Peregrine Holdings Limited
(Registration number 1994/006026/06)
("Peregrine")
Peregrine: Detailed cautionary announcement
Peregrine Holdings Limited
(Registration number 1994/006026/06)
("Peregrine")
Detailed cautionary announcement regarding the specific repurchase of
Peregrine shares following the unbundling of the assets of McCarthy Bank
Holdings Limited
Shareholders are referred to previous announcements relating to the
acquisition of McCarthy Bank Holdings Limited ("MBH") (in which Peregrine
has a stake of 44,41%) and the subsequent sale of the banking operation
thereof, resulting in MBH indirectly holding several investment banking
assets.
Peregrine Corporate Advisory Services (Proprietary) Limited is authorised to
announce that Peregrine has entered into an agreement in terms of which,
pursuant to a series of transactions ("the transactions"), the relationship
between Peregrine and Jonathan Beare as co-shareholders in MBH and co-
investors in investments held by MBH has terminated and all entities
associated with Jonathan Beare will cease to be shareholders of Peregrine.
Further in terms of the transactions, inter alia:
* the investment banking assets indirectly held by MBH will be sold on loan
account to the shareholders of MBH, including Peregrine;
* the remaining assets of MBH will be unbundled to the shareholders of MBH;
* Peregrine will sell or cede certain assets received out of the unbundling
of MBH to the other major shareholder in MBH, Pegfin Investments
(Proprietary) Limited, the purchase price to be settled by way of the
transfer to Peregrine (or its nominee) of approximately 11,6 million
Peregrine shares at an average price per share of R2,28; and
* Peregrine has agreed, subject to shareholder approval, to repurchase an
additional tranche of up to a maximum of 21,4 million Peregrine shares from
shareholders associated with Jonathan Beare, at an average price per share
of R2,24, the purchase price to be settled by a combination of listed assets
and cash.
Following the implementation of the transactions:
* MBH and its underlying entities will be voluntarily wound up or
deregistered; and
* the investment banking activities of Peregrine will be housed exclusively
within the Peregrine Group.
The transactions are expected to have a material positive effect and
accordingly shareholders are advised to exercise caution when dealing in
their Peregrine shares until such time as a detailed announcement, setting
out the terms and conditions of the transactions, including the financial
effects thereof, is published.
Sandton
17 May 2001
Sponsor
Peregrine Corporate Advisory Services (Pty) Limited
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