Notice of AGM and Posting of Report and Accounts



 

 

 Jubilee Platinum Plc
AIM: JLP
JSE: JBL
Registration number: 4459850
ISIN GB0031852162


JUBILEE PLATINUM PLC
(“Jubilee” or “the Company”)


POSTING OF ANNUAL REPORT AND ACCOUNTS,NOTICE OF ANNUAL GENERAL
MEETING (“AGM”) AND STATEMENT CHANGE FOR THE YEAR ENDED 30

JUNE 2011

 

Notice of AGM

 Notice is hereby given, under the Companies Act 2006 of the United Kingdom, that the Annual General Meeting (“AGM”) of Jubilee Platinum (“the Company”) will be held at the offices of finnCap at 60 New Broad Street, London, EC2M IJJ on Wednesday, 28 December 2011 at 11.00(GMT). 

 Shareholders are advised that the Annual Financial Statements for the year ended 30 June 2011 have been posted today and will be available on the Company’s website:  www.jubileeplatinum.com.

 The AGM is taking place later than in previous years as a result of the additional work required to produce the final audited accounts following the acquisitions of the private power plant and the smelter operations. 

 

CHANGE STATEMENT

 As noted in the Reviewed Abridged results which were published on SENS and RNS on 30 September 2011, the identifiable net assets of the acquired Thos Begbie Holdings(Pty) Ltd and Power Alt (Pty) Ltd had been determined on a provisional basis and as a result of the finalisation of the purchase price of these assets and their reallocations, in compliance with the listing rules of the JSE, a statement of changes to the reviewed abridged results are as follows:

 

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

For the year ended 30 June 2011

 

 Group

(Audited)

Difference

Reviewed

(Unaudited)

Reason for  Difference

 

 

 

2011

 

£’000

 

 

 

£,000

2011

 

£’000

 

Revenue

  5,503

5,503

Cost of Sales

  (5,241)

(2,477)

(2,764)

Reallocation of expenses out of Admin

262

(2,477)

2,739

Negative goodwill

     –

Other administrative expenses

(6,772)

2,790

(9,562)

Reallocation – See COS

Total administrative expenses

(6,772)

2,790

(9,562)

Operating loss

(6,510)

313

(6,823)

Finance income

149

149

Finance cost

(648)

(648)

Loss before  tax expense

(7,009)

313

(7,322)

Tax

   (580)

(580)

Final purchase price allocation

Loss for the year 

(7,322)

OTHER COMPREHENSIVE INCOME

Exchange gain on translation of foreign subsidiaries

4,116

2,476

1,640

Alloacation of exchange diffences on prior year business combinations

Total comprehensive loss for the year

(3,473)

2,209

(5,682)

Majority relates to forex

Loss attributable to:

Equity Shareholders

(6,821)

(2,211)

(4,610)

Non-controlling interest

(768)

304

(1,072)

Final PPA *

(7,589)

(1,907)

(5,682)

Total comprehensive income attributable to:

Equity shareholders

(2,705)

 

3,545

(6,250)

Non-controlling interest

(768)

304

(1,072)

(3,473)

3,849

(7,322)

Earnings per share

Basic and diluted loss per share (pence)

Headline earnings (loss) per share (pence)

(2.67)

 

 

 

 

 

(2.67)

1.10

 

 

 

 

 

1.10

(3.77)

 

 

 

 

 

(3.77)

 

·      PPA  purchase price and allocation

 

 CONSOLIDATED AND COMPANY STATEMENTS OF FINANCIAL POSITION

As at 30 June 2011

Notes

Group

(Audited)

2011

 

£’000

 

Difference

 

 

£,000

Reviewed

(Unaudited)

2011

 

£’000

 

Reason for Difference

ASSETS

Non-current assets

Intangible assets

11

88,222

5,841

82,381

Reallocation of goodwill, final PPA and Forex on prior year business combinations

Property, Plant and equipment


12

 

15,360

 

797

 

14,563

Final PPA

Investments in subsidiaries

13

Goodwill

(1,199)

1,199

Reallocated to Intangibles

Deferred tax

8

519

519

Final PPA

Total non-current assets

104,101

5,958


98,143

Current assets

Trade and other receivables


16


3,121

 

(3,857)


6,978

Inter company elimination

Inventory

17

830

830

Cash and cash equivalents


2,007

 


2,007

Other Receivables

(17)

17

Allocated to trade and other receivables

Total current assets


5,958

 

(3,874)


9,832

TOTAL ASSETS

110,059

2,084

107,975

LIABILITIES

Non-current liabilities

Loans to and from related parties

1,280

(1,280)

Reallocated to current

Long-term liabilities

21

(2,504)

878

(3,382)

Short term portion reallocated to current

Deferred tax

8

(18,240)

(18,240)

Reallocated from current and final PPA

Total non-current liabilities

(20,744)

(16,082)

(4,662)

Current liabilities

Deferred tax

16,575

(16,575)

Reallocated to non-current and final PPA

Loans from related parties

23

(1,280)

(1,280)

Reallocated from non-current

Contingent/ deferred consideration

18

Trade and other payables

18

(2,575)

1,317

(3,892)

Inter- company elimination and final PPA

Short term Liabilities

 

 

Tax

21

 

 

(981)

 

   

 

 (625)

(879)

 

 

 

(625)

(102)

 

             –

Short term portion from non-current

Final PPA

Total current liabilities

(5,461)

(15,108)

(20,569)

TOTAL LIABILITIES


(26,205)

 

(974)


(25,231)

NET ASSETS

83,854

1,110

82,744

 

EQUITY

Share capital

19

2,565

2,565

Share premium

57,595

57,595

Merger reserve

23,184

23,184

Share based payments reserve

20

5,171

5,171

Currency translation reserve

14,503

2,476

12,027

See Intangibles

Retained deficit

(21,057)

(1,859)

(19,198)

TOTAL EQUITY

81,962

618

81,344

Equity interest of non-controlling interests

1,892

492

1,400

Final PPA

NET EQUITY

83,854

1,110

82,744

 

 

CONSOLIDATED AND COMPANY STATEMENTS OF CASH FLOWS 

For the year ended 30 June 2011

 

Group

(Audited)

2011

£’000

 

Difference

 

£,000

Reviewed

(Unaudited)2011

 

£’000

 

Cash flows from operating activities

Loss for the year

(7,009)

n/a

Finance income

(149)

n/a

Finance expense

648

n/a

Depreciation

1,278

n/a

Share based payment

766

n/a

Impairment of intangibles

Amortisation of intangibles

1,221

n/a

Profit on sale of property, plant and equipment

n/a

(Increase) / Decrease  in inventory

(148)

n/a

Decrease / (Increase) in receivables

(2,191)

n/a

(Decrease) / Increase in payables

(1,321)

N/A

Net cash from operating activities

(6,905)

(3,475)

(3,430)

Cash flows from investing activities

Increase in loans and investments

n/a

Acquisition of subsidiary, net of cash acquired

(6,578)

n/a

Proceeds from sale of property, plant and equipment

n/a

Funding of deposit account for business combination

7,652

n/a

(Purchase) / disposal of intangible fixed assets

(2,284)

n/a

Purchase of property, plant and equipment

(1,472)

n/a

Net cash used in investing activities

(2,682)

6,027

(8,709)

Cash flows from financing activities

Issue of shares

n/a

Issue costs

n/a

Acquisition of non-controlling interest

(1,640)

n/a

Net cash generated from financing activities

(1,640)

(2,258)

618

Net (decrease) / increase in cash and cash equivalents

(11,227)

294

(11,521)

Cash and cash equivalents at beginning of the year

12,997

12,997

Effects of foreign exchange on cash and cash equivalents

237

(294)

531

Cash and cash equivalents at the end of the year

2,007

2,007

 

 CONSOLIDATED AND COMPANY STATEMENT OF CHANGES IN EQUITY

For the year ended 30 June 2011

Share capital

 

Share

premium

Merger reserve

Share based payment reserve

Currency translation reserve

Retained deficit

 

 

Non- controlling interest

Total equity

Group

£’000

 

£’000

£’000

£’000

£’000

£’000

£’000

£’000

Balance at 30 June 2011 (Reviewed)

2,565

57,595

23,184

5,171

12,027

(19,198)

1,400

82,744

Balance at 30 June 2011

2,565

57,595

23,184

5,171

14,503

(21,057)

1,892

83,854

Difference

2,476

(1,859)

492

1,110

Reason for Difference

 

 Cash flow statement changes all related to changes in the Statement of Financial Position

 Statement of changes in equity changes related to Statement of comprehensive income changes and final PPA detailed disclosures

 

COMMENTARY

 1.  Cost of Sales has increased by £2.477 million from  £2.764 million to 5.241 million due mainly to including in the cost of sales (reallocating from other administrative expenses)the depreciation associated with RST Special Metals (Pty) Ltd as well as all the costs for unused power (to secure future power) of electricity from Power Alt (Pty)Ltd.

 2.  A tax provison of £580,000 tax (previously zero in the Reviewed Abridged results) has been made due to the final purchase price and reallocation.

 3.  Exchange gain on translation of foreign subsidiaries has increased to £4.11 million from £1.640 million and is now correctly reallocated to comprehensive income from capitalisation, which reduced the comprehensive loss to £3.473 million from £5.682 million and as a result has had a positive material impact on the earnings (loss) per share which has decreased to 2.67 pence from 3.77 pence.

 4.  Net assets have increased to £83,854 million from £82,744 million due mainly to the final purchase price of the Thos Begbie and its reallocation. 

 

Johannesburg

7 December 2011

 

For further information please contact:

 

Colin Bird/Leon Coetzer

Jubilee Platinum plc

Tel +44 (0) 20 7584 2155 / Tel +27 (0)11 465 1913

 

Matthew Robinson/Ben Thompson – Corporate Finance

Joanna Weaving – Corporate Broking

finnCap Ltd

Tel +44 (0) 20 7220 0500

 

Jerry Keen/Edward Mansfield

Shore Capital Stockbrokers Limited (Joint Broker)

Tel +44 (0) 20 7408 4090

 

Nick Rome/Shabnam Bashir

Bishopsgate Communications Ltd

Tel +44 (0) 20 7562 3350

 

Leonard Eiser/Sharon Owens

Sasfin Capital

Tel +27 (0) 11 809 7500

 

Sponsor

SASFIN CAPITAL 

(a division of Sasfin Bank Limited)