PGL - Pallinghurst - Update on the proposed OM Holdings Limited Tshipi
PGL
PGL
PGL - Pallinghurst - Update on the proposed OM Holdings Limited Tshipi
Transaction announced on 28 September 2009
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")
Update on the proposed OM Holdings Limited ("OMH") Tshipi Transaction
announced on 28 September 2009
The following updates the Company`s SENS announcement of 28 September 2009:
* The acquisition by OMH of a 20% stake in Ntsimbintle Mining (Pty)
Limited ("Ntsimbintle"), the owners of 50.1% of Tshipi e Ntle Manganese
Mining (Pty) Limited ("Tshipi"), is now likely to proceed on the basis
that OMH will acquire a 26% stake in Ntsimbintle for approximately AUD
64 million (the "OMH Ntsimbintle Transaction") and not the initially
proposed 20% stake;
* The Company welcomes the potential investment by OMH into Ntsimbintle,
which will allow Ntsimbintle to fully meet its share of the Tshipi
development costs;
* OMH and the Pallinghurst Co-Investors have not been able to reach
agreement on the acquisition by OMH of a 49.9% stake in Tshipi from the
Pallinghurst Co-Investors for the issue of 139,906,729 shares;
* The Pallinghurst Co-Investors, Ntsimbintle and OMH will continue to
discuss ways in which OMH may increase its effective interest in Tshipi
over time.
Background to the Company`s existing investment in Tshipi
Tshipi is 50.1% owned by Ntsimbintle and 49.9% by the Pallinghurst Co-
Investors. The Company currently owns a 9.98% indirect interest in Tshipi,
which is part of the 49.9% Pallinghurst Co-Investor stake.
Guernsey
26 November 2009
Investment bank and Sponsor
Investec Bank Limited
Date: 26/11/2009 07:38:01 Produced by the JSE SENS Department.
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