HomeNewsPlatmin to delist from JSE

Platmin to delist from JSE


JOHANNESBURG — Emerging mid-tier platinum group metal producer Platmin on Monday said it planned to delist from the Johannesburg Stock Exchange (JSE).

The company, which currently has a secondary listing on the JSE, also intends to delist from the Toronto Stock Exchange as the company transfers its registration from Canada to Guernsey.

In October this year the company scrapped its listing on London’s Alternative Investment Market.

Platmin anticipates its voluntary delisting from the TSX will take place by December 15 and lead to the termination of its secondary listing on the JSE.

“In the current market environment, Platmin believes that its trading price is not representative of the inherent value of its business, owing to a number of factors, including relatively low liquidity and trading turnover,” the company said in a statement.

The company’s principal current focus is the Pilanesberg Platinum Mine, which is building up to full production.

But the board “strongly encouraged” shareholders to continue to hold their Platmin shares following the delistings “to ensure participation in the anticipated regional consolidation and subsequent relisting when more favourable conditions return to the world’s equity markets”.

To accommodate those shareholders who might not wish to continue holding the unlisted shares, Platmin intends to complete a share buyback for up to 10% of the company’s common shares.

This is once the company has delisted and is subject to all necessary regulatory and shareholder approvals.

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