JBL
JUJLP
JBL - Jubilee Platinum plc - Jubilee Acquires Minority Partner`s
Interest in Madagascan Subsidiary
Jubilee Platinum plc
Share code: JBL
ISIN: GB0031852162
Jubilee Acquires Minority Partner`s Interest in Madagascan Subsidiary
Jubilee is pleased to announce that it has elected, as per a
shareholders agreement with Nan Tin Polychrome Sarl ("Nan Tin") dated
August 2005, to exercise its right to purchase 10% (two thirds) of Nan
Tin`s 15% interest in the Company`s Madagascan subsidiary, Mineral
Resources of Madagascar Sarl ("MRM") and further, to acquire the
remaining 5% interest that Nan Tin holds in MRM. The total purchase
price is US$2million in either shares or cash at the Company`s sole
election, payable in stages and on conditions precedent being met in
full to the Company`s satisfaction. Following the satisfactory
completion of the transaction, Jubilee will own 100% of MRM.
The phased payment will be made as follows:
- US$250,000 in cash within 60 days of the conditions precedent
being met in full
- US$375,000 in cash or shares on or before 30 June 2007
- US$375,000 in cash or shares on or before 31 December 2007
- US$1,000,000 in cash or shares on or before 30 June 2008
The outstanding conditions precedent are that Nan Tin:
- waives all its future rights in respect of all of MRM`s properties
currently held and or contemplated and gives Jubilee its voting
rights in all matters and operations regarding MRM; and
- ensures that it transfers its entire shareholding in MRM to
Jubilee, and that it signs such paperwork and does such things as
may be necessary to ensure such transfer. Pending the completion
of the transfer Nan Tin hands over to Jubilee all documents,
papers and other items concerning its interest in MRM.
Colin Bird, CEO of Jubilee commented, "All our Madagascan properties
are making positive progress and it is considered appropriate to
purchase outright the minority shareholder`s interest in MRM in order
to advance the properties in a way that is consistent with Jubilee`s
strategic objectives."
For further information please contact:
Colin Bird Cathy Malins / Annabel Leather
Jubilee Platinum plc Parkgreen Communications Ltd
Tel +44 (0) 20 7584 2155 Tel +44 (0) 20 7493 3713
Date: 26/02/2007 09:59:58 Produced by the JSE SENS Department.
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