| Fri 14 May 2010, 16:02 | | PLN - Platmin Limited - Condensed consolidated interim statement of financial |
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PLN
PLN
PLN - Platmin Limited - Condensed consolidated interim statement of financial
position as on March 31, 2010
Platmin Limited
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
Condensed Consolidated Interim Financial Statements
for the three month periods ended March 31, 2010 and February 28, 2009
(Unaudited, expressed in United States dollars, unless otherwise stated)
Condensed consolidated interim statement of financial position as on
March 31, 2010
(Unaudited, expressed in U.S. dollars, unless otherwise stated)
Mar 31,
2010
Notes $000
ASSETS
Non-current assets
Mining assets 44,135
Intangible assets 9,472
Property, plant and equipment 5 455,404
Loans receivable 52
Cash investments and guarantees 7,788
Total non-current assets 516,851
Current assets
Inventories 6 9,031
Accounts and other receivables 32,798
Cash and cash equivalents 7 17,892
Total current assets 59,721
TOTAL ASSETS 576,572
EQUITY AND LIABILITIES
Equity attributable to owners of the parent
Share capital 425,535
Accumulated deficit (38,599)
Other components of equity 85,692
472,628
Non-controlling interests (21,675)
Total equity 450,953
Non-current liabilities
Long-term borrowings 3,940
Finance lease liability 8 9,085
Decommissioning and rehabilitation provision 9 64,985
Total non-current liabilities 78,010
Current liabilities
Trade payables and accrued liabilities 22,926
Revolving commodity facility 10 11,400
Current portion of finance lease liability 8 177
Current portion of long-term borrowings 11 13,106
Total current liabilities 47,609
Total liabilities 125,619
TOTAL EQUITY AND LIABILITIES 576,572
NATURE OF OPERATIONS AND GOING CONCERN 1
Dec 31, Feb 28,
2009 2009
$000 $000
ASSETS
Non-current assets
Mining assets 43,454 30,097
Intangible assets 9,348 5,630
Property, plant and equipment 422,471 187,843
Loans receivable 50 35
Cash investments and guarantees 7,163 2,497
Total non-current assets 482,486 226,102
Current assets
Inventories 9,849 6,943
Accounts and other receivables 28,452 8,506
Cash and cash equivalents 29,375 127,950
Total current assets 67,676 143,399
TOTAL ASSETS 550,162 369,501
EQUITY AND LIABILITIES
Equity attributable to owners of the parent
Share capital 425,535 366,180
Accumulated deficit (35,002) (27,360)
Other components of equity 82,587 (29,939)
473,120 308,881
Non-controlling interests (20,091) (16,618)
Total equity 453,029 292,263
Non-current liabilities
Long-term borrowings 3,817 2,121
Finance lease liability 12,282 -
Decommissioning and rehabilitation provision 52,744 12,791
Total non-current liabilities 68,843 14,912
Current liabilities
Trade payables and accrued liabilities 22,144 23,574
Revolving commodity facility 5,854 -
Current portion of finance lease liability 292 -
Current portion of long-term borrowings - 38,752
Total current liabilities 28,290 62,326
Total liabilities 97,133 77,238
TOTAL EQUITY AND LIABILITIES 550,162 369,501
NATURE OF OPERATIONS AND GOING CONCERN
The accompanying notes are an integral part of the condensed consolidated
interim financial statements.
Condensed consolidated interim statement of income
for the three months ended March 31, 2010
(Unaudited, expressed in U.S. dollars, unless otherwise stated)
For the three months ended
Mar 31, Feb 28,
2010 2009
Notes $000 $000
General expenses 12 (4,393) (12,716)
Other income/(expenses) 12 (9) 1,508
Finance costs (779) (1,282)
Loss before taxation (5,181) (12,490)
Income tax expense - -
LOSS FOR THE PERIOD (5,181) (12,490)
(Loss)/income attributable to:
Owners of the parent (3,597) (11,494)
Non-controlling interest (1,584) (996)
(5,181) (12,490)
Loss per share (in currency units)
attributable to owners of the parent:
Basic and diluted 13 (0.01) (0.07)
The accompanying notes are an integral part of the condensed consolidated
interim financial statements.
Condensed consolidated interim statement of comprehensive income
for the three months ended March 31, 2010
(Unaudited, expressed in U.S. dollars, unless otherwise stated)
For the three months ended
Mar 31, Feb 28,
2010 2009
Notes $000 $000
Loss for the period (5,181) (12,490)
Other comprehensive income (net of tax) (2,592) (1,017)
Exchange differences on translation from
functional to presentation currency (2,592) (1,017)
Income tax relating to components of other
comprehensive income - -
TOTAL COMPREHENSIVE (LOSS) / INCOME FOR THE PERIOD (7,773) (13,507)
Total comprehensive (loss) / income
attributable to:
Owners of the parent (6,189) (12,511)
Non-controlling interest (1,584) (996)
(7,773) (13,507)
The accompanying notes are an integral part of the condensed consolidated
interim financial statements.
Condensed consolidated interim statement of changes in shareholders` equity
for the three months ended March 31, 2010
(Unaudited, expressed in U.S. dollars, unless otherwise stated)
Equity attributable to the shareholders
Share
Based
Share Payment
capital Deficit reserve Warrants
$000 $000 $000 $000
Balance at February 28, 2009 366,180 (27,360) 7,329 846
Shares issued 59,355 - - -
Loss for the period - (7,642) - -
Stock-based compensation - - 2,838 -
Other comprehensive income:
Currency translation
adjustment - - - -
Balance at December 31, 2009 425,535 (35,002) 10,167 846
Shares issued - - - -
Loss for the period - (3,597) - -
Stock-based compensation - - 513 -
Other comprehensive income:
Currency translation
adjustment - - - -
Balance at March 31, 2010 425,535 (38,599) 10,680 846
Equity attributable to the shareholders
Foreign
currency Non-
translation controlling Total
reserve Subtotal interest equity
$000 $000 $000 $000
Balance at February
28, 2009 (38,114) 308,881 (16,618) 292,263
Shares issued - 59,355 - 59,355
Loss for the period - (7,642) (3,473) (11,115)
Stock-based compensation - 2,838 - 2,838
Other comprehensive income:
Currency translation
adjustment 109,688 109,688 - 109,688
Balance at December
31, 2009 71,574 473,120 (20,091) 453,029
Shares-issued - - - -
Loss for the period - (3,597) (1,584) (5,181)
Stock based compensation - 513 - 513
Other comprehensive income:
Currency translation
adjustment 2,592 2,592 - 2,592
Balance at March 31,
2010 74,166 472,628 (21,675) 450,953
The accompanying notes are an integral part of the condensed consolidated
interim financial statements.
Condensed consolidated interim statement of cash flows
for the three months ended March 31, 2010
(Unaudited, expressed in U.S. dollars, unless otherwise stated)
For the three months ended
Mar 31, Feb 28,
2010 2009
Notes $000 $000
Cash flows from operating activities
Cash receipts from customers 15,708 -
Cash paid to suppliers and employees (42,167) (7,755)
Cash (utilised in /generated from operations (26,459) (7,755)
Interest paid (56) (4,501)
Income taxes paid - -
Net cash (used in) generated from
operating activities (26,515) (12,256)
Cash flows from investing activities
Purchase of property, plant and equipment (1,217) (35,480)
Proceeds from sale of property, plant and equipment - -
Additions to intangible assets (98) (5,644)
Increase in rehabilitation investment (492) (1,074)
Increase in deferred exploration expenses (413) (1,224)
Net cash used in investing activities (2,220) (43,422)
Cash flows from financing activities
Increase in loans payable 12,824 545
(Decrease) in finance lease liability (460) -
Increase in revolving commodity facility 4,964 -
Realised foreign exchange gains on
settlement of FEC`s (1) -
Increase in loans receivable - 12
Proceeds from issue of shares - 172,618
Net cash generated from financing activities 17,327 173,175
Net (decrease)/increase in cash and cash
equivalents (11,408) 117,497
Net foreign exchange differences (75) (164)
Cash and cash equivalents at the beginning
of the period 7 29,375 10,617
Cash and cash equivalents at the end of the
period 7 17,892 127,950
The accompanying notes are an integral part of the condensed consolidated
interim financial statements.
Notes to the condensed consolidated interim financial statements
for the three months ended March 31, 2010
(Unaudited, expressed in U.S. dollars, unless otherwise stated)
1. Nature of operations and going concern
Platmin Limited (the "Company") and its subsidiaries (the "Group") is a
development stage Natural Resources Group engaged in the acquisition,
exploration and development of Platinum Group Elements ("PGE") properties in
the Republic of South Africa.
The Company was incorporated under the Canada Business Corporation Act on May
29, 2003. The Company has continued as a company under the Business
Corporations Act of British Columbia, Canada effective April 1, 2009. Its
Common Shares are listed on the Toronto Stock Exchange ("TSX") and the
Alternative Investment Market of the London Stock Exchange ("AIM"). The Company
trades under the symbol "PPN" on both exchanges. On July 22, 2009, the Company
listed on the Johannesburg Securities Exchange Limited ("JSE") with the symbol
"PLN".
These condensed consolidated interim financial statements have been prepared
using International Financial Reporting Standards ("IFRS") applicable to a
going concern, which contemplates the realisation of assets and settlement of
liabilities in the normal course of business as they become due.
The Group changed its financial year end from the last day of February in each
calendar year to the last day of December, effective for the period ending
December 31, 2009. As a result of the change in year end, the comparative
amounts are not directly comparable with the current balances.
For the three months ended March 31, 2010 the Group incurred a loss of US$5.181
million and as at March 31, 2010 had an accumulated deficit of US$38.599
million. There are approximately US$16.102 million (ZAR117.948 million) in
existing development commitments for completion of the Pilanesberg project`s
Pilanesberg Platinum Mines ("PPM") as at March 31, 2010. The Group is dependent
on the successful completion of PPM to generate cash flows in order to fund its
operations and pay debt as it becomes due. Such circumstances may lend to
substantial doubt as to the ability of the Group to meet its obligations as
they become due and accordingly the appropriateness of the use of the
accounting principles applicable to a going concern.
The Group raised US$59.355 million in capital by way of a private placement
during May 2009 and had US$17.892 million in cash and cash equivalents at March
31, 2010 to fund development activities and meet its contractual obligations.
The Company`s financing efforts to date, while substantial, may not be
sufficient in and of themselves to enable the Company to fund all aspects of
its operations when taking into consideration forecasted revenue streams based
upon planned production. Management expects that the Company will be able to
secure the necessary financing to meet the Company`s requirements on an ongoing
basis. Nevertheless, there is no assurance that these initiatives will be
successful or sufficient. If the going concern assumption were not appropriate
for these consolidated financial statements, then adjustments to the carrying
values of the assets and liabilities, the reported expenses and the statement
of financial position classifications, which could be material, may be
necessary.
2. Statement of compliance
The unaudited condensed consolidated interim financial statements for the three
months ended March 31, 2010 have been prepared in accordance with the
recognition and measurement requirements of IFRS and the presentation and
disclosure requirements of International Accounting Standard ("IAS") 34 Interim
Financial Reporting. These interim results do not include all the information
required for the full annual financial statements, and should be read in
conjunction with the consolidated financial statements of the Group as at and
for the period ended December 31, 2009.
The unaudited condensed consolidated interim financial statements, which have
been prepared on the going concern basis, were approved by the Board of
Directors on May 11, 2010.
This set of unaudited condensed consolidated interim financial statements has
not been audited by the Group`s auditors and thus no audit report was issued.
The financial statements are presented in US dollars, rounded to the nearest
thousand.
3. Accounting policies
The accounting policies applied by the Group in these unaudited condensed
consolidated interim financial statements are consistent with those applied by
the Group in its consolidated financial statements as at and for the period
ended December 31, 2009.
4. Segmented information
Management has determined the operating segments based on the reports reviewed
by the executive committee that are used to make strategic decisions.
The committee considers the business from an operating perspective. The Group
operates in one geographic segment, the Republic of South Africa. The operating
segments comprise the following:
Mining operation: PPM is currently in an advanced development and build-up
stage. This mine is involved in the mining and processing of platinum group
elements.
Development and exploration operations: The Group is engaged in a number of
other development and exploration projects within the Republic of South Africa.
Administrative operations: The Group administration is done at the local
corporate office based in Centurion, the Metropolitan City of Tshwane in the
Republic of South Africa.
Although the development and exploration as well as administrative operations
do not meet the quantitative thresholds required by IFRS 8 - Segment reporting,
management has concluded that these segments should be reported, as it is
closely monitored by the executive committee. The development and exploration
segment is earmarked as the growth area for the Group.
The segment information provided to the committee for the reportable segments
for the three month periods ended is as follows:
Development and
Mining exploration
Mar 31, Feb 28, Mar 31, Feb 28,
2010 2009 2010 2009
Amounts in $`000
Reportable items in the
Statement of Comprehensive
Income
External revenues 18,503 - - -
Intersegment revenue - - - -
Adjusted EBITDA (19,320) (289) - (1)
Reportable items in the
Statement of Financial Position
Total assets 513,140 221,459 37,292 11,241
Additions to non-
current assets 1,217 35,480 905 2,299
Total liabilities 118,932 71,554 4,039 2,208
Administration Consolidated
Mar 31, Feb 28, Mar 31, Feb 28,
2010 2009 2010 2009
Amounts in $`000
Reportable items in the
Statement of Comprehensive
Income
External revenues - - 18,503 -
Intersegment revenue - - - -
Adjusted EBITDA (2,457) (12,332) (21,777) (12,622)
Reportable items in the
Statement of Financial
Position
Total assets 26,140 136,801 576,572 369,501
Additions to non-
current assets 98 5,644 2,220 43,423
Total liabilities 2,646 3,476 125,617 77,238
The amounts provided to the committee with respect to total assets and total
liabilities are measured in a manner consistent with that of the financial
statements. These assets and liabilities are allocated based on the operations
of the segment.
There were no impairments during the current or prior reportable periods.
Additions to non-current assets include all additions to Mining assets,
Intangible assets and Property, Plant and Equipment.
A reconciliation of adjusted EBITDA to total comprehensive (loss)/income for
the period is provided as follows:
Consolidated
Mar 31, Feb 28,
2010 2009
$000 $000
Total EBITDA for reportable segments (21,777) (12,622)
Revenues offset against the cost of the plant
construction (18,503) -
Mining costs offset against the cost of the plant
construction 36,023 -
Total EBITDA per Consolidated statement of income and
comprehensive income (4,257) (12,622)
Foreign exchange gains (9) 1,507
Depreciation (136) (93)
Finance costs (net) (779) (1,282)
Loss before taxation (5,181) (12,490)
Income tax expense - -
Exchange differences on translating from functional
currency to presentation currency (2,592) (1,017)
Total comprehensive (loss)/income for the period (7,773) (13,507)
5. Property, plant and equipment
Plant
construction
and mine Land and
development buildings Other
$000 $000 $000
COST
Balance as at February 28, 2009 186,379 721 1,099
Additions 155,246 48 410
Foreign exchange movement 66,164 256 390
Balance as at December 31, 2009 407,789 1,025 1,899
Additions 30,599 - 131
Foreign exchange movement 2,427 6 11
Balance as at March 31, 2010 440,815 1,031 2,041
ACCUMULATED DEPRECIATION
Balance as at February 28, 2009 - - 356
Depreciation for the period - - 237
Foreign exchange movement - - 166
Balance as at December 31, 2009 - - 759
Depreciation for the period - - 104
Foreign exchange movement - - 7
Balance as at March 31, 2010 - - 870
CARRYING AMOUNTS
At February 28, 2009 186,379 721 743
At December 31, 2009 407,789 1, 025 1,140
At March 31, 2010 440,815 1, 031 1,171
Leased
assets TOTAL
$000 $000
COST
Balance as at February 28, 2009 - 188,199
Additions 12,031 167,735
Foreign exchange movement 960 67,770
Balance as at December 31, 2009 12,991 423,704
Additions - 30,730
Foreign exchange movement 77 2,521
Balance as at March 31, 2010 13,068 456,955
ACCUMUL ATED DEPRECI ATION
Balance as at February 28, 2009 - 356
Depreciation for the period 428 665
Foreign exchange movement 46 212
Balance as at December 31, 2009 474 1,233
Depreciation for the period 200 304
Foreign exchange movement 7 14
Balance as at March 31, 2010 681 1,551
CARRYING AMOUNTS
At February 28, 2009 - 187,843
At December 31, 2009 12,517 422,471
At March 31, 2010 12,387 455,404
Included in the plant construction and mine development is a total of
US$100.165 million (Dec 31, 2009: US$78.491 million;
Feb 28, 2009: US$14.657 million) relating to stripping costs which are
capitalised as part of the mine development at PPM.
6. Inventories
As at Mar 31, As at Dec 31, As at Feb 28,
2010 2009 2009
$000 $000 $000
Ore stockpiled at cost 3,741 4,323 6,943
Work in progress at cost 2,523 3,154 -
Consumables at cost 2,767 2,372 -
Balance at the end of the
period 9,031 9,849 6,943
7. Cash and cash equivalents
As at Mar 31, As at Dec 31, As at Feb 28,
2010 2009 2009
$000 $000 $000
Cash at bank and on hand 17,892 29,375 88,883
Restricted cash - cash on
collateral - - 39,067
Total cash and cash
equivalents 17,892 29,375 127,950
Cash at banks earns interest at a floating rate based on daily bank deposit
rates. Cash is deposited at highly reputable financial institutions of a high
quality credit standing within the Republic of South Africa and their foreign
affiliates in the United Kingdom. The fair value of cash and cash equivalents
equates the values as disclosed in this note.
For the purpose of the condensed consolidated interim statement of cash flows,
cash and cash equivalents comprise only the cash at bank and on hand line-item
is disclosed for each period end above.
8. Finance lease liability
ESKOM Holdings Limited ("ESKOM", the South African state utility supplier)
designed and built an electrical installation adjacent to the Pilanesberg Mine
to produce the required electricity and ESKOM maintains ownership and control
over all significant aspects of operating the facility. Each month, PPM will
pay a fixed capacity charge and a variable charge based on actual electricity
consumed. These payments attract interest at the South African prime overdraft
rate plus 2%.
The arrangement with ESKOM, entered into during the period under review meet
these requirements of IFRIC 4 - Arrangements containing a lease, and therefore
constitutes a lease and falls within the scope of IAS 17 - Leases and is
further classified as a finance lease due to the sub-station being constructed
exclusively for the use of PPM. An asset (the electrical installation) is
explicitly identified in the arrangement and fulfilment of the arrangement is
dependent on the electrical installation.
Reconciliation between the total minimum lease payments and their present
value:
Up to
1 year 1 to 5 years More than 5 years Total
$000 $000 $000 $000
Minimum lease
payments 1,009 5,382 13,767 20,158
Finance cost (832) (4,118) (5,946) (10,896)
Present value 177 1,264 7,821 9,262
9. Decommissioning and rehabilitation provision
As at As at As at
Mar 31, Dec 31, Feb 28,
2010 2009 2009
$000 $000 $000
Balance at the beginning of the period 52,744 12,791 1,461
Increase in liability for the period 11,581 36,272 11,629
Unwinding of interest (Accretion) 338 426 65
64,663 49,489 13,155
Effect of exchange rate changes 322 3,255 (364)
Balance at the end of the period 64,985 52,744 12,791
PPM is currently in the commissioning phase and the estimate represents the
current cost of environmental liabilities as at the respective period end. An
annual estimate of the quantum of closure costs is necessary in order to fulfil
the requirements of the DMR, as well as meeting specific closure objectives
outlined in the mine`s Environmental Management Programme.
Although the ultimate amount of the asset retirement obligation is uncertain,
the fair value of the obligation is based on information that is currently
available. The estimated undiscounted liability for the asset retirement
obligation at March 31, 2010 is US$86.7 million (December 31, 2009: US$70.8
million, February 28, 2009: US$17.5 million). This estimate includes costs for
the removal of all current mine infrastructure and the rehabilitation of all
disturbed areas to a condition as described in the mine`s Environmental
Management Programme. The asset retirement obligation has been determined using
a discount rate of 8.6% and an inflation rate of 6% over a period of 12 years.
10. Revolving commodity facility
On October 9, 2009, the Company signed a definitive agreement with Investec
Bank Limited ("Investec") to provide a twelve month renewable revolving
commodity finance facility of up to ZAR400 million (US$54.420 million at an
exchange rate of ZAR7.35: US$1.00) for working capital purposes.
In terms of this facility Investec will finance up to 91% of PPM`s platinum,
palladium, gold, copper and nickel deliveries to Northam Platinum Limited. This
facility bears interest at the Johannesburg Interbank Lending Rate ("JIBAR")
plus 3.0% and is repaid within 2 to 3 months upon which the funds are again
available for draw-down.
As at Mar 31, As at Dec 31, As at Feb 28,
2010 2009 2009
$000 $000 $000
Balance at the beginning
of the period 5,854 - -
Increase in liability for
the period 16,149 5,913 -
Repayment of amounts owing (10,722) - -
Interest accrued (112) (53) -
11,169 5,860 -
Effect of exchange rate changes 231 (6) -
Balance at the end of the
period 11,400 5,854 -
11. Current portion of long-term borrowings
As at Mar 31, As at Dec 31, As at Feb 28,
2010 2009 2009
$ 000 $ 000 $ 000
Balance at the beginning
of the period - 38,752 -
- Bridge loan facility - - 45,518
- Pallinghurst
short-term facility 13,106 - -
Interest on borrowings - 2,053 4,243
Settlement of bridge loan facility - (51,987) -
13,106 (11,182) 49,761
Effect of exchange rate changes - 11,182 (11,009)
Balance at the end of the period 13,106 - 38,752
On May 14, 2008, PPM signed a US$35 million (ZAR350 million) bridge financing
facility with Standard Bank of South Africa Limited ("Standard Bank"). The term
of the bridge loan facility was initially for the period of four months to
August 2008 and was subsequently extended to August 31, 2009. At the outset,
the facility incurred interest at the JIBAR plus 3.0%. From March 1, 2009 to
August 31, 2009, PPM provided cash collateral to Standard Bank of US$49.870
million (ZAR387.800 million) as security against the loan. This resulted in a
reduction in the interest rate to JIBAR plus 0.5%, The Company earned interest
at JIBAR plus 0.1% on cash collateral, bringing the net finance cost on the
loan to 0.4%.
The bridge loan facility has been used to fund the development and construction
of the Pilanesberg Mine. The bridge loan facility was repaid in full on August
31, 2009.
In connection with this facility, the Company issued 300,000 warrants
exercisable at $6.95 per common share from September 15, 2008 until expiry of
the warrants on May 14, 2011.
The Company has classified this facility as held to maturity and the fair value
of the warrants of US$846,238 has been treated as a cost of the loan
transaction and has been amortized to net income using the effective interest
method over the facility term.
On March 22, 2010, a subsidiary of Platmin entered into a ZAR191 million short
term lending facility (the equivalent of US$26 million at an exchange rate of
ZAR7.38 to the US dollar) with Pallinghurst Resources Limited ("Pallinghurst").
As at March 30, 2009, the first tranche of ZAR95.5 million had been drawn
against this facility.
Funds raised will be used by the Company for working capital, to complete the
build-up to full production at the Pilanesberg Platinum Mine (PPM), to pursue a
number of growth and acquisition opportunities, and to further develop the
company`s Eastern Limb projects.
12. Loss before taxation
For the three months ended
Mar 31, Feb 28,
2010 2009
$000 $000
Included in the general expenses are the following:
Loss on disposal of fixed assets - 5
Share-based payments expense (512) (2,155)
Employee expenses (2,103) (2,321)
Audit fees (180) (45)
Consulting and professional fees (172) (7,061)
Depreciation (136) (93)
General and administration expenses (1,290) (1,046)
(4,393) (12,716)
Included in other income are the following:
Other income - 1
Foreign exchange gain/(loss) (9) 1,507
(9) 1,508
13. (Loss) / earnings per share attributable to owners of the parent
For the three months ended
Mar 31, Feb 28,
2010 2009
$000 $000
Basic (loss)/earnings per share (0.01) (0.07)
Basic (loss)/earnings per share is calculated by
dividing the net (loss) / profit for the
period/ year attributable to owners of the parent by
the weighted average number of ordinary shares
outstanding during the period/ year
Reconciliations:
Net (loss)/profit used in calculating basic earnings
per share attributable to owners of the
parent (USD`000) (3,597) (11,494)
Weighted average number of shares used in the
calculation of basic earnings per share (`000) 445,018 159,845
There are no reconciling items between (loss)/earnings and headline (loss)/
earnings and therefore (loss)/earnings per share and headline (loss)/
earnings per share is the same.
Due to the Group reporting a loss for the period ending March 31, 2010 the
diluted (loss)/earnings per share is equal to the basic (loss)/earnings per
share.
14. Events after the reporting period
On May 5, 2010, following a marketing period, the Company agreed to issue
205,761,317 new common shares at a price of US$1.215 per common share for a
total consideration of US$250 million. An aggregate of 95,358,025 common shares
are being underwritten by RBC Capital Markets and Investec Bank Limited for
gross proceeds of US$115,860 million with the balance of US$134.140 million to
be acquired directly from Platmin by Ridgewood Investments (Mauritius) Pte Ltd,
an indirect subsidiary of Temasek Holdings (Private) Limited, Algemene Pensioen
Groep N.V., and Platmin`s largest shareholder, Pallinghurst Investor Consortium
(Lux) S.a.r.l. The issuance was successfully completed on May 13, 2010. As part
of the funds-raising process US$135 million of convertible debentures have been
placed. The total funding from the prospectus offering and private placement is
US$385 million.
14 May 2010
Investment Bank and Sponsor: Investec Bank Limited
Date: 14/05/2010 16:02:02 Produced by the JSE SENS Department.
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