| Wed 8 Dec 2010, 17:25 | | PLL - Abridged Pre-Listing statement - Listing of Platfields ordinary shares on |
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JSE
PLL
PLL - Abridged Pre-Listing statement - Listing of Platfields ordinary shares on
the JSE Limited
Platfields Limited
(registration number 2002/005851/06)
Share code: PLL ISIN: ZAE000151825
("Platfields" or "the company")
ABRIDGED PRE-LISTING STATEMENT - LISTING OF PLATFIELDS ORDINARY SHARES ON THE
JSE LIMITED
This abridged pre-listing statement is not an invitation to the public to
subscribe for and/or acquire ordinary shares in the company, but is issued in
compliance with the JSE Listings Requirements for information purposes only. The
information in this abridged prospectus has been extracted from the pre-listing
statement issued on 7 December 2010 and containing salient information in
respect of the listing, by way of introduction, of all of the Platfields
ordinary shares on the JSE Limited ("JSE") under the abbreviated name
"Platfield", with effect from Tuesday, 14 December 2010 in the Basic Resources -
Platinum and Precious metals sector of the Main Board of the JSE.
For a full appreciation of the listing of the company`s ordinary shares on the
JSE, the pre-listing statement should be read in its entirety. The pre-listing
statement is available at the company`s registered office, at the offices of the
company`s sponsor and on the company`s website, details of which are set out
below.
INTRODUCTION TO PLATFIELDS
Platfields was founded in 2002 with a focus on precious metals exploration and
mining. The Company is 41% black-owned and has two near-surface platinum group
metals (PGM) exploration projects on the Eastern Limb of the Bushveld Complex
and one near-surface gold exploration project in the Transvaal Drakensberg
Goldfield of Mpumalanga province, in respect of which it holds new order
prospecting rights. The core business of the Group is to identify and evaluate
exploration projects with the aim to prove mineable resources and create
investor gains.
STRATEGY
Platfields` strategy is to advance rapidly from its current status as an
emerging precious metals explorer to become a developer and operator of precious
metals mining operations in South Africa, taking full advantage of the sound
long term outlook for precious metals, PGMs and gold in particular.
While Platfields is growth-focused in the longer term, its short term objective
is to raise capital to rapidly advance its highly attractive exploration
projects. While Platfields values its independence, it will actively pursue
collaborative opportunities with other like-minded companies, when and where it
makes sound business sense to do so.
The goal is to build a portfolio of commercially viable and attractive precious
metals exploration projects which range from greenfield exploration targets to
mineral properties with well defined mineral reserves. In the longer term the
objective is to bring these properties into production, developing commercially
sustainable operations, while continuing to explore for or acquire further
attractive projects.
RATIONALE FOR LISTING
The purpose of the Listing is multi-faceted and is to:
- provide an efficient and effective platform through which Platfields can,
raise new capital for purposes of continued exploration, growth and
acquisition;
- provide existing and prospective shareholders with improved marketability
and liquidity in the trading of their Platfields ordinary shares;
- afford the investing public an opportunity to participate directly in the
future income streams and capital growth of the Company;
- fulfil undertakings relating to the listing of Platfields on the JSE to
certain of its existing Shareholders;
- enhance attractiveness of the Platfields ordinary shares in its pursuit of
new assets; and
- to strengthen investor and general public awareness of the Company.
PROSPECTS
Platfields has advanced its exploration aggressively over the past two years,
with its projects already having resource categories and its exploration ahead
of target in terms of commitments to the DMR in respect of cash spend and
timing. Platfields continues to conduct strategic and targeted exploration on
its projects and evaluation of its data; desktop explorations, including assays
and empirical laboratory tests, trenching, field mapping and the like.
Subject to the raising of further capital Platfields` primary focus in the
immediate future will be on conducting additional exploration in relation to its
Liger Project, and in particular the Leeuwkop portion of the Liger Project, in
respect of which it holds a new order prospecting right. Thereafter it is
intended to conduct mining studies over certain portions of the Leeuwkop
project, with the goal of proceeding to potential mining applications in the
short to medium term. The Tigerpoort portion of the Liger project extends and
enhances Leeuwkop as it forms a natural extension to the mineralisation area and
it is intended to proceed with prospecting operations on this property.
The company`s Berg Project will be a secondary consideration, with the future
focus in respect of this project being on the Aquidus and Draaikraal properties
that abut Northam Platinum Limited`s Booysendal mine. Platfields holds new order
prospecting rights over the Berg Project in its present form. It has also
applied for an additional prospecting right over portions 4, 5 and 39 of the 27
farm Kliprivier 73JT, which, if granted, will enhance the Berg Project and its
pipeline. Platfields is working to improve this project to enable a potential
future mining operation.
In respect of the gold portfolio, the main focus will be on data compilation,
mapping and sampling on the Lisbon, Little Joker and Ceylon portions of the
company`s Grootfonteinberg property.
In the medium term, in addition to exploration and mining, Platfields aims to
assemble a range of complimentary but diversified services to create a business
which operates in multiple areas of the value chain. While maintaining the
primary objective of creating synergy to maximise stakeholder and shareholder
value, market offerings that could introduce revenue streams in the short term
will be sought.
This approach of assembling a range of complementary but diversified services
will ultimately lead Platfields towards a business expansion strategy that
involves a diverse value chain in the mining industry. Through this approach
Platfields aims to become self sufficient as far as practicably possible and
aims to achieve the following:
- reduced input and operational costs;
- ensure uninterrupted service delivery and security of services;
- increase business and operational flexibility;
- generate multiple but separate revenue streams; and
- attract and retain a diversity of skills.
DIRECTORS AND MANAGEMENT OF PLATFIELDS AND ITS SUBSIDIARIES
The names, qualifications, nationalities, designations, ages, business
addresse,s dates of appointments and abbreviated curriculum vitae of the
directors of Platfields are outlined below:
Full name, age, designation and Business address
nationality
James Thokoana Motlatsi (59) 121 Eloff Street Extension
Non-executive Chairman Selby
(South African) Johannesburg
Derrick Bongani Mbindwane (35) 7th Floor
Chief Executive Officer SA Reserve Bank Building
(South African) 60 St George`s Mall
Cape Town
Annelise Cilliers (45) 7th Floor
Financial Director SA Reserve Bank Building
(South African) 60 St George`s Mall
Cape Town
Neville Hawthorn Cornish (69) 46 Yaldwin Road
Independent non-executive Director Jet Park
(South African)
Roy Stavely Traviss (68) 20 Celtis Crescent
Independent non-executive Director Fourways Gardens
(South African) Sandton
Ulrich Schackermann (63) 168 Hamilton Avenue
Independent non-executive Director Craighall Park
(German) 2196
The executive directors of Platfields are responsible for the day-to-day running
of the business and the execution of Platfields` strategy.
Derrick Bongani Mbindwane and Annelise Cilliers are also the sole directors of
all the subsidiaries of the Company, except for Platinum Mile, where Neville
Hawthorn Cornish is also a director. See in this regard Annexure 4 to the pre-
listing statement.
Copies of the pre-listing statement (in English only) may be obtained during
normal business hours from the Tuesday, 7 December 2010, from the Company`s
registered office, SA Reserve Bank Building, 7th Floor, 60 St Georges Mall, Cape
Town or from the offices of the company`s sponsor, Java Capital (Proprietary)
Limited, 2 Arnold Road, Rosebank, Johannesburg.
The pre-listing statement is also available on the company`s website
www.platfields.co.za.
8 December 2010
Corporate advisor and sponsor
Java Capital
Independent reporting accountants and auditors
Grant Thornton
Attorneys
Bowman Gilfillan
Date: 08/12/2010 17:25:01 Produced by the JSE SENS Department.
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