| Wed 15 Jul 2009, 17:00 | | PLN - Platmin Limited - Abridged Pre-Listing Statement |
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JSE
PLN
PLN - Platmin Limited - Abridged Pre-Listing Statement
Incorporated in the accordance with the laws of Canada
Registration number: 610178-0
Share code on TSX: PPN
Share code on AIM: PPN
Share code on JSE: PLN
ISIN: CA72765Y1097
("Platmin" or "the Company")
ABRIDGED PRE-LISTING STATEMENT
Prepared in terms of the Listings Requirements of the JSE Limited
This abridged pre-listing statement relates to the proposed secondary inward
listing of Platmin ("Inward Listing") on the securities exchange of the JSE
Limited ("JSE") and is prepared and issued in compliance with the Listing
Requirements of the JSE ("Listing Requirements"). The JSE has granted a
secondary listing to the Company by way of introduction of all its ordinary
shares in issue in the "Platinum and Precious Metals" sector of the JSE, to be
listed under the abbreviated name "Platmin", JSE share code "PLN", with effect
from the commencement of business on Wednesday, 22 July 2009 ("Inward Listing
Date").
This abridged pre-listing statement is not an invitation to the public to
subscribe for ordinary shares in Platmin, but is issued in compliance with the
Listings Requirements and for the purpose of giving information to the public
with regards to Platmin.
This abridged pre-listing statement contains salient information in respect of
the Company, which is more fully described in the Company`s pre-listing
statement dated 20 July 2009 ("Pre-listing Statement"). For a full appreciation
of the Inward Listing, the Pre-listing Statement, which is available on request
as set out in paragraph 9 hereto, should be read in its entirety.
1. INTRODUCTION
At the Inward Listing Date the authorised share capital of Platmin will
comprise an unlimited number of ordinary shares of no par value, and the
issued share capital of Platmin will comprise 445,018,352 ordinary shares
of no par value, fully paid and transferable. All the ordinary shares, in
terms of this abridged pre-listing statement rank pari passu with each
other.
Platmin currently has a primary listing on the Toronto Stock Exchange
("TSX") in the "Mining" sector. As at 10 July 2009 (being the "Last
Practicable Date"), Platmin had a market capitalisation of CAD378 million
based on the TSX`s closing price of CAD0.85 per ordinary share which
translates to a market capitalisation of ZAR2,677 million at the prevailing
ZAR/CAD exchange rate at that date. The Company obtained its listing on the
TSX on 10 August 2006.
Platmin is also listed on Alternative Investment Market of the London Stock
Exchange Plc ("AIM") under the share code PPN in the "Mining" sector and
`Platinum and Precious Metals" sub-sector. At the Last Practicable Date
Platmin had a market capitalisation of GBP196 million based on AIM`s
closing price of GBp 44.0 per common share which translates to a market
capitalisation of ZAR2,615 million at the prevailing ZAR/GBP exchange rate
at that date. The Company obtained its listing on AIM on 10 August 2006.
At the Last Practicable Date, Platmin had at least 20% of its issued shares
held by the public and it complied with the minimum number of public
shareholders as required by the Listing Requirements.
2. RATIONALE FOR THE INWARD LISTING
Platmin wishes to obtain a secondary listing of its ordinary shares on the
JSE in order to derive the various strategic benefits that this could
provide to the Platmin group.
The main purposes of the Inward Listing on the JSE are to:
- increase the Company`s public presence and profile;
- enhance the liquidity and tradability of its shares;
- facilitate direct investment by South African residents and
corporates; and
- provide Platmin with another potential source of capital.
3. NATURE OF BUSINESS
Platmin is a mineral exploration, development and producing company
incorporated under the laws of Canada, and is engaged in the exploration
and development of its Key Projects ("collectively the Pilanesberg Project,
the Mphahlele Project, the Grootboom Project, the Loskop Project and Other
Projects") in South Africa. The Company`s flagship project, the Pilanesberg
platinum mine ("Pilanesberg Mine"), is currently ramping up production to
full capacity. Platmin is exploring for platinum group elements ("PGE`s")
at the other Key Projects on which PGE mineral resources have been
estimated. All of the Key Projects are located in the Bushveld Complex
("BC") region of South Africa, which region is estimated to contain
approximately 90% of global PGE resources.
4. COMPETITIVE STRENGTH AND GROWTH STRATEGY
Platmin management believes that Platmin has a number of competitive
advantages, as follows:
- As at the Last Practicable Date, Platmin was ramping up production at
the Pilanesberg Mine after the commissioning of the UG2 circuit of the
metallurgical processing plant in March 2009 and the commencement of
the commissioning of the Merensky circuit in June 2009.
- A portfolio of high quality PGE projects - Platmin has the benefit of
a producing mine in ramp-up stage, and three projects which have the
potential to be stand-alone PGE mining operations. Platmin is the
manager and operator of its projects, with the exception of the Loskop
Project.
- The geographic location of the Pilanesberg Mine and other projects
puts the company in an advantageous position in the event of
consolidation of other independently held PGE mineral rights.
- Management expertise - Platmin`s directors and management have more
than 200 years of combined experience in developing and operating
precious metal mines. Members of the management team have held senior
positions in the development and operation of various PGE mines
including the Kroondal mine, Northam Platinum Limited and Anglo
Platinum Limited.
- Advanced black economic empowerment ("BEE") strategy - Platmin and its
subsidiaries have exceeded the required 15% BEE participation
threshold in the Key Projects (recommended as of April 30, 2009), and
have entered into agreements which have achieved the BEE participation
threshold of at least 26% (required as of April 30, 2014) as
stipulated by the Broad-Based Socio-Economic Empowerment Charter for
the South African Mining Industry (the Mining Charter). Platmin has
lodged 15 applications for conversion of used old order prospecting
rights, all 15 of which have been granted.
5. OVERVIEW OF ASSETS
5.1 Pilanesberg Mine
5.1.1 Property and Location
The Pilanesberg Mine encompasses four properties situated
around the north-western edge of the Pilanesberg alkaline
complex in the North West province of South Africa,
approximately 60km north west of the city of Rustenburg.
This area forms part of the western limb of the BC, which
hosts world renowned PGE mineralisation, exploited by some
of the largest platinum mines globally.
5.2 Mphahlele Project
5.2.1 Property and Location
The Mphahlele Project is a PGE development project,
comprising the entire 11,725 hectares of the farm Locatie
van M`Phatlele 457KS, which is located on the northern part
of the eastern limb of the BC, in the Limpopo province of
South Africa. The Mphahlele Project is located +/-50km south
of the town of Polokwane (capital of Limpopo province).
5.3 Grootboom Project
5.3.1 Property and Location
The Grootboom Project is situated within the eastern limb of
the BC, in the Lydenburg district of the Mpumalanga province
of South Africa, approximately 5km south-west of the town of
Steelpoort.
The Grootboom Project is a PGE development project
comprising two properties namely, Grootboom 336KT and Annex
Grootboom 335KT, which total 3,439 hectares in extent.
The farm Grootboom 336KT covers an area of 1,996 hectares on
which several resource areas have been defined and
designated as follows: Grootboom Hill Resource Area,
Grootboom Valley Resource Area and the Grootboom Tailings
Dam, a chrome tailings dump containing recoverable PGEs. In
addition, Platmin has entered into an agreement to purchase
the PGE rights on the adjacent property Annex Grootboom
335KT, which covers an area of 1,443 hectares. The Annex
Valley Resource Area is located in the northern portion of
this property.
5.4 Loskop Project
5.4.1 Property and Location
The Loskop Project, covering an area of 7,498 hectares, is
situated within the eastern limb of the BC, in the
Groblersdal district of the Mpumalanga province of South
Africa. The project comprises 51 portions of four
properties, i.e. Rietfontein 70JS, Kameeldoorn 71JS, De
Wagendrift 79JS and Loskop Suid 53JS. The Loskop Project is
situated approximately 20km south of Groblersdal, and
approximately 60km north of the city of Middelburg.
5.5 Other Projects
5.5.1 Property and Location
The Other Projects, covering an area of 22,598 hectares,
comprise various portions of 21 farms located throughout the
BC of South Africa.
6. FUTURE PROSPECTS
The directors of Platmin intend to pursue the following strategies:
- Ramping up production at the Pilanesberg Mine through a well defined
and staged commissioning program;
- Advancing exploration at the Mphahlele, Grootboom and Loskop Projects
for potential development after the Pilanesberg Mine; and
- Capitalising on the existing geographic position of its Key Projects
to lead further consolidation in the BC.
7. DIRECTORS
Platmin, with its board of directors brings many years of experience in
discovering, acquiring, funding, developing and operating PGE projects in
Southern Africa. The details of each of the directors as at the Last
Practicable Date are set out below:
Full name, age and Business address Principal Date appointed
nationality occupation
and function
Keith Liddell (50) 14 Golden Square Executive 29 March 2006
(British) WIF 9JF Chairman
London
United Kingdom
Kwape Mmela (37)* 6 EcoFusion Non-Executive 28 June 2007
(South African) Office Park Deputy
Block B Chairman
324 Witch-Hazel
Avenue
Centurion
South Africa
Highveld x59,
0157
Ian Clyde Watson 6 EcoFusion Chief 5 August 2004
(65) Office Park Executive
(South African) Block B Officer
324 Witch-Hazel
Avenue,
Centurion
South Africa
Highveld x59,
0157
Dr Peter Ruxton 6 Rochester Road Non-Executive 27 October 2004
(51) * Tonbridge Director
(British / Kent
Australian) TN 10 4NU
United Kingdom
Brian Gilbertson 54, Jermyn Non-Executive 19 December 2008
(65) * Street Director
(British / South London SW1Y 6LX
African) United Kingdom
Arne Frandsen (42) 54, Jermyn Non-Executive 19 December 2008
* Street Director
(Danish) London SW1Y 6LX
United Kingdom
John Calvert (44) 125 East John Non-Executive 7 April 2009
* Carpenter Fwy, Director
(Australian) Suite 600,
Irving, Texas
75062
United States
Chris von 46 Curzon Street Non-Executive 2 June 2009
Christierson (61) W1J 7UH, Director
* London
(South African / United Kingdom
Irish)
*Non-executive
8. SECONDARY LISTING ON THE JSE
The JSE has approved the application for a secondary listing of all the
issued ordinary shares of Platmin in the "Platinum and Precious Metals"
sector of the JSE Main Board under the share code "PLN", with effect from
the commencement of business on Wednesday, 22 July 2009. Platmin will
comply fully with the Listing Requirements.
9. COPIES OF THE PRE-LISTING STATEMENT
Copies of the Pre-listing Statement (in English only) can be obtained
during normal business hours from the registered office of the Company,
investment bank and sponsor, the transfer secretaries and from the
company`s website (www.platmin.com) from Monday, 20 July 2009, at the
following addresses:
Company 6 EcoFusion Office Park
Block B
324
Witch-Hazel Avenue
Centurion
South Africa
Investec Bank Limited 100 Grayston Drive
Sandown
Sandton
2196
South African
Computershare Investor Services (Proprietary) Limited Ground Floor
70 Marshall Street
Johannesburg
2001
South Africa
Date: 15/07/2009 17:00:01 Produced by the JSE SENS Department.
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