AQUARIUS PLATINUM LIMITED: Results of AGM

AQUARIUS PLATINUM LIMITED 
ASX, LSE & JSE 
                                                            3 December 2012 
RESULTS - ANNUAL GENERAL MEETING 
We advise the following resolutions placed before shareholders at the Annual
General Meeting of Aquarius Platinum Limited on 30 November 2012 were approved
as follows: 
Resolution 1 - Re-election of Mr Tim Freshwater 
To consider and, if thought fit, to pass, with or without amendment, the
following resolution: 
"That Mr Tim Freshwater, who retires by rotation in accordance with the
Company's Bye-laws and being eligible, offers himself for re-election, be
re-elected as a Director." 
In Favour: 276,529,827 Against: 24,491,915 Abstain: 382,283 
                                                        
Resolution 2 - Re-election of Mr Zwelakhe Mankazana 
To consider and, if thought fit, to pass, with or without amendment, the
following resolution: 
"That Mr Zwelakhe Mankazana, who retires by rotation in accordance with the
Company's Bye-laws and being eligible, offers himself for re-election, be
re-elected as a Director." 
In Favour: 252,916,268 Against: 47,549,447 Abstain: 938,310 
                                                        
Resolution 3 - Re-election of Mr Edward Haslam 
To consider and, if thought fit, to pass, with or without amendment, the
following resolution: 
"That Mr Edward Haslam, who retires by rotation in accordance with the
Company's Bye-laws and being eligible, offers himself for re-election, be
re-elected as a Director." 
In Favour: 248,739,976 Against: 50,020,670 Abstain: 2,643,379 
                                                          
Resolution 4 - Re-election of Mr Jean Nel 
To consider and, if thought fit, to pass, with or without amendment, the
following resolution: 
"That Mr Jean Nel, who was appointed a director of the Company to fill a casual
vacancy on 3 April 2012, retires in accordance with the ASX Listing Rules and
being eligible, offers himself for re-election, be re-elected as a Director." 
In Favour: 293,618,869 Against: 7,402,873 Abstain: 382,283 
                                                       
Resolution 5 - Buy back authorisation 
To consider and, if thought fit, to pass, with or without amendment, the
following resolution: 
"That the Company be generally and unconditionally authorised to make market
purchases of Shares on such terms and in such manner as the Directors may
determine, provided that: 
(a) the maximum number of Shares that may be purchased pursuant to this
authority is 24,342,566 Shares, representing 5% of the issued capital of the
Company as at 31 October 2012; 
(b) the minimum price which may be paid for any Share purchased pursuant to
this authority is US$0.05; 
(c)the maximum price which may be paid for any Share purchased pursuant to this
authority shall not be more than an amount equal to 105% of the average of the
middle market prices shown in the quotations for the Shares in the London Stock
Exchange Daily Official List for the five business days immediately preceding
the day on which that Share is contracted to be purchased and the amount
stipulated by Article 5(1) of the Buy-back and Stabilisation Regulation 2003;
and 
(d) the authority shall expire at the conclusion of the Company's next annual
general meeting after the passing of this Resolution unless renewed, varied or
revoked before that time, but the Company may make a contract or contracts to
purchase Shares under this authority before its expiry which will or may be
executed wholly or partly after the expiry of this authority, and may make a
purchase of Shares in pursuance of any such contract." 
In Favour: 299,030,544 Against: 1,990,964 Abstain: 382,517 
                                                       
Resolution 6 - Disapplication of pre-emptive rights 
To consider and, if thought fit, to pass, with or without amendment, the
following resolution as a special resolution: 
"That, in accordance with Bye-law 51.2A(f) the Directors be given power to
allot Equity Securities (including, for the avoidance of doubt, any Common
Shares held as treasury shares immediately before their sale) for cash pursuant
to the authority conferred on them by Bye-law 51.2 as if Bye-law 51.2A(a) did
not apply to any such allotment provided that: 
(a) this power shall be limited to the allotment of Equity Securities up to a
maximum amount of 24,342,566 Shares (or a nominal amount of US$1,217,128); and 
(b) this power shall expire on the conclusion of the Company's next annual
general meeting or, if earlier, close of business on 28 February 2014, however
the Company may, before the expiry of this power, make offers or agreements
which would or might require Equity Securities to be issued after such expiry
and, notwithstanding such expiry, the Directors may issue Equity Securities in
pursuance of such offers or agreements as if this power had not expired." 
In Favour: 267,795,774 Against: 32,567,393 Abstain: 1,040,858 
                                                          
Resolution 7 - Ratification of issue of 14,000,000 Shares as part of a
transaction intended to preserve the black economic empowerment credentials of
Aquarius.   
To consider and, if thought fit, to pass, with or without amendment, the
following resolution: 
"That, for the purposes of ASX Listing Rule 7.4 and for all other purposes, the
Shareholders ratify the issue of 14,000,000 Shares on 28 September 2012 as part
of a transaction intended to preserve the black economic empowerment
credentials of Aquarius on the terms and conditions set out in the Explanatory
Memorandum." 
In Favour: 269,335,266 Against: 29,473,217 Abstain: 2,595,542 
                                                          
Resolution 8 - Ratification of issue of 2,538,758 Shares as consideration for
the acquisition of mining rights from First Platinum Limited. 
To consider and, if thought fit, to pass, with or without amendment, the
following resolution: 
"That, for the purposes of ASX Listing Rule 7.4 and for all other purposes, the
Shareholders ratify the issue of 2,538,758 Shares on 8 August 2012, being the
consideration for the acquisition of mining rights from First Platinum Limited
on the terms and conditions set out in the Explanatory Memorandum.". 
In Favour: 278,745,311 Against: 2,277,951 Abstain: 20,380,763 
                                                          
Resolution 9 - Re-appointment of Auditor 
To consider and, if thought fit, to pass, with or without amendment, the
following resolution: 
"That, Messrs Ernst & Young of Perth, Western Australia, be and are hereby
appointed as Auditors of the Company until the conclusion of the next annual
general meeting at a fee to be agreed by the Directors." 
In Favour: 300,175,657 Against: 471,739 Abstain: 756,629 
                                                     
Update on Operations 
South Africa 
The South African industrial relations environment has improved since the end
of the September quarter allowing Aquarius to continue the rollout of its
initiatives to improve productivity at the Kroondal mine. Aquarius continues to
engage with industry participants and the local communities in an endeavour to
foster a cooperative environment amongst all industry participants. These
endeavours have played a significant role in facilitating the current
productive operating environment. 
Since the September quarterly report, Aquarius is able to report progress on
the following: 
The hanging wall support regime implementation is now approximately 95%
completed. The full impact of this will be apparent in Q3 which will have the
benefit of the revised hanging wall support system for the full period's
production. 
The migration from contractor to owner operate is now approximately 95%
completed with some IT system integration to be finalised. The changeover will
be completed on schedule and the cost of the migration will be approximately 7%
under budget. 
As reported in the Q1 results, the remaining once off costs relating to the
placing on care and maintenance of Everest and Marikana was approximately $8.5m
to $9 million. This estimate remains unchanged and to date approximately $4
million remains outstanding. 
The only capital project the group is engaged in in South Africa is the
continued development of the K6 shaft at the Kroondal mine in relation to which
Aquarius' share of the capital for the current financial year is US$12 million
of which approximately $5 million has been spent. The project remains on budget
and development on time. 
With the implementation of the hanging wall support regime and transition to
owner operate completed, combined with the normalised industrial relations
environment in the Rustenburg area, operational improvements achieved at
Kroondal are expected to improve efficiencies and productivity. 
Booysendal 
The potential acquisition by Aquarius of the Booysendal mining rights from
Northam Platinum remains subject to the conclusion of certain conditions
precedent, most notably the approval by the Department of Mineral Resources, as
previously advised.  As part of the agreement a $15 million deposit was placed
in an escrow account, and the Board of Aquarius resolved that the company enter
into a foreign currency contract to fix the exchange rate covering the
potential R1.2 billion purchase consideration, given that Aquarius maintains
its treasury primarily in US Dollars. 
Aquarius has concluded that given the manner in which Aquarius is likely to
finance the purchase obligation, retaining the foreign currency contract is no
longer required. In view of this, it was resolved to close out the currency
contract and expects to record a cash foreign exchange loss in the vicinity of
$25 million. Aquarius will continue to monitor developments regarding the
Booysendal transaction and will keep shareholders informed. 
Zimbabwe 
The Mimosa mine continues to perform well and remains on track to deliver its
forecast production levels. The Board of Mimosa remains engaged with the
Government of Zimbabwe in relation to finalizing the indigenization of Mimosa
and shareholders will be advised in the event that agreement is reached. 
Cash balances 
Taking account of the impact of the one off costs referred to above and the
estimated cost of the foreign exchange contract at current exchange rates,
group cash at the end of November is expected to be $85 million. 
With the conclusion of the transition to owner operate, the closure of Everest
and Marikana mines and the close out of the currency contract referred to
above, movements in group cash is now envisaged to reflect normalised
operations.  
For further information please contact: 
Jean Nel - CEO 
+27120012001 
Willi Boehm - Company secretary 
+61893675211 
or visit: www.aquariusplatinum.com 
REGISTERED OFFICE 
Aquarius Platinum Limited ● Clarendon House ● 2 Church Street ● Hamilton 
HMCX
Bermuda 
Email: info@aquariusplatinum.com 
Telephone: +61 8 9367 5211 
END 
-0- Dec/03/2012 07:00 GMT
 
 
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