| Tue 29 Sep 2009, 16:31 | | PGL - Pallinghurst Resources - Successful Completion Of Oversubscribed Rights |
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PGL
PGL
PGL - Pallinghurst Resources - Successful Completion Of Oversubscribed Rights
Issue - Pallinghurst Received Applications In Excess Of R1.1 Billion
PALLINGHURST RESOURCES LIMITED
(Previously Pallinghurst Resources (Guernsey) Limited)
(Incorporated in Guernsey)
(Guernsey registration number 47656)
(South African external company registration number 2009/012636/10)
Share code on the BSX: PALLRES ISIN: GG00B27Y8Z93
Share code on the JSE: PGL
("Pallinghurst" or "the Company")
SUCCESSFUL COMPLETION OF OVERSUBSCRIBED RIGHTS ISSUE - PALLINGHURST RECEIVED
APPLICATIONS IN EXCESS OF R1.1 BILLION
Pallinghurst CEO Arne H. Frandsen said: "We are grateful for the overwhelming
support and vote of confidence from our existing and new shareholders resulting
in a successful and heavily oversubscribed rights offer. We have taken a prudent
view to only raise the capital necessary to progress our four investment
platforms, but it can only be healthy to have untapped demand."
Pallinghurst shareholders are referred to the announcements released on the
Securities Exchange News Service of the JSE Limited ("JSE") on Tuesday, 11
August 2009 and Friday, 21 August 2009 relating to the renounceable rights offer
of 228,571,376 Pallinghurst shares ("Rights Offer Shares") to Pallinghurst
shareholders at a subscription price of R3.50 per Rights Offer Share ("Rights
Offer").
Pallinghurst is hereby pleased to advise shareholders of the results of the
Rights Offer pursuant to its close on Monday, 28 September 2009, as set out in
the table below:
Number of % of Rights
shares Offer Shares
Rights Offer Shares available for 228,571,376 100%
issue in the Rights Offer
Rights Offer Shares taken-up in the 203,892,344 89%
Rights Offer*
Underwritten Shares 24,679,032 11%
* Includes the 108,243,230 Rights Offer Shares taken-up by existing
Pallinghurst shareholders in the pre-placement concluded on Monday, 7 September
2009.
Under the terms of an underwriting agreement concluded with Oasis Asset
Management Limited and Oasis Crescent Capital (Proprietary) Limited
(collectively referred to as "Oasis"), Oasis will subscribe for and be issued
24,679,032 Rights Offer Shares by Wednesday, 30 September 2009. Oasis and
Trinity Asset Management (Proprietary) Limited will not have their remaining
underwriting commitments of, collectively, 76,139,953 Rights Offer Shares
fulfilled and, further, those Pallinghurst shareholders who had subscribed for
20,855,240 Rights Offer Shares as excess applications shall not receive
additional Rights Offer Shares.
The safe custody accounts of holders of dematerialised shares who have followed
their rights, will be updated and their accounts credited by their Central
Securities Depository Participant or broker today. Pallinghurst shareholders
whose Pallinghurst shares are registered and listed on the Bermuda Stock
Exchange or in certificated form on the JSE, who have taken up Rights Offer
Shares and not elected otherwise, will have their Rights Offer Shares issued in
certificated form today.
Pallinghurst shareholders will be refunded the monies in respect of their excess
applications by Friday, 2 October 2009.
Guernsey
29 September 2009
Investment bank and sponsor
Investec Bank Limited
Date: 29/09/2009 16:31:37 Produced by the JSE SENS Department.
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