| Thu 10 Jun 2010, 12:30 | | JBL - Jubilee Platinum Plc - Issue of Equity |
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JBL
JUJLP
JBL - Jubilee Platinum Plc - Issue of Equity
JUBILEE PLATINUM PLC
AIM: JLP
JSE: JBL
Registration number: 4459850
ISIN GB0031852162
("Jubilee" or "the company")
Issue of Equity
The Company is pleased to announce that is has conditionally placed
24,242,423 new ordinary shares of 1 pence each in the Company (the "Placing
Shares") to raise GBP 8 million (the "Placing"). The Placing Shares have been
placed by FinnCap as agent to the Company subject, inter alia, to the
admission of the shares to trading on the AIM market of the London Stock
Exchange ("AIM") and the JSE Limited ("JSE"), with a number of institutional
investors at a price of 33 pence per share.
The proceeds of the Placing will be used, together with existing cash
resources, to finance the continued development and commercialisation of
Jubilee`s ConRoast smelting capacity and process, following the purchase of
Thos Begbie Holdings (Pty) Ltd, as announced on 4 May 2010, the purchase of a
majority interest in an on-site gas-powered generator, the completion of the
Tjate bankable feasibility study and general working capital.
The Placing Shares are expected to be admitted to trading on AIM and the JSE
on 17 June 2010. The placing price of 33 pence per share represents a
discount of approximately 8.7% to the 30 business day volume weighted average
price of Jubilee`s shares traded on AIM. Following the Placing the total
issued share capital of the Company will be 254,463,290. The Company holds no
ordinary shares in treasury. Therefore, following the Placing, the total
number of voting rights in the Company will be 254,463,290.
PRO FORMA FINANCIAL EFFECTS
At the annual general meeting of the Company held on 7 October 2009, the
requisite majority of Jubilee shareholders approved an ordinary resolution
authorising the directors to issue shares for cash in accordance with
paragraph 5.52 of the Listings Requirements of the JSE ("general authority").
In accordance with the general authority, the Company has successfully placed
the Placing Shares with institutional investors raising GBP8.0 million.
The unaudited pro forma financial effects of the issue of new ordinary shares
in terms of general authority, based on the published unaudited interim
results of Jubilee for the six months to 31 December 2009, are set out below.
The financial effects have been prepared in accordance with the terms of the
Listings Requirements of the JSE, are for illustrative purposes only and due
to their nature, may not truly reflect Jubilee`s financial position or
results of operations. The directors of Jubilee are responsible for the
preparation of the unaudited pro forma financial effects
Effects per Jubilee share Before 1 After Percentage
Placing 2 change
(Loss)/ earnings per share (1.43) (1.23) 14.0%
(pence)
Headline (loss)/ earnings per (1.10) (0.95) 13.6%
share (pence)
Net asset value per share 32.69 32.72 0.1%
(pence)
Tangible net asset value per 6.41 8.96 39.8%
share (pence)
Weighted average shares in issue 157 278 181 658 15.5%
(`000)
Shares in issue (`000) 229 551 253 931 10.6%
Notes:
1. The figures in the before column are extracted from the published interim
results of Jubilee for the six months to 31 December 2009. The shares in
issue include 2,251,896 shares issued in terms of the general authority prior
to 31 December 2009.
2. The figures in the After Placing column assume that:
- 137,330 new Jubilee shares issued in terms of the general authority on 19
January 2010 (at 35p) were in issue from 1 July 2009 for loss per share and
headline loss per share purposes and the cash received on 31 December 2009
for net asset value per share and tangible net asset value per share
purposes; and
- The Placing Shares issued in terms of the general authority were in issue
from 1 July 2009 for loss per share and headline loss per share purposes and
the cash received on 31 December 2009 for net asset value per share and
tangible net asset value per share purposes;
Johannesburg
10 June 2010
Sponsor
Sasfin Capital (a division of Sasfin Bank Limited)
For further information please contact:
Colin Bird
Jubilee Platinum plc
Tel +27 (0) 11 253 3280
Andrew Sarosi
Jubilee Platinum plc
Tel +44 (0) 1752 221937
Matthew Robinson/Ed Frisby
Joanna Weaving (Corporate Broking)
FinnCap
Tel +44 (0) 20 7600 1658
Leonard Eiser/Sharon Owens
Sasfin Capital
Tel +27 (0) 11 809 7500
Michael Kinirons
Bishopsgate Communications Ltd
Tel +44 (0) 20 7562 3350
I. The Company has been advised that, with effect from 30 April 2010, its
Nominated Adviser and Broker has changed its name to FinnCap Ltd.
Date: 10/06/2010 12:30:01 Produced by the JSE SENS Department.
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