REG - Jubilee Platinum PLC - Audited results for the year ended 30 June 2016 <Origin Href="QuoteRef">JLP.L</Origin> - Part 2

Jubilee MetalsAnnouncement

14/11/2016 08:05

- Part 2: For the preceding part double click  ID:nRSN0672Pa 

tailings. This approach is currently being implemented in
the recovery of PGM in associated sulphides from the South African tailings
projects, specifically targeting the beneficiation of sulphite minerals which
allows for significant enhancement in concentrate grade profiles which has
improved the projected target performance and profitability of these
tailings. 
 
10.2     Warrants issued and dealings in securities 
 
The Company has received notification on 10 November 2016 from a warrant
holder to exercise 25,000,000 existing warrants in the issued share capital of
Jubilee at a price of 3.55p (ZAR63.90c) per warrant share. The exercise of
warrant shares amounts, in aggregate, to a cash value of GBP887, 500 (ZAR16
million). The warrant shares are expected to be admitted to AIM on 17 November
2016. 
 
The Company also issued the final 1,848,167 new Jubilee ordinary shares
("Shares") at an average issue price of 2.44 pence per share to Dr. Matthews
Phosa, who has elected to receive Shares in lieu of 100% of his director's
remuneration accrued to him for the period 1 October 2014 to 31 July 2016.
This is the final share issuance to Dr. Phosa and concludes the program of
shares in lieu of director remuneration for Dr Phosa. The shares are issued
under the authority of ordinary resolution number 12 and special resolution
number 2 passed at the Company's Annual General Meeting held on 27 November
2013. The issue will bring Dr. Phosa's interest in the Company to 2,834,884
Shares, being 0.3% of the issued capital of the Company. The shares are
expected to be admitted to AIM on 17 November 2016. 
 
Contacts 
 
Jubilee Platinum plc Colin Bird/Leon Coetzer 
 
Tel +44 (0) 20 7584 2155 / Tel +27 (0) 11 465 1913 
 
Andrew Sarosi 
 
Tel +44 (0) 1752 221937 
 
Nominated Adviser 
 
SPARK Advisory Partners Limited 
 
Sean Wyndham-Quin/Mark Brady 
 
Tel: +44 (0)203 368 3555 
 
Brokers 
 
Beaufort Securities Limited 
 
Jon Belliss 
 
Tel: +44 (0) 20 7382 8300 
 
JSE Sponsor 
 
Sasfin Capital, a division of Sasfin Bank Limited 
 
Sharon Owens 
 
Tel +27 (0) 11 809 7500 
 
Annexure 1 
 
Independent auditors' report to the members of Jubilee Platinum Plc 
 
We have audited the Company's financial statements of Jubilee Platinum Plc for
the year ended 30 June 2016, which comprise the Consolidated Statements of
Comprehensive Income, Consolidated Statements of Financial Position,
Consolidated Statements of Cash Flows, Consolidated Statements of Changes in
Equity and Notes to the Consolidated Financial Statements set out on pages 25
to 67. The financial reporting framework that has been applied in their
preparation is applicable law and International Financial Reporting Standards
(IFRSs) as adopted by the European Union and, as regards the parent company
financial statements, as applied in accordance with the provisions of the
Companies Act 2006. 
 
This report is made solely to the company's members, as a body, in accordance
with Chapter 3 of Part 16 of the Companies Act 2006.  Our audit work has been
undertaken so that we might state to the company's members those matters we
are required to state to them in an auditors' report and for no other purpose.
 To the fullest extent permitted by law, we do not accept or assume
responsibility to anyone other than the company and the company's members as a
body, for our audit work, for this report, or for the opinions we have
formed. 
 
Respective responsibilities of Directors and auditors 
 
As explained more fully in the Directors' Responsibilities Statement, the
directors are responsible for the preparation of the financial statements and
for being satisfied that they give a true and fair view.   Our responsibility
is to audit and express an opinion on the financial statements in accordance
with applicable law and International Standards on Auditing (UK and Ireland). 
Those standards require us to comply with the Auditing Practices Board's
Ethical Standards for Auditors. 
 
Scope of the audit of the financial statements 
 
An audit involves obtaining evidence about the amounts and disclosures in the
financial statements sufficient to give reasonable assurance that the
financial statements are free from material misstatement, whether caused by
fraud or error. This includes an assessment of: whether the accounting
policies are appropriate to the Group's and the parent company's circumstances
and have been consistently applied and adequately disclosed; the
reasonableness of significant accounting estimates made by the Directors; and
the overall presentation of the financial statements. In addition, we read all
the financial and non-financial information in the Annual Report to identify
material inconsistencies with the audited financial statements and to identify
any information that is apparently materially incorrect based on, or
materially inconsistent with, the knowledge acquired by us in the course of
performing the audit. If we become aware of any apparent material
misstatements or inconsistencies we consider the implications for our report. 
 
Opinion on financial statements 
 
In our opinion: 
 
·                the financial statements give a true and fair view of the
state of affairs of the Group and the parent company as at 30 June 2016 and of
the Group's loss for the year then ended; and 
 
·                the Group financial statements have been properly prepared in
accordance with IFRSs as adopted by the European Union; and 
 
·                the parent company financial statements have been properly
prepared in accordance with IFRSs as adopted by the European Union and as
applied in accordance with the provisions of the Companies Act 2006; and 
 
·                the financial statements have been prepared in accordance
with the requirements of the Companies Act 2006. 
 
Opinion on other matter prescribed by the Companies Act 2006 
 
In our opinion the information given in the Strategic Report and the
Directors' Report for the financial year for which the financial statements
are prepared is consistent with the financial statements. 
 
Matters on which we are required to report by exception 
 
We have nothing to report in respect of the following matters where the
Companies Act 2006 requires us to report to you if, in our opinion: 
 
·                adequate accounting records have not been kept by the parent
company, or returns adequate for our audit have not been received from
branches not visited by us; or 
 
·                the parent company financial statements are not in agreement
with the accounting records and returns; or 
 
·                certain disclosures of Directors' remuneration specified by
law are not made; or 
 
·                we have not received all the information and explanations we
require for our audit. 
 
Andrew Gaskell  
Senior Statutory Auditor 
 
For and on behalf of 
 
Saffery Champness 
 
Chartered Accountants 
 
Statutory Auditors 
 
71 Queen Victoria Street
London
EC4V 4BE 
 
11 November 2016 
 
Annexure 2 - Headline earnings per share 
 
Accounting policy 
 
Headline earnings per share (HEPS) is calculated using the weighted average
number of shares in issue during the period under review and is based on
earnings attributable to ordinary shareholders, after excluding those items as
required by Circular 2/2013 issued by the South African Institute of Chartered
Accountants (SAICA). 
 
30 June 2016              30 June 2015 
 
 Headline loss per share comprises the following:                                                          
 Continuing operations                                                                                     
 Loss from continuing operations for the period attributable to ordinary shareholders    (3 412)  2 910    
 Impairment of other financial assets                                                    856      50       
 Loss on sale of property plant and equipment                                            1        (60)     
 Loss on exchange differences                                                            81       21       
 Headline loss from continuing operations                                                (2 474)  (2 897)  
 Weighted average number of shares in issue                                              906 241  644 851  
 Diluted weighted average number of shares in issue                                      906 241  644 851  
 Headline loss per share from continuing operations (pence)                              (0.27)   (0.45)   
 Diluted headline loss per share from continuing operations (pence)                      (0.27)   (0.45)   
 Headline loss per share from continuing operations (ZAR cents)                          (5.85)   (8.09)   
 Diluted headline loss per share from continuing operations (ZAR cents)                  (5.85)   (8.09)   
 Discontinued operations                                                                                   
 Loss from discontinued operations for the period attributable to ordinary shareholders  (283)    (628)    
 Impairment of other financial liabilities                                               -        50       
 Headline loss from discontinued operations                                              (283)    (579)    
 Weighted average number of shares in issue                                              906 241  644 851  
 Diluted weighted average number of shares in issue                                      906 241  644 851  
 Headline loss per share from discontinued operations (pence)                            (0.03)   (0.09)   
 Diluted headline loss per share from discontinued operations (pence)                    (0.03)   (0.09)   
 Headline loss per share from discontinued operations (ZAR cents)                        (0.67)   (1.62)   
 Diluted headline loss per share from discontinued operations (ZAR cents)                (0.67)   (1.62)   
 Average conversion rate used for the period under review £:ZAR                          0.04667  0.0555   
 
 
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