| Thu 22 Sep 2011, 11:19 | | PSG/PLD - PSG Group Limited/Paladin Capital Limited - Results of Scheme |
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PLD PSG
PLD PSG
PSG/PLD - PSG Group Limited/Paladin Capital Limited - Results of Scheme
Meeting
PSG GROUP LIMITED
INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA
(REGISTRATION NUMBER 1970/008484/06)
SHARE CODE: PSG
ISIN CODE: ZAE000013017
("PSG")
PALADIN CAPITAL LIMITED
Incorporated in the Republic of South Africa
(Registration number: 2007/032836/06)
Share code: PLD
ISIN: ZAE000138970
("PALADIN")
JOINT ANNOUNCEMENT: RESULTS OF SCHEME MEETING
Shareholders are referred to the announcements as published on SENS on 13
July 2011 and 24 August 2011, in the press on 14 July 2011 and 25 August
2011, and to the circular issued to Paladin shareholders on 24 August
2011 ("the Circular"), detailing the Scheme of Arrangement in terms of
section 114(1) of the Companies Act No 71 of 2008 ("the Companies Act"),
which has been proposed by PSG and is between Paladin and its
shareholders ("the Scheme"). The Scheme, if implemented, will result in
PSG acquiring the entire issued share capital of Paladin which
constitutes a total of 108 295 409 Paladin shares not already held by PSG
("Scheme Shares") for either the share consideration of 4 PSG shares for
each 100 Scheme Shares disposed of in terms of the Scheme or the cash
consideration of 170 cents for each Scheme Share disposed of.
Shareholders are hereby advised that the Scheme was approved by the
requisite majority of shareholders present and voting, in person or by
proxy, at the meeting of Scheme participants, being shareholders of
Paladin recorded in the register as such at Tuesday, 13 September 2011
and eligible to vote, held earlier today.
Shareholders are further advised that no dissenting shareholder notified
Paladin of their intention to oppose the special resolution nor was any
dissenting shareholder present at the Scheme Meeting to vote against the
special resolution.
Shareholders should note that the implementation of the Scheme remains
conditional upon the fulfilment of certain conditions precedent by no
later than 30 November 2011 as detailed in the Circular.
Further announcements regarding same will be released on SENS and
published in the press in due course.
Stellenbosch
22 September 2011
Corporate advisor to Paladin and PSG and Sponsor to PSG: PSG Capital
Legal advisor to Paladin and PSG: Cliffe Dekker Hofmeyr Incorporated
Designated advisor and Independent advisor to Paladin: Questco Sponsors
(Proprietary) Limited
Date: 22/09/2011 11:19:01 Produced by the JSE SENS Department.
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