Johannesburg, South Africa — MININGREVIEW.COM — 01 October 2008 – Toronto Stock Exchange and AIM-listed Platmin Limited – a mineral exploration and development company focused on the PGM-rich Bushveld Complex of South Africa – has approved the adoption of a shareholder rights plan as part of its procedures for dealing with any parties who may wish to acquire control of the company.
A market release issued here said the rights plan was intended to ensure that all shareholders were treated fairly in any transaction involving a potential change of control of the company. It added, however, that the board of directors was not presently aware of any take-over bid or offer by any party to seek control of the company. Rights would be issued pursuant to the rights plan on the record date, being the close of business on 29 September 29 2008.
The release continued: “the rights plan has been adopted in order to provide the company’s board with sufficient time to assess and evaluate any take-over bid, to explore and develop alternatives that maximise shareholder value, and to give shareholders adequate time to make an informed decision about any such transaction.
Although the rights plan will take effect immediately, the company – in accordance with Toronto Stock Exchange requirements – will be asking its shareholders to approve, ratify and confirm the plan at a special meeting of shareholders to be held no later than six months from this date.
It is not the intention to prevent take-over bids. It stipulates that a permitted bid is a take-over bid made to all shareholders on identical terms and conditions that is open for at least 60 days, the release explained. If more than 50% of the outstanding common shares have been tendered at that stage, the offering party may take up and pay for the shares, but must extend the bid for a further 10 business days to allow all other shareholders to tender.