Goldplat plc / Ticker: GDP / Index: AIM / Sector: Mining & Exploration
15 February 2021
Goldplat plc ('Goldplat' or 'the Company')
Simplifying Group Structure to Reduce Group Costs
Goldplat plc, the AIM quoted gold producer, with international gold recovery operations located in South Africa and Ghana, is pleased to provide an update on the proposed simplifying of the group structure to reduce the group costs. As part of this exercise, the 74% holding of the Group in Goldplat Recovery (Pty) Limited, the South African gold recovery operation, ("GPL") has been transferred from Gold Minerals Resources Limited (the intermediate holding company) to Goldplat Plc.
This is part of a larger programme to remove the intermediate holding company in the group, its associated administrative cost and also to create an improved taxation structure. As a result of the double tax treaty in place between the UK and South Africa, dividends declared out of GPL to Goldplat will be taxed at a rate of 5%, rather than the rate of 20% that applies between Guernsey and South Africa.
We will keep the market updated as the restructure plan is rolled out and completed.
Details of the previous and new group structure can be found on the Goldplat website at http://goldplat.com/downloads
Werner Klingenberg, CEO of Goldplat commented: "I am pleased to report that we are progressing the restructuring programme to optimize the value our shareholders can get from future cashflow generated in the recovery operations."