a disgrace

From the Jubilee website (dated 5 Dec) ...

Update on the proposed acquisition of PLA

As previously reported, the Company has entered into an implementation deed and supporting transactional documents ("Transaction Agreements") with PLA in relation to the acquisition of the entire issued capital of PLA by Jubilee ("Proposed Transaction"), collectively referred to as the Enlarged Group.

While the Jubilee Board acknowledges and strongly believes that the combination of the assets to form the Enlarged Group offers value to Jubilee shareholders, the increased debt owed by PLA to its senior creditor against a lower than expected platinum metal price requires the Jubilee Board to review the financial structure of the transaction in accordance with the mandate given to the Jubilee Board by its shareholders. Jubilee continues to engage with the parties to find a suitable structure to the benefit of the Jubilee shareholders.

What a disgrace.