| Fri 30 Mar 2012, 17:24 | | PGR - Peregrine Holdings Limited - Cautionary announcement: Proposed |
|
PGR
PGR
PGR - Peregrine Holdings Limited - Cautionary announcement: Proposed
restructuring of BEE shareholding in Peregrine
Peregrine Holdings Limited
(Registration number 1994/006026/06)
JSE code: PGR ISIN code: ZAE000078127
("Peregrine")
CAUTIONARY ANNOUNCEMENT: PROPOSED RESTRUCTURING OF BEE SHAREHOLDING IN
PEREGRINE
Shareholders are referred to the voluntary SENS announcements published in
April and August 2011 in which it was announced that Nala Empowerment
Investment Company (Proprietary) Limited ("Nala") and its subsidiaries ("the
Nala group") had acquired an interest in 30 054 419 Peregrine shares, being
approximately 13% of Peregrine`s issued share capital.
Shareholders are advised that Peregrine has today entered into a binding heads
of agreement with the Nala group, in terms of which, subject to the fulfilment
of certain conditions (as referred to below) as one indivisible transaction
("the transaction") -
- Peregrine or one of its subsidiaries will purchase from the Nala group,
the 30 054 419 Peregrine shares owned by the Nala group at a price equal
to the volume weighted average traded price of Peregrine shares measured
over the thirty business days prior to 30 March 2012, which price was
R10,31;
- Nala will acquire, whether by way of purchase or subscription, or a
combination of both, a 20% shareholding in Peregrine`s South African
operating subsidiaries, which specifically excludes Peregrine`s balance
sheet investments and direct offshore subsidiaries, at a value to be
agreed between Peregrine and Nala and which valuation will be subject to
an independent expert providing an opinion that the price agreed between
the parties is fair.
The transaction is subject to the fulfilment of a number of conditions
including -
1 the shareholders of Nala, in general meeting, approving the transaction;
2 the shareholders of Peregrine, in general meeting, approving the
transaction; and
3 the securing of all necessary regulatory approvals required to implement
the transaction.
A further announcement regarding the transaction (including its financial
effects) and progress for its implementation will be made in due course. In
the interim shareholders are advised to exercise caution when dealing in
Peregrine shares.
Sandton
30 March 2012
Sponsor and corporate advisor
Java Capital
Date: 30/03/2012 17:24:01 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
