PET - Petmin Limited - Petmin statement on Samquarz sale and Competition
PET
PET
PET - Petmin Limited - Petmin statement on Samquarz sale and Competition
Tribunal appeal
PETMIN LIMITED
Incorporated in the Republic of South Africa
Registration Number 1972/001062/06
Share Code JSE: PET & ISIN: ZAE000076014
Share Code AIM: PTMN
("Petmin" or "the Company")
PETMIN STATEMENT ON SAMQUARZ SALE AND COMPETITION TRIBUNAL APPEAL
Petmin and the proposed buyer of its SamQuarz silica mine, Thaba Chueu Mining
(Pty) Limited (Thaba), have appealed against a decision by the Competition
Commission to prohibit the sale.
A formal notice was filed with the Competition Tribunal by Petmin and Thaba
on Friday 27 January 2012, asking the Tribunal to reconsider the Commission`s
decision.
This follows Petmin`s statement of 16 January 2012, in which it advised that
the Commission had said it would not authorise the sale of SamQuarz due to
its strategic importance as a supplier to the producers of ferrosilicon and
silicon metal in South Africa. Petmin had announced on 13 September 2011 that
it had sold SamQuarz to Thaba for R259 million (plus all profits made after 1
July 2011 until closing of the transaction) subject to approval from the
Commission and the Department of Mineral Resources.
It is anticipated that the legal process before the Tribunal will take
approximately six months. During this time, Petmin will continue to operate
SamQuarz as a profitable and productive mining business.
Enquiries:
Petmin
Bradley Doig +27 824 597 818
www.petmin.co.za
Nominated Advisor (AIM)
Numis Securities Limited +44 207 260 1000
Stuart Skinner
Sponsor and Corporate Advisor (JSE)
River Group
Andrew Lianos +27 834 408 365
Johannesburg
30 January 2012
Date: 30/01/2012 14:30:45 Produced by the JSE SENS Department.
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