Dear Shareholder
Platfields is seeking to increase its black previously disadvantaged individuals (“PDI’s”) holding shares in the Company.
Platfields Limited subscribes to the Mining Charter and MPDRA, in particular the advancement of the ownership transformation of the mining industry thus the increasing of PDI holding in Platfields.
In order to progress these objectives, a special class of BEE ordinary shares was previously created, BEE Class Ordinary Shares were created ranking para passu with Ordinary Shares to specifically address the PDI ownership of Platfields without future re-dilution or non compliance with Mining Charter and applicable regulation.
As an existing investor and shareholder in Platfields, a restricted invitation is being extended to you to subscribe for BEE class ordinary shares in the Company on the basis of two BEE class shares for every one Platfields ordinary share that you held at 1st December 2009, the Board of Directors of Platfields and as approved by the shareholders in the last AGM, resolved to invite existing PDI shareholders to subscribe for BEE Class shares.
The Notional Loan Subscription Price for the Platfields BEE shares being offered in terms of this invitation is R0.64 (sixty four cents) per BEE share.
The Notional Interest Rate applicable will be 10% (ten percent) per annum.
The Notional Subscription Date will be 23 August 2008
The subscription for the BEE shares works on the basis that each invited subscriber that wishes to participate in this offer subscribes for the shares at the par value thereof (being R0,00001 per BEE share) and has to pay to the Company this amount multiplied by the number of shares being applied and subscribed for.
In event of the Directors of Platfields approving the subscription application (and provided all documentation is in order and all terms and conditions are complied with), the specified number of BEE shares will be allotted and issued to the subscriber.
A notional funding account will be raised in the name of the subscriber in the records of the Company, being the number of shares allotted to the subscriber multiplied by the Notional Subscription Price, and this account debt is debited with interest at the rate of 10% per annum compounded, the total amount being termed the Notional Funding Amount. This will be the amount owing to company for full rights including those of dividends rights.
Subsequently the loan amount will comprise of the notional loan amount calculated together with an established market price difference as per Article 52 (or as amended from time to time) of Platfields Limited Articles of Association.
Should you wish to study the subscription agreement and Article 52 prior to deciding on your interest to subscribe, you are required to have an email address or visit our offices at SA Reserve Bank Building, 7th Floor, 60 St Georges Mall, Cape Town or our Company Secretaries offices at 11 Cradock Avenue, Rosebank, Johannesburg to obtain copies for your perusal and understanding only.
The Full Rights and Dividend Rights to the shares will only be transferred upon the full payment for each share subscribed for.
Should you wish to participate in this invitation to subscribe for BEE shares in Platfields you need to contact Lee-Ann Kilian at the Platfields offices on 021 423 4536 or email info@platfields.co.za
Yours faithfully
Chief Executive Officer
Platfields Limited
Bongani Mbindwane
Chief Executive
E-mail: bongani@platfields.co.za
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