|
PNG
PNG
PNG - Pinnacle Point Group Limited - Results of general meeting regarding a
waiver of the requirement for Trilinear Empowerment Trust to make a mandatory
offer
PINNACLE POINT GROUP LIMITED
(Incorporated in the Republic of South Africa)
(Registration Number 2000/000059/06)
JSE Share code: PNG
NSE Share code: PNG
ISIN: ZAE000127122
("Pinnacle Point" or the "Company")
RESULTS OF GENERAL MEETING REGARDING A WAIVER OF THE REQUIREMENT FOR TRILINEAR
EMPOWERMENT TRUST TO MAKE A MANDATORY OFFER
As announced on 15 March 2010 (the "15 March 2010 Announcement") shareholders
were advised that the Trilinear Empowerment Trust had acquired the entire
shareholding of Absa Bank Limited, which resulted in Trilinear`s shareholding in
the Company increasing to approximately 48,4%.
The Sale Agreement places an absolute prohibition on Trilinear voting the Sale
Shares (or exercising any other rights attaching to the Sale Shares which would
give Trilinear any form of control over the Company) until such time as any
necessary approvals have been obtained from the Competition Authorities.
Furthermore, as referred to in the 15 March 2010 Announcement, the Securities
Regulation Panel (the "Panel") granted a temporary 30 day exemption to Trilinear
from making a mandatory offer in terms of Rule 8 of the Securities Regulation
Code on Takeovers and Mergers (the "Code") to all Shareholders. The 30 Day
Exemption was provided in order to enable Trilinear to endeavour to secure a
"whitewash resolution" from independent Shareholders in terms of Rule 8.7 of the
Code.
Shareholders are advised that at the General Meeting of Pinnacle held on
Tuesday, 30 March 2010 shareholders unanimously voted in favour of the waiver of
the requirement for Trilinear to make such a mandatory offer. A formal
application for the waiver in terms of Rule 8.7 of the Code was made to the
Panel on Thursday, 1 April 2010.
Cape Town
1 April 2010
Designated Advisor
Arcay Moela Sponsors (Proprietary) Limited
Legal Advisor
Edward Nathan Sonnenbergs
Date: 01/04/2010 17:50:25 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
