| Thu 10 Jan 2008, 17:30 | | PAL - Pals - Announcement Regarding The Disposal Of The Operating |
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PAL
PAL
PAL - Pals - Announcement Regarding The Disposal Of The Operating
Subsidiary Of Pals
PALS HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1987/002753/06)
Share Code: PAL
ISIN: ZAE000005237
("Pals" or "the Company")
ANNOUNCEMENT REGARDING THE DISPOSAL OF THE OPERATING SUBSIDIARY OF PALS
Shareholders are referred to the announcements published on SENS on 20 November
2007 and 20 December 2007 and in the press on 21 November 2007, 22 November 2007
and 21 December 2007 regarding the sale by Pals of Pals Clothing (Proprietary)
Limited ("Pals Clothing") (`the transaction").
A circular containing details of the transaction was posted to shareholders on
Thursday, 20 December 2007. The circular included a notice of the general
meeting ("the notice") of shareholders to be held at Pals` Offices, 97 Durham
Avenue, Salt River, 7925 on Monday, 14 January 2008, commencing at 11:00 ("the
general meeting") in order to consider and, if deemed fit, pass, with or without
modification, the resolutions necessary to give effect to the transaction
detailed in the circular, including but not limited to the resolution required
by section 228 of the Companies Act No. 61 of 1973 ("Companies Act") ("section
228 resolution").
Following the recent amendments to the Companies Act by the Corporate Laws
Amendment Act No. 24 of 2006 promulgated on 14 December 2007, the section 228
resolution requires the approval of 75% of the shareholders present or
represented at the general meeting. Shareholders are accordingly advised that
the section 228 resolution will be proposed at the general meeting as a special
resolution and not as an ordinary resolution as reflected in the notice.
Shareholders are further advised that the reason for the special resolution is
to authorise the transaction and the effect is to sell its entire shareholding
in Pals Clothing, on the terms more fully described in the circular.
Cape Town
10 January 2008
Transactional Sponsor
Deloitte and Touche Sponsor Services (Pty) Limited
Attorneys
Edward Nathan Sonnenbergs Inc.
Date: 10/01/2008 17:30:01 Produced by the JSE SENS Department.
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