re: Ann: Update - Merger of PLA with Jubilee ... Under ASX...

re: Ann: Update - Merger of PLA with Jubilee ... Under ASX listing rules a new issue of shares must be 20 cents or more.

Jubilee shares were less than 20 cents on the date the deed was executed.

Accordingly the arrangement with Jubilee has had to be amended: PLA holders get a holding in Jubilee (on the ASX) that is equivalent to 2 Jubilee shares or 0.5 Pla shares for each new (double) Jubilee share.

This makes no difference to the value of the transaction to PLA holders just adds an unforeseen complication.

The new arrangement has to be approved by ASIC before being presented to PLA holders.

Accordingly the PLA shareholder meeting is not now expected to take place until mid June.

Looking on the bright side at least the arrangement is still on track; we just have to wait a bit longer for a conclusion.