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Jubilee says transactions are progressing well

By BFN News | 09:01 AM | Wednesday 10 July, 2013


Jubilee Platinum reports further progress on the acquisition of Platinum Australia and the sale of non-core ferro alloy smelters. Jubilee said it had received an unconditional approval from the Competition Commission of South Africa to proceed with the acquisition of PLA. And it said the PLA shareholder meeting to approve the transaction is scheduled to be held on 31 July. Jubilee also expects to complete the sale of 65% of its holding in Jubilee Smelting and Refining (Pty) Ltd and 40% of its holding in PowerAlt to GRE for $9.066m by 31 July. Jubilee said it had received a non-refundable deposit payment of $200,000 from GRE, in cash in addition to a cash payment of $33,495 covering the interest on the Disposal consideration due as part of the extended settlement of the sale agreement as announced on 19 June. GRE has also settled creditors and addressed the expansion capital required for the Smelter complex as required under the extended settlement to the value of ZAR7.2m (£0.48m). Chief executive Leon Coetzer said: "This is clearly an exciting period for the company with both transactions progressing well within a currently challenging platinum sector. We are continuing to progress with the reshaping of our operations by refining our focus while also moving towards the completion of the PLA acquisition - which will significantly enhance our scale and capabilities." At 9:01am: (LON:JLP) Jubilee Platinum share price was +0.38p at 6p Story provided by StockMarketWire.com

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