PFG
PFG
PFG - Pioneer Food Group Limited - Announcement
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" or "the Group")
ANNOUNCEMENT
Pioneer Foods has appeared before the Competition Tribunal to defend itself
against complaint referrals in terms of:
- allegations of anti-competitive behaviour in the Western Cape; and
- allegations of participating in a national bread cartel.
It is confirmed that during 2007, in the Company`s response to the Western Cape
complaint referral, the Company admitted to certain facts relating to collusion
in the Western Cape.
The relief sought, in this instance, by the Competition Commission, was for the
imposition of an administrative penalty of 10% of the 2006 revenue from the
production and sale of bread in the Western Cape. Revenue of the Western Cape
baking division of the Group amounted to R384 million for the year ended 30
September 2006.
At present, the Company continues to defend itself against all other allegations
including participation in a national bread cartel.
In terms of the legal proceedings, both parties have delivered their evidence
and have closed their cases. Final legal arguments will be delivered in
September 2009. The Competition Tribunal will make its decision thereafter.
Pioneer Foods remains committed to the principles of good corporate governance
and further entrenching its Legal Compliance Programme.
Paarl
25 June 2009
Sponsor:
Barnard Jacobs Mellet Corporate Finance (Pty) Limited
Date: 25/06/2009 15:42:02 Produced by the JSE SENS Department.
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