| Fri 17 Jun 2011, 16:51 | | PNG - Pinnacle Point Group Limited - Claw back offer finalisation announcement |
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PNG - Pinnacle Point Group Limited - Claw back offer finalisation 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 FINALISATION 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 shares 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.
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 and that the claw
back offer will 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, 24 June
Listing of and trading in the Letters of Allocation on the
JSE commences at 09:00 on Monday, 27 June
Pinnacle Point shares commence trading ex-claw back rights
on the JSE at commencement of trading on
Monday, 27 June
Record date for participation in the Claw Back Offer at
the close of trade on Friday, 01 July
Claw Back Offer circular and form of instruction posted to
shareholders, where applicable
Monday, 04 July
Claw Back Offer opens at commencement of trading on
Monday, 04 July
Dematerialised shareholders` accounts at their CSDP or
broker automatically credited with their entitlement
Monday, 04 July
Certificated shareholders` entitlements will be credited
to an account held with the transfer secretaries
Monday, 04 July
Last day to trade in letters of allocation on the JSE on
Friday, 15 July
Trade by dematerialised shareholders in the Claw Back
offer shares commences Monday, 18 July
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, 22 July
Record date for letters of allocation Friday, 22 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, 25 July
Results of Claw Back Offer announcement on SENS on or
about Monday, 25 July
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.
3. Share certificates may not be dematerialised or rematerialised between
Monday, 27 June 2011 and Friday, 01 July 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 Friday, 04 July 2011.
Johannesburg
17 June 2011
Designated Advisor
Arcay Moela Sponsors (Proprietary) Limited
Date: 17/06/2011 16:51:18 Produced by the JSE SENS Department.
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