Eastern Platinum Limited

Eastern Platinum Limited

May 04, 2007 08:00 ET

Eastern Platinum Limited: Minority Barplats Shareholders Vote 96% in Favour of Eastplats Offer-Eastplats to List on JSE

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - May 4, 2007) - Mr. Ian Rozier, President and CEO of Eastern Platinum Limited ("Eastplats") (TSX:ELR)(AIM:ELR), is pleased to report on progress with respect to the proposed acquisition of the outstanding minority shareholdings in Barplats Investments Limited ("Barplats"), and the proposed secondary listing of Eastplats on the Johannesburg Stock Exchange ("JSE"), as reported in a news release dated March 1st, 2007.

The offer proposed by Eastplats will be implemented by way of a scheme of arrangement (the "Scheme") that required approval by a majority of minority shareholders of Barplats. The Scheme meeting was held on Friday 20th April 2007 and the Scheme was approved by 96.3% of the votes.

With the results of the Scheme meeting, Eastplats will purchase the shares currently held by the Barplats minority shareholders (excluding those held by the Gubevu Consortium Holdings (Pty) Limited, Barplats BEE partner) and Barplats will be de-listed from the JSE on May 28th, 2007 to become a private company owned 74% directly and indirectly by Eastplats. The anticipated listing date of Eastplats on the JSE is Monday 21st May 2007.

"The overwhelming support of the minority Barplats shareholders reflects their recognition that by owning Eastplats shares they will enjoy a premium to market and substantially more liquidity. Eastplats increases its interest in Barplats, and through the JSE listing, gets exposure to the South African capital market; it really is a good deal for everyone. We appreciate the vote of confidence by the minorities," stated Ian Rozier, President and CEO of Eastplats and Chairman of Barplats.

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