| Wed 10 Jun 2015, 13:48 | | PLATFIELDS LIMITED - Quarterly update on the suspension of the Company |
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PLL 201506100027A
Quarterly update on the suspension of the Company
PLATFIELDS LIMITED
Incorporated in the Republic of South Africa
(Registration number 2002/005851/06)
Share code: PLL ISIN: ZAE000151825
(“Platfields” or “the Company”)
QUARTERLY UPDATE ON THE SUSPENSION OF THE COMPANY
The directors of Platfields advise that the Company remains suspended due to the
requirement to finalise and publish interim results for the six months ended 31 August
2013 and 31 August 2014, the years ended 28 February 2014 and 28 February 2015.
Cash flow constraints remain a problem and are negatively impacting the Company’s
ability to finalise and publish its results as detailed above. The company has been
through a very difficult period, with attempts to secure additional funding for the group
being unsuccessful to date due, inter alia, the difficult situation in the platinum industry.
This has also impacted on potential acquisitions, which the Company has been
similarly unable to conclude thus far.
As previously announced, certain of the group’s prospecting rights have lapsed
subsequent and petitions have been made to the Minister of Mineral Resources for
their validity and security of tenure.
The directors wish to advise that, as announced separately, it has been approached
by a third party and has commenced negotiations for the acquisition of substantial
mining assets, which may will result in a reverse listing, a change in control and in the
board as well as cash flow being injected into the group, if successfully concluded.
The potential disposal of a subsidiary is also under discussion. Shareholders are advised
that negotiations are progressing well.
Shareholders will be kept appraised of developments in due course.
Johannesburg
10 June 2015
Sponsor
Arbor Capital Sponsors Proprietary Limited
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