| Fri 19 Dec 2008, 16:52 | | PGL - PRGL - Acquisition by the company and certain strategic equity partners of |
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PGL
PGL
PGL - PRGL - Acquisition by the company and certain strategic equity partners of
a controlling interest in Platmin Limited declared unconditional
Pallinghurst Resources (Guernsey) Limited
Registration Number: 47656
(Incorporated in Guernsey)
ISIN: GG00B27Y8Z93
BSX share code: PALLRES
JSE share code: PGL
("PRGL" or the "Company")
ACQUISITION BY THE COMPANY AND CERTAIN STRATEGIC EQUITY PARTNERS ("PGM
CONSORTIUM") OF A CONTROLLING INTEREST IN PLATMIN LIMITED ("PLATMIN")
DECLARED UNCONDITIONAL
Shareholders are referred to the announcement released on SENS on Thursday,
11 December 2008 ("Initial Announcement"), relating to the acquisition by the
PGM Consortium of a controlling interest in Platmin ("Proposed Transaction")
and the formal announcement released by Platmin on today`s date, entitled
"Platmin completes first tranche of USD175 million equity financing; director
changes completed" ("Platmin Press Release"), and are further advised that the
conditions precedent set out in the Initial Announcement ("Conditions
Precedent") have been fulfilled.
Pursuant to the fulfilment of the Conditions Precedent and the settlement of
the acquisition consideration of USD 125 million, the PGM Consortium have
subscribed for and been allotted 184,886,627 common shares in Platmin ("Common
Shares"), equivalent to 62.36% of the total issued share capital of Platmin. In
terms of the Investors and Subscription Agreement entered into between, inter
alia, the PGM Consortium and the Bakgatla-Ba-Kgafela Tribe ("Bakgatla"), by no
later than 31 March 2009, the PGM Consortium or the Bakgatla, through an entity
jointly owned with the PGM Consortium, as the case may be, will subscribe for
and be issued a further 73,529,411 Common Shares for an acquisition
consideration of R500 million ("Bakgatla Subscription"). At which date, the PGM
Consortium and Bakgatla shall in aggregate hold a 69.84% interest in Platmin.
At the date of this announcement PRGL had acquired an effective 16.12% interest
in Platmin for an acquisition consideration of USD32.3 million. Pursuant to
the Bakgatla Subscription, such interest is anticipated to decrease to 12.92%.
Mr. Brian P. Gilbertson and Mr. Arne H. Frandsen have been formally appointed
as directors of Platmin.
Guernsey
19 December 2008
Sponsor to the Company
Investec Bank Limit
Date: 19/12/2008 16:52:20 Produced by the JSE SENS Department.
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