Platmin Provides Update on Shareholder Rights Plan



    
    /NOT FOR DISSEMINATION IN THE UNITED STATES OR OVER UNITED STATES
    NEWSWIRE SERVICES/
    

    TORONTO, Oct. 10 /CNW/ - Platmin Limited (TSX, AIM :PPN) (the "Company")
is announcing today that in connection with its recently announced shareholder
rights plan (the "Rights Plan"), the Toronto Stock Exchange ("TSX") has
deferred its consideration of acceptance of the Rights Plan.
    The TSX has informed Platmin that it has deferred its decision until the
earlier of (i) a decision by the appropriate Canadian securities commission
regarding the Rights Plan; and (ii) ratification of the Rights Plan by no
later than March 27, 2009. The TSX has also stated that in order for the
Rights Plan to be ratified, it must be approved by both a majority of votes
cast at the shareholder meeting, and by a majority of votes cast without
giving effect to any votes cast by any shareholder that, directly or
indirectly, on its own or in concert with others, holds or exercises control
over more than 10% of the outstanding votes of the Company, as well as the
associates, affiliates and insiders of such shareholders. Platmin is not
currently aware of any proceeding before any Canadian securities commission
regarding the Rights Plan.
    In the interim, the Rights Plan remains in full effect in accordance with
its terms.
    Platmin implemented the Rights Plan in order to provide the Company's
board of directors with sufficient time to assess and evaluate any take-over
bid, and to explore and develop alternatives that maximize shareholder value
and to give all shareholders adequate time to make an informed decision
regarding any such transaction. The Rights Plan is intended to ensure that all
shareholders are treated fairly in any transaction involving a potential
change of control.
    Platmin's board of directors considered many factors in its determination
to implement the Rights Plan. In particular, Platmin has a shareholding
structure in which there are four significant non-Canadian resident
shareholders, each holding more than 10% of its common shares, and who
collectively control 68.58% of Platmin. Two of Platmin's directors are related
to two of these shareholders. Given this concentrated shareholding structure
and information available to the board regarding the intent of certain of its
shareholders, in Platmin's view there existed and exists the possibility, that
these shares could concentrate into new significant shareholding positions
through transactions exempt from the protections afforded shareholders by
Canadian take-over law. Such transactions would likely have the effect of
transferring de facto or actual control of Platmin without an offer being made
available to all shareholders and potentially at premiums in excess of the
current market price of Platmin's common shares. In the absence of the Rights
Plan, the minority shareholders of Platmin could be denied the opportunity to
receive any premium above market price typically associated with a potential
change of control transaction. The Rights Plan was therefore implemented with
a 10% threshold, not to prevent any existing shareholder of Platmin from
selling some or all of its Platmin common shares, but to require that any
person seeking to acquire a new significant shareholding position, make that
offer available to all Platmin shareholders.
    Prior to its implementation, Platmin established an independent committee
of directors to consider the Rights Plan and the board of directors
implemented the Rights Plan on the recommendation of the independent
committee. The two directors, Keith Liddell and Peter Ruxton, related to two
existing 10% shareholders abstained from voting on the board resolution, which
was otherwise passed unanimously.
    The text of the Rights Plan is available at www.sedar.com and
www.platmin.com.

    About Platmin

    Platmin is an explorer and emerging PGM producer whose four key projects
host mineral resources and reserves: Pilanesberg, Grootboom, Mphahlele and
Loskop. The Pilanesberg Project is under construction with production of PGM
concentrate expected in 2009. All of Platmin's projects are located in the
Bushveld Complex of South Africa, which is estimated to contain approximately
90% of global platinum mineral resources.

    %SEDAR: 00023797E




For further information:

For further information: Ian Watson, Chief Executive Officer, +27 12 661
4280; Terry Holohan, Chief Operating Officer, +27 12 661 4280; Fiona Owen,
Grant Thornton UK LLP (Nominated Adviser), +44 207 383 5100; Nicola Brower,
Russell & Associates, +27 11 880 3924

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PLATMIN LIMITED

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