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 made final closing arguments before the Competition Tribunal
today in its defence 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.
The Company continues to defend itself against all other allegations including
participation in a national bread cartel.
The Competition Tribunal will announce its ruling in terms of the complaint
referrals in due course.
Pioneer Foods remains committed to the principles of good corporate governance
and further entrenching its Legal Compliance Programme.
Paarl
9 September 2009
Sponsor: Barnard Jacobs Mellet Corporate Finance (Pty) Limited
Date: 09/09/2009 10:34:04 Produced by the JSE SENS Department.
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