PAL - PALS - Further cautionary announcement and c
PAL
PAL
PAL - PALS - Further cautionary announcement and changes to the board of
directors
PALS HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1987/002753/06)
Share Code: PAL
ISIN: ZAE000005237
("Pals" or "the company")
FURTHER CAUTIONARY ANNOUNCEMENT AND CHANGES TO THE BOARD OF DIRECTORS
Shareholders are referred to the cautionary announcements dated 10 September and
31 October 2007. Pals and Ron Stockdale are pleased to announce that Pals,
having concluded a merger and acquisition process managed by Deloitte and
Touche, has received an offer from an investor group headed by Ron Stockdale to
purchase the interest of Pals in its operating subsidiary, Pals Clothing
(Proprietary) Limited. The offer is subject to certain conditions precedent
including the conclusion of definitive agreements, shareholder and regulatory
approval. The offer is being reviewed by the Pals Board.
Accordingly, shareholders are advised to continue to exercise caution when
dealing in the company`s securities until a further detailed announcement is
made.
In addition shareholders are advised that Mr. Graham Choice has resigned as non-
executive director of the company and Messrs Gavin Kagan, Howard Kagan and
Steven Klagsbrun have been appointed as non-executive directors of the company
with effect from 5 November 2007.
Cape Town
8 November 2007
Sponsor
Sasfin Capital
A division of Sasfin Bank Limited
Date: 08/11/2007 13:51:02 Produced by the JSE SENS Department.
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