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PAL
PAL
PAL - Pals Holdings Limited - Correction - Directors` Dealings
PALS HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1987/002753/06)
Share Code: PAL
ISIN: ZAE000005237
("Pals" or "the company")
Correction of announcement
Shareholders are referred to the announcement published on SENS on 15 May
2007 and are advised that it contained a typographical error at paragraph 2
thereof, in that the management contracts with the executive directors,
referred to therein, was incorrectly reflected as terminating on 30 June
2007 instead of 30 June 2008. The correct version of the announcement is
set out below.
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 2008.
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
16 May 2007
Sponsor
Sasfin Capital
A division of Sasfin Bank Limited
Date: 16/05/2007 12:51:02 Produced by the JSE SENS Department.
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