| Fri 29 Jun 2012, 16:01 | | PET - Petmin Limited - Petmin sale of SamQuarz app |
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PET
PET
PET - Petmin Limited - Petmin sale of SamQuarz approved by Competition Tribunal
and withdrawal of cautionary announcement
Petmin Limited
(Incorporated in the Republic of South Africa)
(Registration number 1972/001062/06)
"Committed to growth, dedicated to value"
JSE code: PET AIM code: PTMN
ISIN: ZAE000076014
("Petmin" or "the Group")
Petmin sale of SamQuarz approved by Competition Tribunal and withdrawal of
Cautionary Announcement
With reference to the announcement dated 30 January 2012, in which shareholders
were advised that Petmin had appealed against a Competition Commission
prohibition of the sale of its SamQuarz silica mine to Thaba Chueu Mining, the
board is pleased to announce the sale of SamQuarz has today been approved by the
Competition Tribunal.
The Tribunal`s ruling, along with Section 11 approval for the sale from the
Department of Mineral Resources, makes the deal unconditional as at 29 June
2012.
The Disposal for R259 million cash was announced on 13 September 2011. The
proceeds from this sale equate to an average net return for Petmin of 45% year-
on-year after tax for the six years since it acquired the operation for R85
million.
"With the Competition Tribunal`s approval received today, 29 June 2012, all
conditions for the sale of SamQuarz have been met," said Bradley Doig, Petmin
director responsible for operations and expansion abroad. "Thaba Chueu has
acquired a good asset and Petmin has made a good return."
Petmin operated SamQuarz as a productive and profitable mine during the nine
months between announcement of the sale and approval by the Tribunal.
SamQuarz, near Delmas in Mpumalanga, is the largest producer of high quality
silica in South Africa and a key supplier to the South African clear glass and
metallurgical industries. It has stable production of 1.1 million tonnes per
annum and a life of mine in excess of 40 years.
Proceeds from the Disposal will help fund the Group`s organic growth and current
projects which are all aligned to its focus on commodities in the steel value
chain required for urbanisation and infrastructure development.
Withdrawal of Cautionary Announcement
Shareholders are referred to the cautionary announcement dated 9 January, and
renewed on 20 February, 12 March and 30 April 2012, and are advised that as the
contents referred to therein have ceased to have any relevance or effect on the
Company, caution is no longer required to be exercised by shareholders when
dealing in their securities.
Enquiries:
Petmin
Bradley Doig (Director of Business development)
+27 11 706 1644
Media
Jonathon Rees
+27 76 185 1827
Sponsor and Corporate Adviser (JSE)
River Group
Andrew Lianos
+27 834 408 365
Nominated Adviser and Broker (AIM)
Macquarie Capital (Europe) Limited
Steve Baldwin +44 20 3037 2362
Nicholas Harland +44 20 3037 2369
Johannesburg
29 June 2012
Sponsor and Corporate Adviser
River Group
Date: 29/06/2012 15:58:02 Produced by the JSE SENS Department.
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