| Wed 8 Dec 2004, 17:22 | | Company Press Release |
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Aquarius - Company Press Release
Aquarius Platinum Limited
(Incorporated in Bermuda)
Registration number: EC26290
Share code on JSE: AQP ISIN: BMG0440M1029
Share code on ASX: AQP.AX ISIN: BMG0440M1029
Share code on LSE: AQP.L ISIN: BMG0440M1029
Share code on US Over the counter market: AQPTY ISIN: US03840M2089
(`Aquarius`)
First foreign listing on the JSE
Today, the Main Board of the JSE Securities Exchange South Africa (JSE) acquired
its first foreign listing, Aquarius Platinum Limited, under recently relaxed
exchange control regulations. The company was heralded onto the JSE with the
pouring of a traditional African brew onto the noses of the bull and bear statue
at the Exchange.
Nicky Newton-King, deputy CEO of the JSE said, `I am delighted to welcome
Aquarius Platinum to the JSE. It has taken some time to achieve our goal of
opening up our market to international companies. This opens up possibilities as
well for other companies operating in Africa. It is also fitting that the first
company to list on our Main Board is from the resources sector, a significant
contributor to the South African economy.
Foreign listings became possible after Finance Minister, Trevor Manuel`s
announcement in February this year of the South African government`s decision to
relax the rules for non-South African registered companies, allowing them to
obtain a listing on the JSE.
The intention is to promote foreign investment into South Africa.
Stuart Murray, CEO of Aquarius Platinum says, `Today is an important milestone
in the history of our company and I am delighted that South African investors
now have the opportunity to invest in Aquarius Platinum`s successes and
innovative growth, and look forward to welcoming them as shareholders.
`Our former subsidiary Kroondal Platinum Mines was one of the most successful
listings on the JSE but, when it was re-absorbed into the Aquarius Platinum
group, regulations at that time did not allow for a dual listing. As a result,
many potential South African shareholders missed out on the phenomenal growth of
this company. Going forward though, South African investors are now in a
position, on a par with our shareholders through the Australian and London stock
exchanges, to share in our continued growth.`
Aquarius Platinum is a fast-growing platinum group metals (PGM) producer with
operations in South Africa and Zimbabwe. The company`s primary listing is on the
Australian Stock Exchange, with a secondary listing on the London Stock Exchange
and a Level 1 American Depository Receipt programme in the United States. The
company`s market capitalisation was GBP194 million on 1 December 2004, based on
an LSE closing price of GBP2.34 per Aquarius common share on that date. The
equivalent market capitalisation is ZAR2.15 billion, at an exchange rate of
ZAR11.08/GBP.
Aquarius Platinum recently completed a landmark Black Economic Empowerment (BEE)
transaction with a broad-based consortium comprising historically disadvantaged
South Africans. The consortium, led by Savannah Resources, acquired a 29.5%
stake in Aquarius Platinum subsidiary, Aquarius Platinum (South Africa) for R860
million. The transaction proceeds will be used to fund the development of the
group`s new mine, Everest. This transaction makes Aquarius Platinum fully
compliant with the equity component of the South African Mining Charter.
The listing of Aquarius Platinum Limited on the JSE, will enable Savannah to
convert its holding in Aquarius Platinum (South Africa) into JSE-traded Aquarius
Platinum shares.
This conversion is contingent on Aquarius Platinum successfully obtaining new
order mining rights for its South African operations.
Murray continues, `Despite the pressures on profit margins as a result of the
weak dollar, and in the absence of unexpected adverse circumstances, the company
should deliver sustainable growth and profitability to shareholders in the
future.`
Noah Greenhill, responsible for business development at the JSE commented: `The
JSE lobbied government for some time to facilitate a smooth entry of foreign
companies onto the JSE. This has now been made possible by Trevor Manuel`s
announcement in February along with further concessions for investors announced
in the Ministry of Finance`s medium-term policy statement in October.
Consequently there is now no limit on the amount that South Africans can invest
in foreign companies listed on the JSE. We believe that the JSE is creating
excellent opportunities for the South African investment public.
`Several foreign companies have expressed interest in a JSE listing and we
expect to make further international listing announcements shortly.`
8 December, 2004
Further information please contact: www.aquariusplatinum.com
In Australia:
Willi Boehm
Aquarius Platinum Corporate Services Pty Ltd
+61 (8) 9367 5211
In United Kingdom:
Nick Bias
Buck-Bias Limited
+ 44 (0) 7887 920 530
Alex Buck
Buck-Bias Limited
+44 (0) 7932 740 452
In South Africa:
Charmane Russell
Russell & Associates
+27 11 880 3924 / +27 82 376 2327
