| Wed 9 Mar 2011, 12:16 | | WEZ - Wesizwe Platinum - Results of the Annual General Meeting and General |
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WEZ
WEZ
WEZ - Wesizwe Platinum - Results of the Annual General Meeting and General
Meeting
WESIZWE PLATINUM LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 2003/020161/06)
JSE code: WEZ ISIN: ZAE000075859
(the "Company" or "Wesizwe")
RESULTS OF THE ANNUAL GENERAL MEETING AND GENERAL MEETING
Shareholders are hereby advised that the annual general meeting of Wesizwe
shareholders was held earlier today, 9 March 2011, at Glenhove Conference
Centre, 52 Glenhove Road, Melrose Estate, Houghton, Johannesburg. Save for
Ordinary Resolution Number 2, which was not passed, all the other proposed
resolutions included in the notice of annual general meeting posted to
shareholders on 11 February 2011, were approved by the majority of shareholders
present in person and by proxy.
Shareholders are further advised that all resolutions detailed in the notice of
general meeting included in the circular posted to shareholders on 11 February
2011, regarding the total financing solution for the development of the
Company`s Core Project ("Proposed Transaction") provided by Jinchuan Group
Limited ("Jinchuan"), China-Africa Development Fund ("CADFund") and Micawber 809
(Proprietary) Limited ("Micawber"), were approved by the requisite majority of
the Company`s Shareholders present or represented at the general meeting of
Shareholders held earlier today.
The special resolution authorising the increase in the share capital will be
submitted for registration at the Companies and Intellectual Property
Registration Office as soon as possible.
Commenting on the results, Arthur Mashiatshidi, CEO of Wesizwe Platinum, said:
"today`s shareholders` approval marks a significant milestone towards the
ultimate finalisation of the Proposed Transaction. All energies are now focused
on ensuring that the remaining conditions to the transaction are successfully
achieved, which will then enable Wesizwe Platinum to commence full scale
construction of its 350,000 ounce a year Frisch-Ledig PGM project."
The Proposed Transaction is still subject to the fulfilment of the following
conditions precedent:
the Company registering the special resolutions with the Companies and
Intellectual Property Registration Office of South Africa;
the approval of the South African Competition Authorities;
the approval of the Financial Surveillance Department of the South African
Reserve Bank;
the SRP exempting JNMC, CADFund and Micawber from complying with the
requirements of Rule 8 of the SRP Code;
all necessary Chinese regulatory approvals having been obtained by Jinchuan and
CADFund;
the Company having delivered to Jinchuan, CADFund a written Black Economic
Empowerment plan to the satisfaction of Jinchuan and CADFund;
the memorandum of association of Micawber having been amended to insert a
special condition as contemplated in section 53(a) of the Companies Act; and
Bakubung Minerals (Pty) Limited providing a letter of commitment to Jinchuan
pursuant to which Bakubung Minerals shall grant to Jinchuan a right of first
refusal in respect of either (i) all Concentrate produced by the Frischgewaagd-
Ledig Project on market-related terms and conditions, or (ii) all products
arising from, or produced by means of, processing or refining the Concentrate,
if Jinchuan does not exercise its right of first refusal on the Concentrate;
Johannesburg
9 March 2011
Sponsor:
Investec Bank Limited
Corporate advisor:
Qinisele Resources (Pty) Limited
Legal advisor:
Deneys Reitz
Date: 09/03/2011 12:16:17 Produced by the JSE SENS Department.
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