| Tue 5 Apr 2011, 11:46 | | PGR - Peregrine Holdings Limited - Voluntary announcement regarding |
|
PGR
PGR
PGR - Peregrine Holdings Limited - Voluntary announcement regarding
restructuring of BEE shareholding in Peregrine
Peregrine Holdings Limited
(Registration number 1994/006026/06)
JSE code: PGR ISIN code: ZAE000015152
("Peregrine")
VOLUNTARY ANNOUNCEMENT REGARDING RESTRUCTURING OF BEE SHAREHOLDING IN
PEREGRINE
Shareholders are referred to the SENS announcement published by Vunani Limited
earlier today ("the Vunani SENS announcement").
Vunani Capital (Proprietary) Limited ("Vunani Capital"), through its 100% held
subsidiary, Rapicorp 59 (Proprietary) Limited ("Rapicorp 59"), currently owns
15 027 210 Peregrine shares, which represent 6.75% of the outstanding shares
in Peregrine.
Rapicorp 59 originally funded the purchase of the Peregrine shares in 2006 by
raising approximately 20% of the required funding from Vunani Capital and the
balance from ABSA Bank Limited ("ABSA").
A new empowerment investment company, ("Newco") has been established with its
majority shareholders being the Peregrine Education Trust, the Peregrine
Community Development Trust and a new Peregrine Employee Trust (which is in
the process of formation). These trusts together will cumulatively own 70% of
the shares in Newco with the remaining 30% being owned by Peregrine Financial
Services (Proprietary) Limited ("PFS").
Newco has, with effect from 31 March 2011, acquired the ordinary shares in
Rapicorp 59 from Vunani Capital for an amount of R15 million, which will be
settled in cash. In addition, Newco is in the process of finalising funding
for Rapicorp 59 to be able to redeem the preference shares held by both ABSA
and Vunani Capital. This transaction is subject to the fulfilment of certain
conditions as referred to in the Vunani SENS announcement.
It is the intention, in due course, for Newco to enter into discussions with
the shareholders of Rapicorp 60 (Proprietary) Limited ("Rapicorp 60"), which
owns 15 027 209 Peregrine shares, to similarly acquire their shareholding in
Rapicorp 60 subject to Newco, on behalf of Rapicorp 60, being successful in
raising sufficient funding to redeem the preference shares held by ABSA.
Sandton
5 April 2011
Sponsor
Java Capital
Date: 05/04/2011 11:46:01 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.
