| Fri 20 Feb 2009, 17:00 | | PAL - Pals Holdings Limited - Delisting |
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PAL
PAL
PAL - Pals Holdings Limited - Delisting
PALS HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1987/002753/06)
Share Code: PAL & ISIN: ZAE000005237
("Pals" or "the Company")
DELISTING
Pals shareholders are referred to the sale by Pals of the entire issued
share capital in Pals Clothing (Proprietary) Limited, its operating
subsidiary, as set out in a circular to Pals shareholders dated 20 December
2007 ("the circular"), which sale became unconditional and was implemented
on 5 November 2008.
Following the implementation of the disposal, Pals` only remaining asset is
its claim for payment of the balance of the purchase consideration due to it
by the purchaser. Since the implementation date, Pals has received the
initial payment of R750 000 plus interest and further monthly instalments
from the purchaser on account of the total purchase consideration due to
Pals, in accordance with the provisions of the sale agreement. These amounts
have been utilised to pay Pals` creditors. Upon payment of all creditors,
Pals intends to distribute the remaining funds to be received by the
shareholders by way of a pre-liquidation dividend. In terms of the sale
agreement, the latest date by which the full balance of the purchase price
can be paid is 30 May 2010. Pals will make the final payment to shareholders
within 30 days after the date of the receipt of the final instalment due to
it by the purchaser, i.e. by no later than 30 June 2010.
The shares of Pals have been suspended on the JSE Limited ("JSE") since 15
January 2008. Following the above disposal, the directors of Pals have been
unable to find acceptable assets for injection into the Company and have
accordingly requested the JSE for the delisting of the Company, as
contemplated in the circular. The JSE has granted such request, and Pals
will accordingly be delisted from the commencement of business on Monday, 16
March 2009.
PROPOSED SALIENT DATES AND TIMES IN RESPECT OF THE DELISTING ARE AS FOLLOWS:
2009
Finalisation information released on SENS on Friday, 20 February
Finalisation information published in the press on Monday, 23 February
Last day to trade Friday, 6 March
Record date to be registered to receive dividend Friday, 13 March
Delisting of Pals from commencement of trade on Monday, 16 March
Notes:
1. The above dates are subject to change. Any change will be published on
SENS and in the press.
Cape Town
20 February 2009
Sponsor
Deloitte & Touche Sponsor Services (Pty) Limited
Attorneys
Edward Nathan Sonnenbergs
Date: 20/02/2009 17:00:05 Produced by the JSE SENS Department.
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