5th Dec 2005 14:58
Jubilee Platinum PLC05 December 2005 5 December 2005 AIM: JLP 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") haveagreed, pursuant to an agreement dated February 2004, that NAMF converts itsshares in Windsor Platinum Investments (Pty) Ltd ("Windsor") into Jubileeordinary shares. Windsor is the holding company for Jubilee's operations inSouth Africa and holds the Company's 35% interest in Tjate Platinum Corporation(Pty) Ltd and various other operating subsidiaries in South Africa. Highlights: • 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, whichthe Company regards as strategically important in view of Windsor's holding inTjate Platinum Corporation (Pty) Ltd and the positive drilling results obtainedfrom the Tjate project to date. NAMF has South Africa Reserve Bank ("SARB") approval for this conversion andwill 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 sharescurrently owned by NAMF for 10% of Jubilee's ordinary shares on a fully dilutedbasis. This conversion will be settled by the issue of 7,447,443 ordinary 1p shares inJubilee to NAMF. These shares are expected to be admitted to trading on AIM on12 December 2005. For further information, please contact: Jubilee Platinum plc Parkgreen CommunicationsColin Bird Cathy Malins / Annabel LeatherTel: +44 (0)20 7584 2155 Tel: +44 (0)20 7493 3713www.jubileeplatinum.com This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Jubilee Metals