News Column

AQUARIUS PLATINUM LIMITED - Rights Issue Acceptances

May 15, 2014

NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES, CANADA OR JAPAN OR ANY JURISDICTION IN WHICH IT WOULD BE UNLAWFUL TO DO SO. PLEASE SEE THE IMPORTANT NOTICE AT THE END OF THIS ANNOUNCEMENT. THIS ANNOUNCEMENT IS AN ADVERTISEMENT AND DOES NOT CONSTITUTE A PROSPECTUS OR PROSPECTUS EQUIVALENT DOCUMENT. THIS ANNOUNCEMENT DOES NOT CONSTITUTE, OR FORM PART OF, ANY OFFER OR INVITATION TO SELL OR ISSUE, OR ANY SOLICITATION OF ANY OFFER OR INVITATION TO PURCHASE OR SUBSCRIBE FOR, ANY SHARES OR ANY OTHER SECURITIES, NOR SHALL IT (OR ANY PART OF IT), OR THE FACT OF ITS DISTRIBUTION, FORM THE BASIS OF, OR BE RELIED ON IN CONNECTION WITH OR ACT AS ANY INDUCEMENT TO ENTER INTO, ANY CONTRACT OR COMMITMENT WHATSOEVER WITH RESPECT TO THE RIGHTS ISSUE OR OTHERWISE. 15 May 2014 For immediate release AQUARIUS PLATINUM LIMITED RIGHTS ISSUE ACCEPTANCES Aquarius Platinum Limited (the "Company") announces that the 2 for 1 Rights Issue of 976,206,906 Rights Issue Shares at A$0.25, 14 pence or ZAR2.41 per Rights Issue Share closed for acceptances at 5.00 p.m. (AEST) on 14 May 2014 for Qualifying Australian Shareholders and their renouncees, 11.00 a.m. (London time) on 14 May 2014 for Qualifying UK Shareholders and their renouncees and 12.00 p.m. (SAST) on 14 May 2014 for Qualifying South African Shareholders and their renouncees. The Company received valid acceptances in respect of 931,250,197 Rights Issue Shares, representing approximately 95.39 per cent. of the total number of Rights Issue Shares offered to Qualifying Shareholders pursuant to the Rights Issue, raising gross proceeds of approximately U.S.$218 million. Dealings in the Rights Issue Shares, fully paid, are expected to commence at 8.00 a.m. (London time) and 9.00 a.m. (SAST) today on the LSE and JSE, respectively, and it is expected that the Rights Issue Shares will commence trading on the ASX at 10.00 a.m. (AEST) on 21 May 2014. In the case of Qualifying Australian Shareholders and their renouncees who have validly taken up their Nil Paid Rights, allotment confirmations are expected to be despatched on 20 May 2014. In the case of Qualifying UK Shareholders and their renouncees who have validly taken up their Nil Paid Rights or DI Nil Paid Rights (as the case may be), New DIs will be credited to the CREST stock accounts of the relevant Qualifying DI Holders (or their renouncees) at 8.00 a.m. (London time) today and share certificates for the Rights Issue Shares will be despatched to Qualifying Non-CREST Shareholders (or their renouncees) by no later than 22 May 2014. In the case of Qualifying South African Shareholders and their renouncees, the accounts of Qualifying South African Dematerialised Shareholders (or their renouncees) at their CSDP or broker will be credited with Rights Issue Shares and debited with any payments due in respect of Rights Issue Shares at 9.00 a.m. (SAST) today and share certificates for Rights Issue Shares will be despatched to Qualifying South African Shareholders (or their renouncees) who hold their Common Shares in certificated form today. In accordance with their underwriting obligations in respect of the Rights Issue, the Managers will be seeking subscribers for the remaining 44,956,709 Rights Issue Shares. A further announcement as to the number of Rights Issue Shares for which acquirers have been procured and those (if any) which are to be acquired by the Underwriters will be made in due course. All terms in this announcement have the meanings given to them in the Rights Issue Prospectus unless otherwise defined. For further information, please contact: Aquarius Platinum LimitedJean Nel +27 (0) 10 001 2843 Willi Boehm + 61 (0) 89 367 5211 Rand Merchant Bank (Tender Offer Dealer Manager, Financial Adviser and Joint Bookrunner) Justin Bothner +27 (0) 11 282 4150 Pieter Nienaber +27 (0) 11 282 1268 Martin Richardson +44 (0) 207 939 1777 Morgan Stanley (Tender Offer Dealer Manager, Financial Adviser and Joint Bookrunner) Christopher Reynolds +44 (0) 20 7425 8000 Risana Zitha +27 (0) 11 587 0800 Barclays (UK Sponsor and Joint Bookrunner) +44 (0) 20 7623 2323 Chris MaddersonBen West Absa (Joint Bookrunner) +27 (0)11 895 6000 Matt DugganRichard Stout Euroz (Co-Lead Manager) + 61 (0) 89 488 1434 Doug Young IMPORTANT NOTICE This announcement is issued by Aquarius Platinum Limited, ARBN 087 577 893. It does not constitute, or form part of, any offer or invitation to sell or issue, or any solicitation of any offer or invitation to purchase or subscribe for, any shares or any other securities of the Company, nor shall it (or any part of it), or the fact of its distribution, form the basis of, or be relied on in connection with or act as any inducement to enter into, any contract or commitment whatsoever with respect to the Tender Offer, the Rights Issue or otherwise. This announcement is an advertisement and not a prospectus and investors should not participate in the Tender Offer, or subscribe for or purchase any Nil Paid Rights, DI Nil Paid Rights, Rights Issue Shares or New DIs, except on the basis of information in the Tender Offer Memorandum or, as the case may be, the Rights Issue Prospectus, and any supplementary prospectus in relation thereto. No money, securities or other consideration is being solicited and, if sent in response to the information herein, will not be accepted. The distribution of this announcement may be restricted by law in certain jurisdictions and persons into whose possession any document or other information referred to herein comes should inform themselves about and observe any such restriction. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction. In particular, subject to certain exceptions, this announcement should not be distributed, forwarded to or transmitted in or into the United States or any other Excluded Territory or any other jurisdiction outside Australia, the UK or South Africa, where the distribution of the announcement would breach any applicable law. Morgan Stanley and Barclays, which are authorised and regulated in the UK by the FCA, and RMB, Absa and Euroz are each acting for the Company and no one else in connection with the Tender Offer and the Rights Issue and will not regard any other person (whether or not a recipient of this announcement, the Tender Offer Memorandum or the Rights Issue Prospectus) as a client in relation to the Tender Offer or the Rights Issue and will not be responsible to anyone other than the Company for providing protections afforded to its respective clients or for providing advice in relation to the Tender Offer or the Rights Issue or any matters referred to in the Tender Offer Memorandum or the Rights Issue Prospectus. Apart from the responsibilities and liabilities, if any, which may be imposed on Morgan Stanley and Barclays by the FSMA or the regulatory regime established thereunder, the Managers do not accept any responsibility whatsoever, and make no representation or warranty, express or implied for, the contents of this announcement, including its accuracy, completeness or verification or for any other statement made or purported to be made by them, or on behalf of them, in connection with the Company, the Aquarius Group, the Tender Offer or the Rights Issue, and nothing in this announcement is or shall be relied upon as a promise or representation in this respect, whether as to the past or future. The Managers accordingly disclaim, to the fullest extent permitted by applicable law, all and any liability whatsoever, whether arising in tort, contract or otherwise which they might otherwise have in respect of this announcement or any such statement. Neither the Managers nor any person acting on their behalf, accept any responsibility or obligation to update, review, revise or keep current the information in this announcement, or to correct any inaccuracies which may become apparent, or to announce, publish or distribute any information, inaccuracy or incompleteness which comes to their attention after the date of this announcement, and the distribution of this announcement shall not constitute a representation or warranty by the Managers, or any other such person, that this announcement will be updated, reviewed or revised or that any such information will be announced, published or distributed after the date hereof. This announcement is for information purposes only and does not constitute or form part of any offer to purchase, issue or sell, or the solicitation of an offer to sell, acquire, purchase or subscribe for, any securities in any jurisdiction and should not be relied upon in connection with any decision to participate in the Tender Offer, or subscribe for or acquire any of the Nil Paid Rights, DI Nil Paid Rights, Rights Issue Shares or New DIs. In particular, this announcement does not constitute or form part of any offer to issue or sell, or the solicitation of an offer to acquire, purchase or subscribe for, any securities in the United States, Canada or Japan or any jurisdiction in which such an offer or solicitation would be unlawful. This announcement and the information contained herein does not constitute or form a part of any offer or solicitation to purchase or subscribe for securities in the United States. This announcement and the information contained herein are not for distribution, directly or indirectly, in or into the United States (including its territories and possessions, any State of the United States and the District of Columbia). The securities mentioned herein, including the Nil Paid Rights, DI Nil Paid Rights, Rights Issue Shares and New DIs have not been, and will not be, registered under the United States Securities Act of 1933 (the "U.S. Securities Act") or with any securities regulatory authority of any State of the United States or other jurisdiction. Such securities may not be offered, sold, taken up, exercised, resold, renounced, transferred or delivered in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act. There will be no public offer of such securities in the United States. The information contained herein is restricted and is not for release, publication or distribution, directly or indirectly, in whole or in part in, into or from Canada or Japan, or any jurisdiction or to any person who is located or resident within these jurisdictions where to do so would constitute a violation of the relevant laws of such jurisdiction. The securities mentioned herein, including Nil Paid Rights, DI Nil Paid Rights, Rights Issue Shares and New DIs have not been and will not be registered under the securities laws of such jurisdictions and may not be offered, sold, taken up, exercised, resold, renounced, transferred or delivered, directly or indirectly, within such jurisdictions except pursuant to an exemption from and in compliance with any applicable securities laws. The information in this announcement may not be forwarded or distributed to any other person and may not be reproduced in any manner whatsoever. Any forwarding, distribution, reproduction, or disclosure of this information in whole or in part is unauthorised. Failure to comply with this directive may result in a violation of the U.S. Securities Act or the applicable laws of other jurisdictions. No reliance may or should be placed by any person for any purposes whatsoever on the information contained in this announcement or on its completeness, accuracy or fairness. The information in this announcement is subject to change. Acquiring securities to which this announcement relates may expose an investor to a significant risk of losing all of the amount invested. Persons considering making such an investment should consult an authorised person specialising in advising on such investments. This announcement does not constitute a recommendation concerning the Tender Offer or the Rights Issue. The value of securities can decrease as well as increase. Persons needing advice should consult an independent financial adviser. Past performance cannot be relied upon as a guide to future performance. Neither the content of the Company's website (or any other website) nor the content of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this announcement. This announcement has been issued by, and is the sole responsibility of, the Company. 4 REGISTERED OFFICE Aquarius Platinum Limited ?Clarendon House ? 2 Church Street ?Hamilton HMCX Bermuda Email: info@aquariusplatinum.com



Telephone: +61 8 9367 5211


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