| Mon 6 Jun 2011, 10:14 | | EPS - Eastern Platinum Limited - Best practice revisions to the stock option |
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EPS
EPS
EPS - Eastern Platinum Limited - Best practice revisions to the stock option
plan and shareholders rights plan
EASTERN PLATINUM LIMITED
(Incorporated in Canada)
(Canadian Registration number BC0722783)
(South African Registration number 2007/006318/10)
Share Code TSX: ELR ISIN: CA 2768551038
Share Code AIM: ELR ISIN: CA 2768551038
Share Code JSE: EPS ISIN: CA 2768551038
June 3, 2011
Trading Symbol: ELR (TSX & AIM) EPS (JSE)
S&P TSX Composite Index
NEWS RELEASE
BEST PRACTICE REVISIONS TO THE STOCK OPTION PLAN AND SHAREHOLDERS RIGHTS PLAN
The Company announces that, following consultation with certain advisory
groups on corporate governance to take into account current best practices, it
has revised the terms of its stock option plan (the "Option Plan") and its
shareholders rights plan (the "Rights Plan") to be presented to shareholders
for approval at the Company`s June 9, 2011 Annual General Meeting (the
"Meeting).
As revised, the Option Plan would limit options granted to any one non-
employee director to the lesser of an aggregate of 0.4% of the issued and
outstanding shares of the Company or options having an annual value of
$100,000, using the Black Scholes method of valuation. This provision would
replace that set forth in the Company`s information circular dated May 5, 2011
(the "Circular") which proposed amendments to the Option Plan that would
impose limits on options granted to any one non-employee director in the
aggregate to a maximum of 0.435% of the issued and outstanding shares of the
Company.
All other terms of the Option Plan (as proposed to be amended) as detailed in
the Circular remain unaltered. A copy of the Option Plan as amended will be
made available at the Meeting.
Further, as a result of the consultations, the Company has also made certain
non-material amendments to its Rights Plan which is to be presented to
shareholders for approval at the Meeting and the Company has adopted an
amended and restated shareholders rights plan (the "Amended Rights Plan")
reflecting the amendments.
A copy of the Amended Rights Plan is available on SEDAR at www.sedar.com and a
copy of the Amended Rights Plan, blacklined to show the changes made, will be
made available at the Meeting.
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: 06/06/2011 10:14:31 Produced by the JSE SENS Department.
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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,
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information disseminated through SENS.
