AQP - Aquarius Platinum Limited - Update On Zimbabwean Indigenisation Process
AQP
AQP
AQP - Aquarius Platinum Limited - Update On Zimbabwean Indigenisation Process
Aquarius Platinum Limited
(Incorporated in Bermuda)
Registration Number: EC26290
JSE Code: AQP
ISIN: BMG0440M1284
UPDATE ON ZIMBABWEAN INDIGENISATION PROCESS
Aquarius Platinum Limited ("Aquarius") advises that the Indigenisation
Implementation Plan submitted to the Government of Zimbabwe in November 2011 by
Mimosa Holdings (Private) Limited ("Mimosa"), an indirect 50% subsidiary of
Aquarius, has been rejected.
In a letter dated 22 February 2012, Mimosa was advised by the Zimbabwean
Minister of Youth Development, Indigenisation and Empowerment ("the Minister")
that unless an agreement is reached with the Zimbabwean National Indigenisation
and Economic Empowerment Fund (NIEEF) in respect of full compliance with the
Zimbabwean Indigenisation and Empowerment legislation within 30 days from
receipt of this letter, enforcement mechanisms will be activated.
Aquarius is concerned to note the statement by the Minister and advises
shareholders that negotiations with the Minister will be undertaken in an
attempt to reach a mutually acceptable solution. Shareholders will be informed
of further material developments as they occur.
For further information please contact:
In the United Kingdom
Gavin Mackay
+44 7909 547 042
In Australia: In South Africa:
Willi Boehm Stuart Murray
+61 8 9367 5211 +27 (0) 11 656 1140
24 February 2012
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 24/02/2012 09:00:51 Produced by the JSE SENS Department.
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