 May 2008
FOR FURTHER INFORMATION PLEASE CONTACT:
Eastern Platinum Limited
Investor Relations
(604) 685-6851
(604) 685-6493 (FAX)
Email: info@eastplats.com
Website: www.eastplats.com
OR
NOMAD:
Canaccord Adams Limited, London
+44 20 7050 6500
Email: Ryan.Gaffney@canaccordadams.com
OR
JSE Sponsor:
PSG Capital (Pty) Limited, South Africa
+27 21 887 9602
Email: anjem@psgcapital.com
Date: 07/05/2008 09:29:01 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
