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Johannesburg - Eastern Platinum [JSE:EPS], incorporated in Canada and listed on the JSE too, announced on Thursday that it had reached agreement with certain holders of minority interests to buy their interests in all the company's projects.
This includes - but is not limited to the Crocodile River Mine.
On July 5 2016, following a successful campaign by dissident shareholders, the company announced the election of a new board of directors and changes in management of the company. It was decided to fix the number of directors at 6.
Each of the six director nominees put forth by Ka An Development, which holds 12 777,994 common shares of the company, representing approximately 13.79% of the outstanding common shares, was elected a director to serve until the next annual general meeting. None of the director nominees set forth in the company's 2015 management information circular was elected.
Eastplats has also appointed Diana Hu as the company's CEO. She has over 20 years' experience in the global mining and metals industry.
On July 6 2016, the new board of directors and management appointees found that the acquisition the interests of certain minority shareholders has been completed and certain minority interests in the aggregate amount of approximately $13 366 609 had been paid out.
The company said it is reviewing the acquisition, the payment to certain minority interests and all related transactions conducted by former management of the company and will update shareholders of Eastplats in due course.
The new management and board of directors of Eastplats continue to investigate the actions of former management and are trying to gain access to the books and records of the company, the website of the company and all documentation relating to the acquisition. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
The company cautioned shareholders to keep in mind that the information released on Sens can be regarded as "forward-looking" in terms of securities legislation as it pertains to the ongoing review of the acquisition by the company.
KA An Development has also filed an early warning report about its acquisition of ownership of 9 356 542 common shares of Eastern Platinum from the Harrington Global Opportunities Fund in accordance with the terms of a share purchase agreement. As a result of the acquisition, KA AN owns 22 134 536 of the issued and outstanding common shares, representing approximately 23.89% of these shares.
