Platinum Australia Ltd

Published : June 11th, 2013

Merger of PLA with Jubilee Platinum plc - Market Update

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Merger of PLA with Jubilee Platinum plc - Market Update


Platinum Australia Limited (Subject to Deed of Company Arrangement) ACN 093 417 942 ("the Company" or "PLA") 10 June 2013

ASX code: PLA

Market update

As previously advised to the market, in January 2012 PLA subsidiary PhokaThaba Platinum (Pty) Ltd (PhokaThaba) took over as operator of the Smokey Hills Mines from Westdawn Investments (Proprietary) Limited t/a JIC Mining Services (JIC). Following termination of JIC's contract PhokaThaba advised JIC of its claim for outstanding payments. JIC disputed the PhokaThaba claim, advised it had outstanding claims and further requested PhokaThaba make certain payments to its creditors, which JIC stated it was unable to pay. PhokaThaba declined to pay the JIC creditors and advised JIC that the dispute should be properly settled through the arbitration process set out in the Mining Services Agreement between the parties.
To date JIC has not initiated any arbitration proceedings and PLA has now been made aware that JIC has issued an application for the winding up of PhokaThaba with respect to these disputed payments. PLA's view is that many of the allegations contained in the application are unsubstantiated and the application itself constitutes a gross abuse of court process to pressure PhokaThaba to pay JIC moneys to which it

is not entitled. PhokaThaba will vehemently dispute JIC's claims. The Deed Administrator considers that PhokaThaba has strong grounds to

dispute the application and is confident that PhokaThaba will be successful in challenging the validity of the application. The view of PLA is further supported by the failure of JIC to arrange for the application to be formally served on PhokaThaba.

PLA informed Jubilee of the application, although as noted it has not yet been formally served. Jubilee has now given notice to PLA that it considers that the application for winding up of PhokoThaba comprises a "PLA Regulated Event" as defined in the Implementation Deed entered into between PLA and Jubilee, an updated copy of which was released by PLA on ASX on 3 May 2013. Paragraph (m) of Schedule 3, Part B provides that a PLA Regulated Event includes an application or order being made for the winding up or dissolution of any PLA Group Entity, other than where the application or order (as the case may be) is set aside within 14 days.
Jubilee has stated that it reserves its rights, but has not taken steps to terminate the Implementation Deed under clause 16.1(b) in relation to the alleged PLA Regulated Event.
In light of these circumstances, today PLA sought and obtained an adjournment to the first court hearing in relation to the Scheme to 20 June
2013 to give the parties time to work through these matters. At this point it is not anticipated that the adjournment will affect the End Date of the Scheme.
Further details in relation to the JIC dispute will be provided in the Scheme Booklet due to be despatched to PLA shareholders, and the Deed

Administrator will continue to keep PLA stakeholders informed regarding these matters.

BRYAN HUGHES Deed Administrator


Telephone +61 3 8610 5000

[email protected]


Telephone +61 2 9221 2099

[email protected]


Telephone +61 8 9322 2022

[email protected]


Telephone +61 8 8179 2800

[email protected]


Telephone +61 7 3220 0355 partners@pitcherpartners.

Pitcher Partners is an association of independent firms.

Liability limited by a scheme approved under Professional Standards Legislation.

In Western Australia, Pitcher Partners refers to the WA Company and associated entities.

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Platinum Australia Ltd

ISIN : AU000000PLA8
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Platinum Australia is a platinum development stage company based in Australia.

Platinum Australia develops platinum, palladium and rhodium in South Africa, and holds various exploration projects in South Africa.

Its main assets in development are SMOKEY HILLS and KALPLATS in South Africa and its main exploration properties are PANTON in Australia and ROODERAND PROJECT in South Africa.

Platinum Australia is listed in Australia and in Germany. Its market capitalisation is AU$ 33.8 millions as of today (US$ 24.2 millions, € 21.5 millions).

Its stock quote reached its highest recent level on July 04, 2008 at AU$ 3.15, and its lowest recent point on March 23, 2012 at AU$ 0.06.

Platinum Australia has 504 970 016 shares outstanding.

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In the News and Medias of Platinum Australia Ltd
3/29/2006Corporate profile
Financials of Platinum Australia Ltd
6/21/2011PLA Operations Update
Project news of Platinum Australia Ltd
3/26/2012(Smokey Hills)Smokey Hills Production Update
4/13/2010New Drilling Results for the Rooderand Platinum Project
3/23/2010Further Drilling Results for the Rooderand Platinum Project
10/8/2009(Kalplats)Positive Outcome from Kalahari Platinum Project Pre Feasibil...
7/13/2009(Kalplats)Kalahari Platinum Project Updated Mineral Resouce Estimate f...
5/22/2009(Rooderand Project)Acquisition of Rooderand Platinum Project
1/27/2009(Smokey Hills)First Concentrates at the Smokey Hills Platinum Mine
11/19/2008PLA - First Drilling Results from Kalahari "Extended" Projec...
6/10/2008(Kalplats)Kalplats Project Further Wide Zones of Target Mineralisation
5/29/2008(Smokey Hills) Increases Stake in Smokey Hills Mine
5/14/2008(Kalplats)New Mineral Resource Doubles at Kalplats
5/1/2008Kalahari Platinum Project latest Drilling Results
4/29/2008(Smokey Hills)Smokey Hills Commences Draw Down on the Standard Bank Debt F...
4/1/2008(Kalplats)Wide Zones of Good Grade Mineralisation Identified in the Ne...
3/11/2008(Smokey Hills)Diesel Generators Ordered for Smokey Hills Platinum Mine
3/5/2008GR Engineering Services awarded contract for the Updated Fea...
2/26/2008(Kalplats)Latest Drilling Results from Kalplats Continue to Identify W...
1/29/2008(Kalplats)32 Metres @ 5.86g/t 3E PGM intersected at Kalplats drilling
1/10/2008(Kalplats)Further Kalplats Drilling Results
12/11/2007(Smokey Hills)Concentrate Offtake Agreement signed with Impala for Smokey ...
12/4/2007(Kalplats)Latest Results from Drilling at Kalplats
Corporate news of Platinum Australia Ltd
10/28/2013Financial Reporting Relief
6/20/2013Market Update
6/11/2013Merger of PLA with Jubilee Platinum plc - Extension to finan...
6/11/2013Merger of PLA with Jubilee Platinum plc - Market Update
5/28/2013Merger of PLA with Jubilee Platinum plc - Market Update
1/16/2013Platinum Australia Limited (Subject to Deed of Company Arran...
12/24/2012Platinum Australia Limited (Subject to Deed of Company Arran...
12/19/2012Platinum Australia Limited (Subject to Deed of Company Arran...
1/12/2012(Smokey Hills)PLA Moving to Owner Operator Mining at Smokey Hills
12/21/2011Rights Issue and Capital Raising Update
12/15/2011News Release
6/7/2011(Smokey Hills)Smokey Hills Operations Update
5/26/2011Positive Outcome from Rooderand Pre Feasibility Study
3/3/2011(Smokey Hills)Smokey Hills - Operations Update
2/28/2011Half Year Report as at 31 December 2010
7/29/2010Quarterly Report to Shareholders for the period ended 30 Jun...
7/1/2010An Update by Bell Potter
11/24/2009Prospecting Rights Issued for the Rooderand Platinum Project
10/29/2009Quarterly Report for the period ended 30 Sept 2009
10/13/2009Kalahari Platinum Project - New Mineral Resource Estimate fo...
10/8/2009Settlement of Placement
9/15/2009Standard Bank of South Africa Loan Settlement
8/24/2009ASX/AIM Announcement
8/7/2009The New Australian Platinum Producer
7/13/2009Settlement of Placement
7/7/2009Shareholders Update - Positioning our Company for Growth
5/28/2009Successful Placement to Raise A$61.2M
3/10/2009Half Year Report as at 31 December 2008
8/11/2008Kalahari Platinum - Latest Results
7/30/2008Quarterly Report to Shareholders for the Period Ended 30 Jun...
6/17/2008PLA issued Prospecting Right for Further Kalahari Extension
4/30/2008Quarterly Report to Shareholders for the period ended 31 Mar...
1/31/2008Quarterly Report for the period ended 31 December 2007
11/27/2007Crater Deposit Mineral Resource Increased by 16% at Kalahari...
11/26/2007Construction Commences on the Smokey Hills Project
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