Eastplats assures shareholders of asset sale to HZP proceeding
JOHANNESBURG (miningweekly.com) – JSE- and TSX-listed Eastern Platinum (Eastplats) on Friday dismissed reports that the $225-million sale of its platinum-group metals business to Hebei Zhongbo Platinum (HZP) has been terminated.
The dual-listed platinum producer moved to assure shareholders that HZP remained committed to the deal following the issue of a press release earlier this week by Beijing Hehe Fengye Investment stating that the transaction would not proceed.
Beijing Hehe, which claimed to be a significant shareholder of HZP, referred to a notice of termination handed to Eastplats early in September, the authenticity of which was currently under review, as the letter was signed by an individual unknown to the company.
Verbal assurances and written correspondence from both the authorised representative of HZP and Chinese counsel acting on behalf of HZP assured Eastplats that neither Beijing Hehe nor the signatory of the letter Shuming Du had the legal authority to terminate the share purchase agreements or make such statements.
“In light of the position taken and statements made by Beijing Hehe in the release, the company has spoken to Canadian counsel for HZP and has been given to understand that the issuance of the release by Beijing Hehe may be attributable to a shareholders dispute between the principal shareholders of HZP,” Eastplats said in a statement.
“Until such time as the company can verify the validity of the statements made by Beijing Hehe with respect to the status of the transaction, the company’s understanding is that the transaction between Eastplats and HZP is proceeding.”
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