| Wed 26 Nov 2008, 11:43 | | PGR - Peregrine - Update On Interest In Acquiring The Issued Shares Of Peregrine |
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PGR
PGR
PGR - Peregrine - Update On Interest In Acquiring The Issued Shares Of Peregrine
And Withdrawal Of Cautionary Announcement
Peregrine Holdings Limited
(Registration number 1994/006026/06)
("Peregrine" or "the company")
JSE code: PGR & ISIN code: ZAE000078127
UPDATE ON INTEREST IN ACQUIRING THE ISSUED SHARES OF PEREGRINE AND WITHDRAWAL OF
CAUTIONARY ANNOUNCEMENT
Shareholders are referred to the cautionary announcements published on 5
September and 20 October 2008 in which shareholders were advised that a
consortium, including members of management led by the company`s chairman, Mr
Sean Melnick, had submitted to the company a non-binding expression of interest
for the acquisition of the entire issued share capital of Peregrine. At the
request of the board, the consortium has again confirmed its non-binding
interest and has up-dated the board on its progress in arrangements to make an
offer to Peregrine shareholders.
The board has agreed to grant the consortium the right to undertake a due
diligence investigation and is engaging with the consortium regarding the extent
and scope of such due diligence investigation, which is expected to commence in
January 2009.
Subject to the outcome of the due diligence investigation and changes in
prevailing market conditions, the consortium has indicated that during March
2009 it intends to make a firm offer to acquire all Peregrine shares. In these
circumstances, the consortium considers it premature to provide indicative
pricing for any offer that may follow.
Accordingly, shareholders need not exercise caution in their dealings in the
company`s securities. Shareholders will be up-dated and, if appropriate,
cautioned, on commencement of the due diligence investigation by the consortium.
26 November 2008
Sponsor
Java Capital (Proprietary) Limited
Date: 26/11/2008 11:43:01 Produced by the JSE SENS Department.
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