| Mon 23 May 2011, 8:49 | | EPS - Eastern Platinum Limited - Adopts new shareholder rights plan |
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EPS
EPS
EPS - Eastern Platinum Limited - Adopts new shareholder rights plan
EASTERN PLATINUM LIMITED
(Incorporated in Canada)
(Canadian Registration number BC0722783)
(South African Registration number 2007/006318/10)
Share Code TSX: ELR ISIN: CA2768551038
Share Code AIM: ELR ISIN: CA2768551038
Share Code JSE: EPS ISIN: CA2768551038
May 20, 2011
Trading Symbol: ELR (TSX & AIM) EPS (JSE)
S&P TSX Composite Index
NEWS RELEASE
EASTERN PLATINUM LIMITED ADOPTS NEW SHAREHOLDER RIGHTS PLAN
Eastern Platinum Limited ("Eastplats") announced today that its Board of
Directors has approved the adoption of a new Shareholder Rights Plan Agreement
(the "Rights Plan"). The Rights Plan supercedes and replaces that shareholder
rights plan of Eastplats dated May 1, 2008, which was set to expire in any
event as of the close of business on June 9, 2011, being the date of
Eastplats` 2011 annual general meeting. The Rights Plan is being adopted to
ensure the fair treatment of all Eastplats shareholders in connection with any
take-over bid for the outstanding common shares of Eastplats. The Rights Plan
will provide shareholders with adequate time to properly evaluate and assess a
take-over bid without facing undue pressure or coercion. The Rights Plan also
provides the Board with additional time to consider any take-over and, if
applicable, to explore alternative transactions in order to maximize
shareholder value.
The Rights Plan is not designed to prevent take-over bids that treat Eastplats
shareholders fairly. Pursuant to the terms of the Rights Plan, any bid that
meets certain criteria intended to protect the interests of all shareholders
are deemed to be "Permitted Bids". A Permitted Bid must be made by way of a
take-over bid circular prepared in compliance with applicable securities laws
and, in addition to certain other conditions, must remain open for 60 days.
In the event a take-over bid does not meet the Permitted Bid requirements of
the Rights Plan, the rights issued under the plan will entitle shareholders,
other than any shareholder or shareholders involved in the take-over bid, to
purchase additional common shares of Eastplats at a significant discount to
the market price of the common shares at that time. The Rights Plan is not
being adopted in response to any proposal to acquire control of Eastplats.
The Rights Plan has been accepted by the Toronto Stock Exchange and will be
presented for ratification by the shareholders at the Eastplats annual general
meeting to be held on June 9, 2011. If ratified by shareholders, the Rights
Plan will have a term of three years. A copy of the Rights Plan is available
on SEDAR at www.sedar.com and on Eastplats` website www.eastplats.com.
Total shares issued and outstanding: 908,187,807
For further information contact:
Investor Relations
Website: www.eastplats.com
Email: info@eastplats.com
Tel: +1-(604)-685-6851, Fax: +1-(604)-685-6493
NOMAD:
Mark Williams / Ryan Cohen
Canaccord Genuity Limited, London
Email: mwilliams@canaccordgenuity.com / rcohen@canaccordgenuity.com
Tel: +44 20 7050 6500
JSE SPONSOR:
Johan Fourie
PSG Capital (Pty) Limited
Email: johanf@psgcapital.com
Tel: +27 21 887 9602
No stock exchange, securities commission or other regulatory authority has
approved or disapproved the information contained herein.
Cautionary Statement on Forward-Looking Information
Certain statements included herein constitute "forward-looking statements"
within the meaning of applicable Canadian securities legislation. These
forward-looking statements are based on certain assumptions by Eastplats and
therefore, readers are cautioned that forward-looking statements are not a
guarantee of future performance. There can be no assurance that such
statements will prove to be accurate and actual results could differ
materially from those expressed or implied in such forward-looking statements
due to factors such as general economic and market conditions, changes in
government legislation, controls, regulations and political developments.
Specific reference is made to the Company`s most recent Annual Information
Form on file with Canadian provincial securities regulatory authorities for a
discussion of some of the factors underlying forward-looking statements.
The Company disclaims any intention or obligation to update or revise any
forward-looking statements whether as a result of new information, future
events or otherwise, except to the extent required by applicable laws.
Date: 23/05/2011 08:49:21 Produced by the JSE SENS Department.
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