| Thu 13 Oct 2011, 14:45 | | JBL - Jubilee Platinum Plc - Issue of equity |
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JBL
JUJLP
JBL - Jubilee Platinum Plc - Issue of equity
AIM: JLP
JSE: JBL
Registration number: 4459850
ISIN GB0031852162
Jubilee Platinum PLC
("Jubilee" or the "Company")
OPERATIONS UPDATE
ISSUE OF EQUITY
The Company is pleased to announce a placing of 31,585,714 new ordinary
shares of 1 pence each in the Company (the "Placing Shares") to raise
GBP 4.422 million. The Placing Shares have been placed jointly by Shore
Capital Stockbrokers Limited and finnCap Limited as agents to the
Company, subject to the admission of the shares to trading on AIM market
of the London Stock Exchange ("AIM") and the JSE Limited ("JSE"), with
major institutional investors at a price of 14.00 pence per share
(ZAR1.72).
The proceeds of the placing will be used, together with existing cash
resources, to support growth within the Company`s strategic business
areas, through which Jubilee is implementing its mine-to-metals
strategy.
The Company expects the Placing Shares to be admitted to trading on AIM
and the JSE on 18 October 2011. Following the placing, the total issued
share capital of the Company will be 288,121,806. The
Company holds no ordinary shares in treasury. Therefore, following the
placing, the total number of voting rights in the Company will be
288,121,806.
The Placing shares will be placed with public shareholders and will rank
pari passu with the existing shares in issue of Jubilee.
Leon Coetzer, Chief Executive Officer of Jubilee Platinum said, "The
Board of Jubilee is pleased with the support shown by our major
shareholders and we welcome new shareholders as we continue with
implementation of our mine-to-metals strategy."
PRO FORMA FINANCIAL EFFECTS
At the annual general meeting of the Company held on 26 November 2010,
the requisite majority of Jubilee shareholders approved an ordinary
resolution authorising the directors to issue shares for cash in
accordance with the Listings Requirements of the JSE ("general
authority"). In accordance with the general authority, the Company has
successfully placed the Placing Shares with institutional investors
raising GBP4.422 million.
The unaudited pro forma financial effects of the issue of new ordinary
shares in terms of general authority, based on the published reviewed
financial results of Jubilee for the twelve months to 31 June 2011, are
set out below. The financial effects have been prepared in accordance
with the terms of the Listings Requirements of the JSE Limited, are for
illustrative purposes only and due to their nature, may not truly
reflect Jubilee`s financial position or results of operations. The
directors of Jubilee are responsible for the preparation of the
unaudited pro forma financial effects
Effects per Jubilee share Before 1 After Percentage
placing 2 change
(Loss)/ earnings per share (3.77) (3.68) (2.39)
(pence)
Headline (loss)/ earnings (3.77) (3.68) (2.39)
per share (pence)
Net asset value per share 32.25 30.35 6.20
(pence)
Tangible net asset value 5.68 5.06 10.96
per share (pence)
Weighted average shares in 163,573 170,063 3.97
issue (`000)
Shares in issue (`000) 256,536 288,121 12.31
Notes:
1.The figures in the before column are extracted from the published
reviewed results of Jubilee for the twelve month to 30 June 2011. The
shares in issue include 2,072,802 shares issued in terms of the general
authority prior to 30 June 2011
2. The figures in the After placing column assume that:
- 31,585,714 new Jubilee shares issued in terms of the general authority
on 24 November 2010 at 14p were in issue from 1 July 2011 for loss per
share and headline loss per share purposes and the cash received on 10
October 2011 for net asset value per share and tangible net asset value
per share purposes; and
- The Placing Shares issued in terms of the general authority were in
issue from 1 July 2011 for loss per share and headline loss per share
purposes and the cash received on 10 October 2011 for net asset value
per share and tangible net asset value per share purposes;
For further information please contact:
Colin Bird/Leon Coetzer
Jubilee Platinum plc
Tel +44 (0) 20 7584 2155 / Tel +27 (0)11 465 1913
Andrew Sarosi
Jubilee Platinum plc
Tel +44 (0) 1752 221937
Matthew Robinson/Rose Herbert - corporate finance
Joanna Weaving - corporate broking
finnCap Ltd
Tel +44 (0) 20 7600 1658
Shore Capital Stockbrokers Limited (Joint Broker)
Jerry Keen/ Edward Mansfield
Tel: +44 (0) 20 7 408 4090
Leonard Eiser/Sharon Owens
Sasfin Capital
Tel +27 (0) 11 809 7500
Nick Rome/Shabnam Bashir
Bishopsgate Communications Ltd
Tel +44 (0) 20 7562 3350
Johannesburg
13 October 2011
Sponsor
Sasfin Capital (a division of Sasfin Bank Limited)
Date: 13/10/2011 14:45:01 Produced by the JSE SENS Department.
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