Jubilee Metals Regulatory News (JLP)

29 Oct 2009 13:45



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.

29 October 2009 AIM: BRR / JSE: BRE

Recommended offer for Braemore Resources plc

by

Jubilee Platinum plc

Court order sanctioning scheme and confirming reduction of capital

Braemore Resources plc ("Braemore") announces that, at a hearing held earlier today, the High Court of Justice in England and Wales sanctioned the Scheme of Arrangement (the "Scheme") in relation to the recommended acquisition of Braemore by Jubilee Platinum plc ("Jubilee"). The Court also confirmed the reduction of share capital involved therein. This Scheme was approved by the requisite majorities of Braemore Shareholders at the Court Meeting and the General Meeting which were both held on 7 October 2009. 

The Scheme is conditional on the delivery of an office copy of the Court Order sanctioning the Scheme and confirming the reduction of capital being registered with the Registrar of Companies in England and Wales. This is expected to be on 30 October 2009.

Trading in Braemore ordinary shares on AIM has been temporarily suspended. The cancellation of admission of Braemore Shares to trading on AIM will take place on the business day after the Scheme Effective Date. It is expected that such cancellation will take effect at 7.00 a.m. on 2 November 2009. The last day to trade in the Braemore Shares on the JSE will be the Scheme Effective Date and the JSE has agreed to terminate the listing of Braemore Shares on the JSE with effect from the commencement of business on 9 November 2009, or such later date as may be requested by Braemore and approved by the JSE.

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

All references to times are to times in London (unless otherwise stated).

Enquiries:

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.