Jubilee Platinum PLC
05 December 2005
5 December 2005
Jubilee Platinum Plc
Conversion of New Africa Mining Fund's holding in
Windsor Platinum Investments (Pty) Ltd into Jubilee shares
The New Africa Mining Fund ('NAMF') and Jubilee Platinum plc ('Jubilee') have
agreed, pursuant to an agreement dated February 2004, that NAMF converts its
shares in Windsor Platinum Investments (Pty) Ltd ('Windsor') into Jubilee
ordinary shares. Windsor is the holding company for Jubilee's operations in
South Africa and holds the Company's 35% interest in Tjate Platinum Corporation
(Pty) Ltd and various other operating subsidiaries in South Africa.
• Jubilee acquires 100% control of its South African subsidiary Windsor
Platinum Investments (Pty) Ltd
• This acquistion has been achieved by Jubilee and NAMF agreeing to convert
NAMF's 12.52% holding in Windsor into a 10% holding in Jubilee Platinum Plc
• Control of Windsor is strategically important for Jubilee as Windsor holds
the Company's interest in the Tjate project
This conversion will result in Jubilee acquiring full control of Windsor, which
the Company regards as strategically important in view of Windsor's holding in
Tjate Platinum Corporation (Pty) Ltd and the positive drilling results obtained
from the Tjate project to date.
NAMF has South Africa Reserve Bank ('SARB') approval for this conversion and
will be subject to certain time scales for realising its position in Jubilee.
However, NAMF has indicated that it intends to maintain a holding in Jubilee,
subject to regulatory approval from SARB.
The conversion will be effected on the basis of 12.52% of Windsor's shares
currently owned by NAMF for 10% of Jubilee's ordinary shares on a fully diluted
This conversion will be settled by the issue of 7,447,443 ordinary 1p shares in
Jubilee to NAMF. These shares are expected to be admitted to trading on AIM on
12 December 2005.
For further information, please contact:
Jubilee Platinum plc Parkgreen Communications
Colin Bird Cathy Malins / Annabel Leather
Tel: +44 (0)20 7584 2155 Tel: +44 (0)20 7493 3713
This information is provided by RNS
The company news service from the London Stock Exchange