PFG - Pioneer Food Group Limited - Update to shareholders
PFG
PFG
PFG - Pioneer Food Group Limited - Update to shareholders
Pioneer Food Group Limited
Incorporated in the Republic of South Africa
Registration number: 1996/017676/06
Share code: PFG
ISIN code: ZAE000118279
("Pioneer Foods" or "the Company")
Update to shareholders
Shareholders have been advised over the past several months that Pioneer Foods
and the Competition Commission ("the Commission") (collectively referred to as
"the parties") are engaged in ongoing negotiations to settle the Bread, Milling
and other matters, including the Commission`s Appeal against the ruling of the
Competition Tribunal in the Bread matter and the Cross Appeal of Pioneer Foods
in the same matter (as referred to in the SENS announcements dated between 3
February 2010 and 18 August 2010)("the settlement").
Good progress has been made in this regard, although all the terms and
conditions of the settlement including the financial terms have not yet been
finalised. Given the discussions to date, indications are that the settlement
amount will exceed the provision previously made by Pioneer Foods. In light of
the aforesaid progress, the parties this morning approached the Competition
Appeal Court and withdrew the Appeal and Cross Appeal in the Bread matter.
Pioneer Foods will revert to shareholders in due course once the settlement is
finalised. Pioneer Foods believes that the settlement may be finalised within
the next few weeks.
Shareholders are referred to the cautionary announcement dated 18 August 2010
and are advised to continue to exercise caution when dealing in their Pioneer
Foods shares until a further announcement is made.
21 September 2010
Paarl
Sponsor
PSG Capital (Pty) Limited
Date: 21/09/2010 11:33:09 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.
