| Thu 20 Sep 2007, 9:00 | | PHM - Phumelela Gaming & Leisure Limited - Dealing |
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PHM
PHM
PHM - Phumelela Gaming & Leisure Limited - Dealings in Securities
Phumelela Gaming & Leisure Limited
("Phumelela")
(Incorporated in the Republic of South Africa)
(Registration number 1997/016610/06)
Share code: PHM & ISIN: ZAE000039269
VOLUNTARY ANNOUNCEMENT
In terms of a Shareholders Agreement pre-emptive rights were granted between the
shareholders in Dihla Investment Holdings (Pty) Ltd ("Dihla"), a black
controlled company holding 8,750,000 ordinary shares in Phumelela . During
November 2006, one of the shareholders in Dihla offered to sell their shares in
Dihla to the other shareholders pro rata to their respective holdings. The other
offeree shareholders failed to meet their respective purchase price obligations
in terms of the pre-emptive rights provisions. Following protracted
negotiations, an agreement was reached whereby Kiba Investments (Pty) Ltd
("Kiba"), one of the Dihla shareholders, acquired the shares in Dihla held by
the other shareholder with effect from 1 July 2007. Simultaneous with the latter
transaction, Peu Group (Pty) Ltd ("Peu") acquired the entire shareholding in
Kiba for a total consideration of R44,800,000. Peu has therefore acquired 40% of
the shareholding in Dihla, or an indirect holding in Phumelela of 3,500,000
shares, with effect from 1 July 2007. Mr M P Malungani, the Chairman of
Phumelela is the controlling shareholder of Peu and Kiba.
Johannesburg
20 September 2007
Sponsor and Investment Bank: Investec Bank Limited
Date: 20/09/2007 09:00:00 Produced by the JSE SENS Department.
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