| Fri 22 Jul 2011, 12:03 | | PNG - Pinnacle - Claw Back Offer Finalisation Announcement |
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PNG - Pinnacle - 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) Friday, 29 July
on
Listing of and trading in the Letters of
Allocation on the JSE commences at 09:00 Monday, 1 August
on
Pinnacle Point shares commence trading ex-
claw back rights on the JSE at
commencement of trading on Monday, 1 August
Record date for participation in the Claw
Back Offer at the close of trade on Friday, 5 August
Claw Back Offer circular and form of
instruction posted to shareholders, where
applicable Monday, 8 August
Claw Back Offer opens at commencement of
trading on Monday, 8 August
Dematerialised shareholders` accounts at
their CSDP or broker automatically
credited with their entitlement Monday, 8 August
Certificated shareholders` entitlements
will be credited to an account held with
the transfer secretaries Monday, 8 August
Last day to trade in letters of
allocation on the JSE on Friday, 19 August
Trade by dematerialised shareholders in
the Claw Back offer shares commences Monday, 22 August
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, 26 August
Record date for letters of allocation Friday, 26 August
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 Monday, 29 August
note 5) on
Results of Claw Back Offer announcement
on SENS on or about Monday, 29 August
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, 1 August 2011 and Friday, 5 August 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, 8 August 2011.
Johannesburg
22 July 2011
Designated Advisor
Arcay Moela Sponsors (Proprietary) Limited
Date: 22/07/2011 12:03:04 Produced by the JSE SENS Department.
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