JOHANNESBURG (miningweekly.com) – The TSX has agreed to the extension of listed miner Eastern Platinum’s (Eastplats’) annual general meeting (AGM), provided that the AGM is held on or before September 11.
In requesting the extension, Eastplats noted that it would be in the best interests of its shareholders to postpone the meeting until an initial transaction – scheduled for August 7 – had been completed with Hebei Zhongbo Platinum.
Hebei Zhongbo was in the midst of acquiring the company’s entire platinum group metal (PGM) business and all investments, as well as all loan agreements between Eastplats and its subsidiaries.
“The company has been advised by the Competition Commission of South Africa that it would require more time to review the details of the transaction with Hebei Zhongbo and has indicated that it would not be in a position to issue its approvals of the transaction until after August 12,” Easplats advised in a statement on Monday.
The company was hopeful that it would receive approvals from the commission and the Department of Mineral Resources in time to complete the initial transaction with Hebei Zhongbo prior to its 2015 AGM.