| Fri 28 Nov 2008, 12:14 | | PGR - Peregrine - Change In Board Of Directors |
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PGR
PGR
PGR - Peregrine - Change In Board Of Directors
Peregrine Holdings Limited
(Registration number 1994/006026/06)
("Peregrine" or "the company")
JSE code: PGR & ISIN code: ZAE000078127
CHANGE IN BOARD OF DIRECTORS
Shareholders are referred to previous announcements in which they were
advised that:
- Keith Betty, the incumbent Chief Executive Officer, will be relocating
to Australia in January 2009;
- a consortium has confirmed its intention, subject to the outcome of a
due diligence investigation and prevailing market conditions, to make a
firm offer to acquire all the company`s shares which, if accepted,
would result in a delisting of the company.
The outcome of the potential delisting process will have a direct influence
on the structure of the Peregrine group as well as the appointment of group
CEO. As an interim measure, dispensation has been requested from, and
granted by, the JSE Limited for Sean Melnick, the Executive Chairman of the
company to assume the dual role of Chairman and CEO. Such dispensation has
been granted until 6 May 2009 during which period all board meetings will be
chaired by an acting chairman, not being Sean Melnick.
Mr Melnick will assume the position of CEO with effect from 1 January 2009
while Mr Betty will continue to be available to the group until 31 March
2009.
A further announcement will be made in this regard once there is greater
certainty around the status of the group, listed or otherwise.
28 November 2008
Sponsor
Java Capital (Proprietary) Limited
Date: 28/11/2008 12:14:01 Produced by the JSE SENS Department.
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