Platinum junior Platfields, which has been trading under a cautionary statement for at least six months, has been approached as a vehicle for a reverse listing unrelated to the mining industry.
Negotiations in relation to this also provide for an injection of funds to regularise the compliance requirements of the company, and the unbundling of the mining assets to existing Platfields shareholders.
The potential unbundling of the mining assets will result in these assets no longer being listed on the JSE.
The company’s administration offices have been closed and it has also received notice from its executive directors that they will be tendering their resignations at the next annual general meeting.
Platfields has been through a very difficult period, with attempts to secure additional funding for the Group being unsuccessful to date due, inter alia, the difficult situation in the platinum industry. This has also impacted on potential acquisitions, which the company has been similarly unable to conclude thus far.
Certain of the group’s prospecting rights along the Eastern Limb of the Bushveld Complex have lapsed subsequent to the year end and petitions have been made to the Minister of Mineral Resources for their validity and security of tenure.