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Jubilee abandons PLA takeover deal

By BFN News | 09:22 AM | Thursday 13 March, 2014


Jubilee Platinum has abandoned a takeover deal for Platinum Australia Limited because it 'no longer represents optimal value for the Jubilee's shareholders given current market conditions'. But both companies have agreed to continue talks with a view of targeting terms that are more mutually beneficial and are focused more towards the funding of the re-commissioning of the mining and processing operation - which includes the processing of Jubilee's platinum containing chrome tailings material. Jubilee says that as stated in previous updates, the escalation in the PLA debt has hindered the transaction since the majority of funding raised for the deal would not be used to re-commission the operations but instead was required for the settlement of increased debt against a lower than expected platinum metal price. At 9:22am: (LON:JLP) Jubilee Platinum PLC share price was -0.02p at 1.98p Story provided by StockMarketWire.com

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