Peregrine - Results of the offer by Peregrine to C
Peregrine Holdings Limited
(Registration number 1994/006026/06)
JSE code: PGR ISIN code: ZAE000015152
("Peregrine")
Citadel Holdings Limited
(Registration number 2000/027580/06)
("Citadel")
Results of the offer by Peregrine to Citadel minority shareholders
Introduction and results of the offer
Shareholders are referred to the offer by Peregrine to Citadel minority
shareholders to acquire their Citadel shares ("the offer") for a consideration
of either 40 Peregrine shares for every one Citadel share held ("the share
offer") or a cash payment of R110 for every Citadel share held ("the cash
offer"), which offer closed at 12:00 on Friday 25 October 2002 ("the closing
date").
At the closing date :
* the share offer had been accepted by the holders of 350 284 Citadel ordinary
shares (being 32,40% of the Citadel ordinary shares for which the offer was
made);
* the cash offer had been accepted by the holders of all of the convertible
redeemable debentures for which the offer was made and by the holders of 694 334
Citadel ordinary shares (being 64,24% of the Citadel ordinary shares for which
the offer was made); and
the holders of the Citadel convertible preference shares had not accepted either
* the share offer or the cash offer.
In aggregate therefore the offer was accepted by all of the Citadel debenture
holders and by the holders of 1 044 618 Citadel ordinary shares (being 96,64% of
the Citadel ordinary shares for which the offer was made).
Implementation of section 440K
As the offer has been accepted by the holders of more than 90% of the Citadel
ordinary shares for which the offer was made, Peregrine intends to invoke the
provisions of section 440K of the Companies Act, 1973 (Act 61 of 1973), as
amended ("the Act"), to compulsorily acquire any Citadel ordinary shares in
respect of which the offer has not been accepted, resulting in Citadel becoming
a wholly owned subsidiary of Peregrine.
A circular with a notice in terms of section 440K of the Act will be sent out
shortly to the remaining Citadel ordinary shareholders advising them of the
procedure to be followed.
Johannesburg
25 October 2002
Lead Sponsor
Grant Thornton Kessel Feinstein Corporate Sponsors (Pty) Limited
Joint Sponsor and Corporate Advisor
Peregrine Corporate Advisory Services (Pty) Limited
Date: 25/10/2002 04:49:00 PM Produced by the JSE SENS Department
Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
