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Jubilee Platinum Plc Updates On Disposal Of Non-core Ferro Alloy Smelters And Powerplant Assets

Friday, 2 Aug 2013 02:00am EDT 

Jubilee Platinum Plc updated on the Sale of Shares agreement with Global Renewal Energy Limited (GRE). The Company announced that it has agreed to acquire the issued share capital of Jubilee Smelting and Refining (Pty) Ltd in Middelburg (JSR), a wholly owned subsidiary of Jubilee and the 70% of the issued share capital of Power Alt (Pty) Ltd (PowerAlt) for an aggregate cash consideration of USD14 million. It was agreed that the Transaction may be executed over two tranches, namely a disposal which includes the sale of 65% of the issued share capital of JSR and 40% of the issued share capital of PowerAlt and an option whereby Jubilee retains an exclusive put option for the remaining share capital held by the Company. The Option was secured by Jubilee to evaluate Jubilee's continued exposure to the revenue generated by these non-core assets versus the value of the put-option. Consideration for the Disposal comprised a non-refundable deposit payment of USD0.2 million plus an amount of USD8.9 million which was due to be paid on or before July 31, 2013 under the extension granted by Jubilee. The granted extension for the Second Payment was also subject to further payments by GRE to JSR which included the funding of the expansion of the JSR smelter off gas systems. 

Company Quote

-0.075 -4.41%
7:47am EDT