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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Braemore Res | LSE:BRR | London | Ordinary Share | GB00B06GJQ01 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 2.10 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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RNS Number : 7046B
Braemore Resources PLC
30 October 2009
Not for release, publication or distribution, in whole or in part, in or into or
from any jurisdiction where to do so would constitute a violation of the
relevant laws or regulations of such jurisdiction.
AIM: BRR / JSE: BRE
Recommended offer for Braemore Resources plc
by Jubilee Platinum plc
Scheme of Arrangement becomes Effective
Jubilee Placing acquisition condition met
The scheme of arrangement under Part 26 of the Companies Act 2006 (the "Scheme")
to implement the acquisition by Jubilee Platinum plc ("Jubilee") of the entire
issued and to be issued share capital of Braemore Resources plc ("Braemore") has
now become effective in accordance with its terms and the acquisition has been
completed.
On 29 October 2009, the High Court of Justice in England and Wales (the "Court")
made an order (the "Court Order") sanctioning the Scheme and confirming the
associated reduction of capital. The Court Order has been delivered to the
Registrar of Companies in England and Wales and has been registered today.
On 7 August 2009, Jubilee announced a placing by FinnCap of 44,166,666 new
shares (the "Placing Shares") for cash to raise GBP13.25 million (the
"Placing"). The Placing was conditional, inter alia, on the acquisition by
Jubilee of the entire issued and to be issued share capital of Braemore. In
consequence of the Scheme becoming effective, this condition has been met.
Following the Scheme becoming effective, 89,107,183 new Jubilee Shares will be
issued, comprising 44,940,517 New Jubilee Shares to be issued to former
Braemore Shareholders on the UK Register at the Scheme Record Time (the "New UK
Jubilee Shares") and 44,166,666 Placing Shares to be issued pursuant to the
Placing.
The exact number of shares to be issued to Braemore Shareholders on the SA
Register (the "New SA Jubilee Shares") will be determined on the JSE Record
Date, which is 6 November 2009.
The final number of New Jubilee Shares, comprising the New UK Jubilee Shares and
New SA Jubilee Shares, will be announced on or about 9 November 2009.
An application has been made to the London Stock Exchange plc for the New UK
Jubilee Shares and the Placing Shares to be admitted to trading on AIM. These
shares will rank pari passu with Jubilee's existing ordinary shares and it is
expected that the New UK Jubilee Shares and the Placing Shares will be admitted
to trading on AIM at 8.00 a.m. on 2 November 2009.
The JSE has granted a listing for the New SA Jubilee Shares on the Main Board of
the JSE with effect from the commencement of business on 2 November 2009.
Trading in Braemore ordinary shares on AIM will be cancelled with effect from 2
November 2009. In accordance with the requirements of the JSE, the listing of
Braemore Shares on the JSE is expected to terminate with effect from 9 November
2009.
Capitalised terms used, but not defined, in this announcement have the same
meaning given to them in the circular posted to shareholders on 14 September
2009 (the "Scheme Document").
Expected timetable of principal events
+---------------------------------------------------------+-------------------------+
| Cancellation of admission of Braemore Shares to trading | 7.00 a.m. on 2 November |
| on AIM | 2009 |
| | |
+---------------------------------------------------------+-------------------------+
| Listing of New Jubilee Shares and Placing Shares on AIM | 2 November 2009 |
| at commencement of trade | |
| | |
+---------------------------------------------------------+-------------------------+
| Listing of New Jubilee Shares on the JSE at | 2 November 2009 |
| commencement of trade | |
| | |
+---------------------------------------------------------+-------------------------+
| Suspension of trading of the Braemore Shares on the JSE | 2 November 2009 |
| at commencement of trade | |
| | |
+---------------------------------------------------------+-------------------------+
| CREST stock accounts credited with New Jubilee Shares | 2 November 2009 |
| in uncertificated form | |
| | |
+---------------------------------------------------------+-------------------------+
| JSE Record Date | 6 November 2009 |
| | |
+---------------------------------------------------------+-------------------------+
| Dematerialised Scheme Shareholders' accounts (held at | 9 November 2009 |
| their CSDP or broker) updated on or about | |
| | |
+---------------------------------------------------------+-------------------------+
| Date for dispatch of certificated New Jubilee Shares on | 9 November 2009 |
| the JSE on or about | |
| | |
+---------------------------------------------------------+-------------------------+
| Termination of listing of Braemore Shares on the JSE | Commencement of |
| | business on |
| | 9 November 2009 |
+---------------------------------------------------------+-------------------------+
| Latest date for dispatch of certificated New Jubilee | 13 November 2009 |
| Shares trading on AIM | |
| | |
+---------------------------------------------------------+-------------------------+
All references to times are to times in London (unless otherwise stated).
Enquiries:
+------------------------+---------------------------+-------------------------+
| Colin Bird | Leon Coetzer | Andrew Sarosi |
| Jubilee Platinum plc | Braemore Resources plc | Jubilee Platinum plc |
| Tel +44 (0) 20 7584 | Tel +27(0) 87 754 7608/ 9 | Tel +44 (0) 1752 221937 |
| 2155 | | |
| | | |
+------------------------+---------------------------+-------------------------+
| Brian Chistie / | David Russell | Dennis Tucker |
| Leonard Eiser | Braemore Resources plc | Qinisele Resources |
| Sasfin Capital | +61 (0) 416 377 157 | (Pty) Limited |
| Tel +27 (0) 11 809 | | Tel +27 (0) 82 492 4957 |
| 7500 | | |
| | | |
+------------------------+---------------------------+-------------------------+
| James Joyce | Matthew Robinson / Rose | Louise Goodeve/Leah |
| WH Ireland Limited | Herbert, FinnCap | Kramer |
| Tel +44 (0) 207 220 | Tel +44 (0) 20 7600 1658 | Walbrook PR |
| 1666 | | Tel +44 (0) 207 933 |
| | | 8780 |
+------------------------+---------------------------+-------------------------+
| Suzanne Johnson-Walsh | Nicola Taylor | |
| Bishopsgate | Russell and Associates | |
| Communications | Tel +27 (0) 11 880 3924 | |
| Tel +44 (0) 20 7562 | | |
| 3350 | | |
+------------------------+---------------------------+-------------------------+
+-------------------------+---------------------------+------------------------+
| | Braemore | Jubilee |
+-------------------------+---------------------------+------------------------+
| Corporate adviser | Qinisele Resources (Pty) | |
| | Limited | |
+-------------------------+---------------------------+------------------------+
| Sponsor | Sasfin Capital (A | Sasfin Capital (A |
| | division of Sasfin Bank | division of Sasfin |
| | Limited) | Bank Limited) |
+-------------------------+---------------------------+------------------------+
| Nominated adviser | WH Ireland Limited | Finncap |
+-------------------------+---------------------------+------------------------+
| Independent adviser | Venmyn Rand (Pty) Limited | |
+-------------------------+---------------------------+------------------------+
| Legal adviser in the UK | Watson, Farley & Williams | Fasken Martineau LLP |
| | LLP | |
+-------------------------+---------------------------+------------------------+
| Legal adviser in South | Eversheds | Eversheds |
| Africa | | |
+-------------------------+---------------------------+------------------------+
| Reporting accountants | Moore Stephens MWM Inc | Moore Stephens MWM Inc |
+-------------------------+---------------------------+------------------------+
| Auditors | BDO Stoy Haywood LLP | Saffery Champness |
+-------------------------+---------------------------+------------------------+
This announcement is not intended to, and does not constitute or form part
of, any offer to sell or an invitation to purchase or subscribe for any
securities pursuant to the Proposal or otherwise or the solicitation of any vote
or approval in any jurisdiction. Braemore Shareholders are advised to read
carefully the formal documentation in relation to the Proposal.
The availability of the Proposal to persons outside the United Kingdom might be
affected by the laws of other jurisdictions. Such persons should inform
themselves about, and observe any applicable requirements of, those
jurisdictions.
Copies of this announcement are not being, and must not be, directly or
indirectly mailed or otherwise forwarded, distributed or sent in or into any
jurisdiction where to do so would violate the laws of that jurisdiction and
persons receiving this announcement (including custodians, nominees and
trustees) must not mail or otherwise forward, distribute or otherwise send it
in, or into or from any such jurisdiction. Further details in relation to
overseas shareholders are contained in the Scheme Document.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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