| Fri 20 May 2011, 17:48 | | PNG - Pinnacle Point Group Limited - Claw back offer declaration announcement |
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PNG - Pinnacle Point Group Limited - Claw back offer declaration announcement
Pinnacle Point Group Limited
(Incorporated in the Republic of South Africa)
(Registration No: 2000/000059/06)
Share code: PNG ISIN code: ZAE000127122
("Pinnacle" or "the company")
CLAW BACK OFFER DECLARATION ANNOUNCEMENT
1. Introduction
Shareholders are referred to the announcements dated 30 December 2010 and
18 April 2011 detailing the announcement by Pinnacle of its intention to
undertake a Claw Back Offer of 1 300 000 000 in the ratio of 18.54197
(eighteen point five four one nine seven) new Pinnacle ordinary shares for
every 100 Pinnacle ordinary shares held at 1 cent per share, held at the
close of business on Friday, 10 June 2011.
2. Conditions Precedent
The board of directors of Pinnacle is pleased to confirm that all
conditions precedent relating to the claw back offer have been fulfilled,
other than JSE Limited formal approval and that the claw back offer is
expected to be implemented in accordance with the timetable set out in
paragraph 3 below.
3. Salient Dates
The salient dates and times of the claw back offer are as follows:
2011
Last day to trade in Pinnacle Point shares in order to
qualify to participate in the Claw Back Offer (cum
entitlement) on Friday, 3 June
Listing of and trading in the Letters of Allocation on
the JSE commences at 09:00 on Monday, 6 June
Pinnacle Point shares commence trading ex-claw back
rights on the JSE at commencement of trading on Monday, 6 June
Record date for participation in the Claw Back Offer at
the close of trade on Friday, 10 June
Claw Back Offer circular and form of instruction posted
to shareholders, where applicable Monday, 13 June
Claw Back Offer opens at commencement of trading on Monday, 13 June
Dematerialised shareholders` accounts at their CSDP or
broker automatically credited with their entitlement Monday, 13 June
Certificated shareholders` entitlements will be credited
to an account held with the transfer secretaries Monday, 13 June
Last day to trade in letters of allocation on the JSE on Friday, 24 June
Trade by dematerialised shareholders in the Claw Back
offer shares commences Monday, 27 June
Claw Back Offer closes - payments to be made and form of
instruction in respect of letters of allocation lodged
by certificated shareholders by 12:00 on Friday, 1 July
Record date for letters of allocation Friday, 1 July
Dematerialised shareholders` accounts updated with Claw
Back shares to the extent accepted and debited with the
relevant costs by their CSDP or broker and new Pinnacle
Point share certificates posted to certificated
shareholders (see note 5) on Monday, 4 July
Results of Claw Back Offer announcement on SENS on or Monday, 4 July
about
Notes:
1. Dematerialised shareholders are required to notify their duly
appointed CSDP or broker of their acceptance or otherwise of the Claw
Back Offer in the manner and time stipulated in the agreement
governing the relationship between such shareholder and their CSDP or
broker
2. All times indicated are South African times unless otherwise stated.
Any changes to these dates will be announced on SENS.
3. Share certificates may not be dematerialised or rematerialised between
Monday, 6 June 2011 and Friday, 10 June 2011, both days inclusive.
4. The CSDP/broker accounts of dematerialised shareholders will be
automatically credited with new Pinnacle Point shares to the extent to
which they have accepted the Claw Back Offer. Pinnacle Point share
certificates will be posted, by registered post at the shareholders`
risk within 7 (seven) days of receipt, to certificated shareholders in
respect of the Claw Back Offer shares which have been accepted.
5. CSDPs or brokers effect payment in respect of dematerialised
shareholders on a delivery versus payment method.
4. Circular
A circular setting out the detailed terms of the claw back offer and
enclosing, where applicable, a form of instruction, will be posted to
shareholders on Monday, 13 June 2011.
Johannesburg
20 May 2011
Designated Advisor
Arcay Moela Sponsors (Proprietary) Limited
Date: 20/05/2011 17:48:51 Produced by the JSE SENS Department.
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