| Wed 6 Dec 2006, 10:46 | | Jubilee - Pre-Listing announcement |
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JSE
JUJLP
Jubilee - Pre-Listing announcement
JUBILEE PLATINUM PLC
Share code: JLP & ISIN: GB0031852162
Share code on the JSE: JBL
(Incorporated in the United Kingdom)
(Registration number: 4459850)
("Jubilee" or "the Company")
PRE-LISTING ANNOUNCEMENT
Prepared in terms of the Listings Requirements of the JSE Limited ("JSE")
1. PURPOSE OF THE LISTING ON THE JSE
Jubilee wishes to obtain a secondary listing of its ordinary shares on
the JSE in order to derive the various strategic benefits that this
could provide to the Jubilee Group. The JSE listings requirements
will however be applicable to Jubilee as if were a primary listing.
The main purposes of the listing on the JSE are to:
* provide a further funding mechanism through which Jubilee can
structure and fund opportunities in the platinum sector in both
South Africa and Southern Africa;
* enhance South African investors" awareness of Jubilee, thereby
enlarging Jubilee"s investor base and increasing trade in its
shares; and
* facilitate direct investment by South African residents in
Jubilee.
The purpose of this Pre-listing Statement is to:
* provide the South African investment community with information
relating to Jubilee, its operations and its Directors and
management; and
* set out historical financial information relating to Jubilee, so
as to enable Jubilee to obtain a listing on the JSE.
The main activity of Jubilee is mining exploration, with a strong
focus on Platinum Group Element ("PGE") exploration and Jubilee
considers the Company to be an independent business that controls the
majority of its assets despite the fact that it is not yet generating
revenue.
Jubilee is not issuing any new shares as part of this listing on the
JSE, due to the fact that Jubilee does not have a need for additional
capital at this stage. Jubilee therefore intends to list on the JSE
via an introduction only.
2. INTRODUCTION TO JUBILEE
Jubilee was incorporated on 12 June 2002 in accordance with company
law in England and Wales. Jubilee is currently listed on AIM under the
share code JLP and in the "platinum and precious metals" sub-sector.
Jubilee listed on AIM on 31 July 2002 following its Initial Public
Offering that raised GBP1,258,470 (net of expenses).
At the date of listing, the authorised share capital of Jubilee will
comprise 500,000,000 ordinary shares of nominal value of 1 p each,
while the issued share capital of Jubilee will comprise 79,138,974
ordinary shares, fully paid, with a nominal value of 1 p. All of the
Ordinary Shares rank pari passu. At this date the share premium
account had a balance of GBP12,393,173.
As at the last practicable date Jubilee had a market capitalisation of
GBP48,274,774 based on AIM"s closing price of 61p per Ordinary Share
which translates to a market capitalisation of R678,260,577 at the
prevailing exchange rate at that date.
3. NATURE OF BUSINESS
Jubilee is a mining, exploration and development company with a focus
on PGE and nickel/copper.
Jubilee has developed a prospective portfolio of platinum projects,
strategically placed within South Africa"s Bushveld Complex, a
geological system, which produces 80% of the world"s platinum
("Bushveld Complex").
The Company"s prime asset in South Africa is the Tjate project which
is contiguous to existing mining operations: Anglo Platinum"s
Twickenham and Impala Platinum"s Marula mines.
Jubilee is also looking to capitalise on the vast untapped mineral
wealth of Madagascar where it is developing three potentially world-
class nickel/copper/PGE assets. Having been operating in Madagascar
prior to listing in 2002, Jubilee is a forerunner in a country that is
proving to be of increasing interest to the major platinum producers.
Jubilee is dedicated to sustainable development and adhering to the
highest environmental standards.
The company is also a great believer in the role of foreign direct
investment as a key form of social development in developing African
countries.
4. JUBILEE GROUP
Jubilee has operations in three locations namely South Africa,
Madagascar and Sierra Leone.
4.1 Jubilee South Africa
The Company has a balanced portfolio of highly prospective PGE
assets, covering areas in the western and eastern limbs of the
Bushveld Complex.
The Company is currently drilling on its Tjate flagship property.
The boreholes to date are showing very good PGE and base metal
grades from the Merensky Reef and PGEs from the UG2 chromitite
reef.
4.2 Jubilee Madagascar
Jubilee has ten year exploration permits on more than 100,000
hectares of PGE-nickel-copper prospective concessions in north,
central and south eastern Madagascar including Londokomanana,
Ambodilafa and Lanjanina regions.
4.3 Jubilee Sierra Leone
Jubilee has entered into a joint venture agreement with AIM-
listed Golden Prospect plc on its 105.3 square kilometre York
Platinum project in Sierra Leone. The exploration license issued
by the Ministry of Mineral Resources of Sierra Leone, is in the
name of Resource Securities Limited, the holding company of
Golden Prospect"s platinum interests in Sierra Leone. Jubilee
holds an 80% interest and manages the exploration programme,
whilst Golden Prospect holds a 20% interest. Jubilee is in the
process of renegotiating this joint venture agreement so as to
reduce its interest to a minority interest.
5. DIRECTORS AND SENIOR MANAGEMENT OF JUBILEE GROUP
Jubilee has a senior management team, that together with its board of
Directors, brings many years of experience in discovering, acquiring,
funding, developing and operating base and precious metals projects in
Southern and Central Africa. The following table sets out, for each of
the Company"s Directors and senior management, the person"s name, age
, citizenship (if not British), positions with the Company and
principal occupation and function:
Name and Business address Principal Date
nationality occupatio appointed
n and to board
function
Malcom Alec 5th Floor, Non- July 2002
Burne (62) Manfield House, Executive
1 Southampton Chairman
Street,
London,
WC2R 0LR
Colin Bird(63) 4th Floor, Chief July 2002
2 Cromwell Place, Executive
South Kensington, Officer
London, SW7 2JE
Christopher No. 10, Non- September
Molefe (58) 10th Avenue, Executive 2004
South African Houghton, Director
Johannesburg,
South Africa
Andrew Sarosi 6 Queens Road, Technical January
(66) Lipson, Director 2006
Plymouth,
PL4 7PJ
Raju Samtani 4th Floor, Financial -
(38) 2 Cromwell Place, Manager
South Kensington,
London, SW7 2JE
Iwan Williams 4th Floor, Regional -
(43) 2 Cromwell Place, Manager
South Kensington,
London, SW7 2JE
6. FUTURE PROSPECTUS
The Directors of Jubilee are of the opinion that:
* the Company currently has a balanced portfolio of assets in terms
of geology and country risk;
* the major Ni-Cu-PGE formation discovery at Londokomanana could
lead to exciting developments in future; and
* two other Madagascan areas could have potential for major finds
in the near future.
The Directors are also satisfied with the drilling results at Tjate
and believe that Tjate is advancing to a pre feasibility phase. At
this stage Tjate is considered to underpin Jubilee as an exploration
company.
The Directors of Jubilee intend to move the Company to a mid-tier
platinum producer within 3 to 5 years through a well-defined strategy
of:
* developing its highly prospective projects into high margin
productive units;
* acquiring prospecting companies and/or assets; and
* continual increasing of its resource base through focused
explorations programmes.
The JSE has approved the application for a secondary listing of all of
the issued ordinary shares of Jubilee in the "Mining - Platinum and
Precious Metals" sector of the JSE Main Board lists under the
abbreviated name "Jubilee" and share code "JBL", with effect from the
commencement of business on 7 December 2006.
From a regulatory perspective, the JSE Listings Requirements will be
applicable to Jubilee as if it had its primary listing on the JSE.
7. FURTHER COPIES OF THIS PRE-LISTING STATEMENT
Further copies of this Pre-listing Statement (in English only) can be
obtained during normal business hours from 6 December 2006, for a
period of fourteen days, from the office of Jubilee (Admin Block NRTC:
Phumelela, Samrand Avenue, Midrand, 1685), Investec Bank Limited (100
Grayston Drive, Sandown, Sandton) and the transfer secretaries.
Jubilee Platinum Plc
Date of incorporation
12 June 2002
Place of incorporation
England and Wales
Investment Bank and Sponsor in South Africa : Investec Bank
Corporate law advisors in South Africa : Yates Corporate Law
Reporting accountants : Saffery Champness
Technical advisor : Snowden
Date: 06/12/2006 10:47:00 AM Produced by the JSE SENS Department
