| Tue 7 Jul 2009, 11:00 | | PET - Petmin Limited - Appointment of financial director exercise of options |
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PET
PET
PET - Petmin Limited - Appointment of financial director, exercise of options,
trading statement and renewal of cautionary announcement
Petmin Limited
(Incorporated in the Republic of South Africa)
(Registration number 1972/001062/06)
Share code JSE: PET ISIN: ZAE000076014
Share code AIM: PTMN
("Petmin" or "the company")
APPOINTMENT OF FINANCIAL DIRECTOR, EXERCISE OF OPTIONS, TRADING STATEMENT AND
RENEWAL OF CAUTIONARY ANNOUNCEMENT
1 APPOINTMENT OF FINANCIAL DIRECTOR
In compliance with paragraph 3.84(h) of the JSE Listings Requirements, the
company is pleased to announce the appointment of Bruce Tanner as Financial
Director to the Board of Petmin with effect from 1 July 2009.
Bruce joined Petmin in 2005 as Group Financial Manager. Since then he has served
on the Petmin Executive Committee and has, effectively, acted as the Chief
Financial Officer to the group.
Bruce obtained a Bachelor of Commerce degree from the University of Cape Town, a
BCompt (Hons) degree (CTA) from the University of South Africa (Unisa) and
qualified as a chartered accountant while serving articles at Deloitte in South
Africa. He has 12 years of experience in mining finance and administration, five
of which have included involvement in the marketing of coal and copper. From
June 2002 to November 2004, Bruce was the Chief Operating Officer of AfriOre
Limited`s coal operations and the company`s Chief Financial Officer. AfriOre, is
a company which was then listed on the Toronto Stock Exchange and had
exploration and mining projects in Africa.
2 EXERCISE OF OPTIONS
In compliance with rule 3.63 of the JSE Listings Requirements, the following
information is disclosed relating to the exercise of options by directors of the
company:
On 30 June 2009 Lebo Mogotsi and Bradley Doig (both executive directors)
directly exercised 4 000 000 options each at an exercise price of 65 cents per
share. The directors were compelled to exercise these options before they
expired on 01 July 2009. Dawie Warmenhoven, who resigned as a director of the
company on 28 February 2009, indirectly exercised 3 000 000 options at an
exercise price of 65 cents per share. Johan Gloy (a director of a subsidiary
company) directly exercised 1 000 000 options at an exercise price of 65 cents
per share and 500 000 options at an exercise price of 45 cents per share.
The options were awarded in terms of a share incentive scheme approved on 19
July 2005.
Clearance was received in terms of rule 3.66 of the JSE`s Listings Requirements
in respect of all the above transactions after confirmation had been obtained
from the JSE.
3 TRADING STATEMENT
In accordance with the JSE`s listing requirements, which stipulate that a
company has to publish a trading statement if an increase or decrease of more
than 20% (compared with the previous reporting period) in its basic earnings per
share and headline earnings per share is expected, the shareholders of Petmin
are hereby advised that headline earnings per share for the year ended 30 June
2009 are expected to be in excess of 20 cents per share, up from 15.31 cents per
share for the 12 months ended 30 June 2008, an increase in excess of 30%. This
growth in headline earnings per share was achieved by managing operational costs
down and optimising revenues through the considered use of long-term offtakes
with financially sound counterparties and hedging strategies.
Earnings per share for 30 June 2009 cannot be determined at present as the
relevant IFRS fair value adjustments and other provisions have not been
finalised.
The company has concluded the sale of the Springlake Holdings (Pty) Limited
("Springlake") and all outstanding conditions precedent have been met. As a
result of delays in meeting all the conditions precedent during which period
global market conditions dramatically declined, the final purchase consideration
was adjusted in line therewith and as a result of these adverse conditions, the
company will receive proceeds of R85 000 000 on the sale. Notwithstanding the
reduced price, the Group`s strategic rationale for disposing of Springlake
Colliery remains the same - which is to pursue high quality anthracite markets
with the high quality resources at Somkhele.
THE GROUP ENDED THE YEAR WITH CASH OR NEAR CASH OF APPROXIMATELY R180 MILLION
AND UNUTILISED APPROVED BANKING FACILITIES OF APPROXIMATELY
R150 MILLION
4 RENEWAL OF CAUTIONARY ANNOUNCEMENT
Further to the cautionary announcement dated 18 May 2009 shareholders are
advised that negotiations are still in progress which, if successfully
concluded, may have a material effect on the price of Petmin`s securities.
Accordingly, shareholders are advised to continue exercising caution when
dealing in the company`s securities until a further announcement is made.
Enquiries:
Petmin Nominated Adviser
Bradley Doig (COO) +27 824 597 818 Numis Securities Limited
John Harrison +44 20 72601000
Sponsor and Corporate Adviser
River Group
Andrew Lianos +27 83 44083 65
6 July 2009
Johannesburg
Sponsor
River Group
Date: 07/07/2009 11:00:01 Produced by the JSE SENS Department.
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