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PAL
PAL
PAL - Pals Holdings Limited - Announcement
Pals Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 1987/002753/06)
Share Code: PAL
ISIN: ZAE000005237
("Pals" or "the company")
Directors`dealings
Board restructuring
Press release
Directors` dealings
Executive Directors, Mr. Grant Dewar and Mr. Howard Thompson and Non-Executive
Director Mr. Graham Choice have purchased 5.6% of the equity in Pals from the
Executive Chairman, Mr. Selwyn Kagan, and in terms of paragraph 3.63 of the JSE
Limited ("JSE") Listings Requirements the following information is disclosed:
Surname: Kagan
First name: Selwyn
Designation: Executive Chairman
Date of transaction: 15 May 2007
Price: R1.75
Amount: 555 170
Class: Ordinary
Nature: Sale
Interest: Direct Beneficial
Surname: Dewar
First name: Grant
Designation: Executive director
Date of transaction: 15 May 2007
Price: R1.75
Amount: 185 057
Class: Ordinary
Nature: Purchase
Interest: Direct Beneficial
Surname: Thompson
First name: Howard
Designation: Executive director
Date of transaction: 15 May 2007
Price: R1.75
Amount: 185 057
Class: Ordinary
Nature: Purchase
Interest: Direct Beneficial
Surname: Choice
First name: Graham
Designation: Non-executive director
Date of transaction: 15 May 2007
Price: R1.75
Amount: 185 056
Class: Ordinary
Nature: Purchase
Interest: Direct Beneficial
Clearance to deal was obtained in accordance with section 3.66 of the JSE
Listings Requirements.
Board restructuring
Mr. Selwyn Kagan will become the Non-Executive Chairman of Pals with effect from
1 June 2007.
The board of directors of Pals, in accordance with the Company`s memorandum and
articles of association has appointed Mr. Milos Brajovic and Mr. Jeremy Halford
as new Non-Executive Directors and Mr. Howard Kagan as Alternate Director to Mr.
Selwyn Kagan with effect from 15 May 2007. The Executive Directors have signed
management contracts with the company for the period ending 30 June 2007.
Press release
"The above restructuring of the Board of Directors will have a positive effect
on all facets of the business, including our sizable labour force, as well as
indicating our on-going commitment to our valued customers and suppliers. Our
company is mindful of its responsibility towards ongoing employment of the
labour force in the Western Cape Region.
We take this opportunity to thank Mr. Selwyn Kagan for his long standing support
and commitment to the Company as well as his continued involvement in various
organizations related to the Clothing and Textile Sector." - Grant Dewar (CEO
Pals Holdings Ltd.)
"It has been my pleasure to serve the Company and industry over the last 40
years and I wish to thank the employees and other stakeholders personally for
their contribution over my tenure as an executive of the Company. I`m confident
the existing management will be able to take the company to future success and
look forward to working with management and the existing and new Board members
as Non-Executive Chairman." - Selwyn Kagan (Executive Chairman Pals Holdings
Ltd.)
Cape Town
15 May 2007
Sponsor
Sasfin Capital
(A division of Sasfin Bank Limited)
Date: 15/05/2007 14:47:13 Produced by the JSE SENS Department.
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