| Tue 1 Mar 2011, 16:00 | | PLN - Platmin extends convertible debentures |
|
PLN
PLN
PLN - Platmin extends convertible debentures
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
Platmin extends convertible debentures
1 March 2011
1 March 2011. TORONTO: Platmin Limited (TSX/AIM: PPN; JSE: PLN) today
announced that it has agreed with the holders of all the convertible
debentures issued on 13 May 2010, in principal amount of US$135 million, to
extend the maturity date of the convertible debentures from 28 February 2011
to 31 March 2011. The holders of debentures have previously agreed to convert
the debentures into 160,714,287 new common shares, subject to certain
conditions. The only condition remaining outstanding is the completion of the
transfer of certain power and water rights from Barrick Platinum South Africa
(Proprietary) Limited to an affiliate of Platmin, and the extension is
intended to permit the necessary time for that transaction to close.
The extension of the maturity date is a related party transaction in respect
of US$30 million of principal amount of convertible debentures held by
Pallinghurst Investor Consortium (Lux) S.a r.l. ("LuxCo") and US$100 million
of principal amount of convertible debentures held by Ridgewood Investments
(Mauritius) Pte Ltd ("Ridgewood") (an indirect subsidiary of Temasek Holdings
(Private) Limited), within the meaning of MI 61-101 in Canada but is exempted
from the minority approval requirements by application of section 5.7 of that
rule. Upon conversion, LuxCo will acquire a total of 35,714,286 common shares
and will then have ownership, control or direction over 192,683,032 common
shares of Platmin representing 21.2% of the then outstanding Platmin common
shares. Ridgewood will acquire a total of 119,047,620 common shares and will
then have ownership, control or direction over 160,199,883 common shares
representing 17.6% of the then outstanding Platmin common shares. Each
independent director of Platmin has approved the amendment and there has been
no contrary view or abstention by any independent director.
The extension of the maturity date in respect of LuxCo also constitutes a
related party transaction under the AIM Rules. The independent directors of
Platmin, having consulted with the Company`s nominated adviser, Investec Bank
plc, consider that the related party transaction is fair and reasonable
insofar as the shareholders of Platmin are concerned.
About Platmin
Platmin`s primary asset is the Pilanesberg Platinum Mine, which is currently
building up to full production. The focus of the Company is on achieving the
metal production forecasts predicted in the bankable feasibility study for the
mine and participating, through judicious investment, in the considerable
value creation potential which lies in the optimal exploitation and
development of the western limb of the Bushveld Complex. Platmin also holds
interests in projects on the eastern limb.
For further information
Russell & Associates
Charmane Russell
Tel: +27 11 880 3924
Mobile: +27 82 372 5816
Russell & Associates
Nicola Taylor
Tel: +27 11 880 3924
Mobile: + 27 82 927 8957
Investment Bank and Sponsor: Investec Bank Limited
Date: 01/03/2011 16:00:01 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.
