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PFG
PFG
PFG - Pioneer Food Group Limited - Results of Rights Offer
PIONEER FOOD GROUP LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1996/017676/06)
JSE share code: PFG
ISIN: ZAE000118279
("Pioneer Foods" or "the Company")
RESULTS OF RIGHTS OFFER
Further to the announcements dated 15 April 2008 and 9 May 2008 regarding the
Proposed Rights Offer ("the Rights Offer"), Pioneer Foods shareholders are
advised
that the results of the renounceable rights offer of 20 000 000 Pioneer Foods
ordinary shares ("Rights Offer shares") to Pioneer Foods shareholders or their
renouncees at a price of 2 500 cents per Rights Offer share in the ratio of
10.28251 Rights
Offer shares for every 100 Pioneer Foods shares held on the record date of the
Rights Offer , which closed on Friday, 13 June 2008,
are as follows:
Number of % of Rights
shares Offer shares
Rights Offer shares
available for subscription: 20 000 000 100.0%
Rights Offer shares subscribed for: 17 323 890 86.6%
The Rights Offer has been underwritten by Zeder Investments Limited ("the
Underwriter") to a maximum amount of R360 million. Due to the fact that the
Rights Offer was not fully subscribed, the underwriters will be allocated 2 676
110 Rights Offer shares, comprising 13.4% of the Rights Offer Shares.
Share certificates will be posted to certificated shareholders and safe custody
accounts of dematerialised shareholders or their renouncees, who have followed
their rights, will be updated and accounts credited by their Central Securities
Depository Participant ("CSDP") or broker today, being Tuesday, 17 June 2008.
Paarl
17 June 2008
Investment bank and transaction sponsor
Standard Bank
Independent sponsor
Barnard Jacobs Mellet Corporate Finance (Proprietary) Limited
Legal advisors
Jan S. de Villiers
Reporting accountants
PricewaterhouseCoopers Inc
Underwriter
Zeder Investments Limited
Corporate advisor to underwriter
PSG Capital
Date: 17/06/2008 16:40:01 Produced by the JSE SENS Department.
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