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ACC
ACC
ACC - Acc-Ross - Status Of The Proposed Acquisition By Acc-Ross Of The Pinnacle
Group, Capital Raising And Further Cautionary Announcement
Acc-Ross Holdings Limited Pinnacle Point Holdings
(Proprietary) Limited
(Incorporated in the Republic (Incorporated in the Republic
of South Africa) of South Africa)
(Registration number (Registration number
2000/000059/06) 2006/016889/07)
JSE share code: ACC ("Pinnacle" or "the Pinnacle
Group")
ISIN Number: ZAE000077335
("Acc-Ross" or "the Company")
STATUS OF THE PROPOSED ACQUISITION BY ACC-ROSS OF THE PINNACLE GROUP, CAPITAL
RAISING AND FURTHER CAUTIONARY ANNOUNCEMENT
1. Introduction
Acc-Ross shareholders are referred to the announcement that appeared on
SENS on 16 April 2008 and which contained details of the proposed
acquisition by Acc-Ross of the Pinnacle Group (the "Transaction") and
capital raising.
2. Status of the Transaction
Acc-Ross shareholders are advised that the due process towards concluding
the Transaction is progressing satisfactorily and in line with the
directors` expectations.
3. Capital raising
It was announced that the Group intends to raise approximately R400 million
from interested offshore investors and the local market. The funds will be
used to finance certain of the Group`s projects. Commitments to subscribe
for R488 million have been received from offshore investors. R238 million
of these commitments are subject to the Transaction proceeding.
4. Further announcement and documentation
Further to the above:
- An announcement setting out the salient dates and times and the pro
forma financial effects of the Transaction to Acc-Ross shareholders
will be made in due course. It is anticipated that the Transaction
will be finalised by early August 2008; and
- A circular containing information as required in terms of the JSE
Listings Requirements and the SRP Code and incorporating a notice
convening an Acc-Ross general meeting to approve the Transaction will
be posted to Acc-Ross shareholders in accordance with the timing
requirements of the JSE and the SRP.
5. Further cautionary announcement
Acc-Ross shareholders are advised to continue to exercise caution in
trading in their securities in Acc-Ross until such time as a further
announcement is released.
Johannesburg
12 June 2008
Designated Transactional Attorneys to
Advisor: Designated Advisor Pinnacle and Acc-
and deal broker: Ross shareholders:
Arcay Moela QuestCo Sponsors Hofmeyr, Herbstein
Sponsors (Proprietary) & Gihwala Inc.
(Proprietary) Limited
Limited
Commercial bankers Attorneys to Acc-
to Pinnacle and Ross:
Acc-Ross: Webber Wentzel
Nedbank Limited
Date: 12/06/2008 14:29:29 Produced by the JSE SENS Department.
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employees and agents accept no liability for (or in respect of) any direct,
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howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
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