ENP Newswire -
Release date- 15052014 -
Eastplats recorded a loss attributable to equity shareholders of the Company of
General and administrative costs decreased 57% from
In Q1 2014, Eastplats incurred care and maintenance costs of
For complete details of financial results, please refer to the condensed consolidated interim financial statements and accompanying Management's Discussion and Analysis ('MD&A') for the three months ended
Share consolidation and subdivision
At the Company's annual general and special meeting scheduled to be held on
consolidate (the 'Consolidation') all of the issued and outstanding common shares of the Company (the 'Pre-Consolidation Shares') on the basis of one (1) new common share (a 'Consolidated Share') for each one thousand (1,000) Pre-Consolidation Shares;
purchase for cancellation all of the fractional shares held by any shareholder who holds less than one (1) Consolidated Share, by payment in cash and
to subsequently subdivide or split (the 'Subdivision') all of the Consolidated Shares on the basis of one hundred (100) new common shares (the 'New Common Shares') for each whole Consolidated Share being subdivided.
As a result of the above, any shareholder holding less than 1,000 Pre-Consolidation Shares will be entitled to receive a cash payment for equal to that number of Pre-Consolidated Shares multiplied by an amount equal to the average weighted trading price of the Pre-Consolidated Shares on the TSX and the JSE, whichever is applicable, for the ten trading days preceding the effective date of the Consolidation.
Upon the Consolidation and Subdivision being completed, the Company's transfer agent will, as soon as practicable, allow shareholders to exchange their share certificates representing Pre-Consolidation Shares for a certificate representing the appropriate number of New Common Shares.
It is currently envisaged that the New Common Shares will commence trading on the TSX and the JSE on or about
For complete details of the share consolidation and subdivision, please refer to the Company's management proxy circular dated
Cautionary Statement on Forward-Looking Information
This press release, which contains certain forward-looking statements, is intended to provide readers with a reasonable basis for assessing the financial performance of the Company. All statements, other than statements of historical fact, are forward-looking statements. The words 'believe', 'expect', 'anticipate', 'contemplate', 'target', 'plan', 'intends', 'continue', 'budget', 'estimate', 'may', 'will', 'schedule' and similar expressions identify forward looking statements.
These forward-looking statements pertain to assumptions regarding the price of PGMs, fluctuations in currency markets (specifically the Rand and the U.S. dollar), the future funding of the Company's projects, the future development of the Company's projects, the Company's plans for its properties, the anticipated timing for the awarding of tenders, and the accounting policies issued but not yet effective for the Company.
Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements.
Such factors include, but are not limited to, the risk of fluctuations in the assumed exchange rates of currencies that directly impact the Company, such as Canadian dollar, South African Rand and U.S. dollar, the risk of fluctuations in the assumed prices of PGM and other commodities, the risk of changes in government legislation, taxation, controls, regulations and political or economic developments in
Many of these uncertainties and contingencies can affect the Company's actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, the Company. Readers are cautioned that forward-looking statements are not guarantees of future performance. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those acknowledged in such statements. Specific reference is made to the Company's most recent Annual Information Form on file with Canadian provincial securities regulatory authorities for a discussion of some of the factors underlying forward-looking statements.
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