PEERMONT GLOBAL LIMITED - FULFILMENT OF CONDITIONS PRECEDENT TO THE MAIN STREET
209 (PROPRIETARY) LIMITED EMPOWERMENT STRUCTURE
Peermont Global Limited
(Incorporated in the Republic of South Africa)
(Registration number 1995/004449/06)
Share code: PTG
ISIN: ZAE000058053
(`Peermont Global` or `the Company`)
FULFILMENT OF CONDITIONS PRECEDENT TO THE MAIN STREET 209 (PROPRIETARY) LIMITED
EMPOWERMENT STRUCTURE
Shareholders are advised that the last of the conditions precedent to the
empowerment structure entered into between Peermont Global and Marang (East
Rand) Gaming Investments (Proprietary) Limited (`MER`) (`the Main Street
empowerment structure`), has been fulfilled.
In terms of the Main Street empowerment structure, MER has acquired a 50% plus
one share legal interest in Main Street 209 (Proprietary) Limited (`Main
Street`), which in turn now owns 50% of Global Resorts (East Rand) (Proprietary)
Limited (`GRERH`). Additional details of the Main Street empowerment structure
were included in a pre-listing statement issued on 7 September 2004.
The Main Street empowerment structure was conditional upon, inter alia, Caesars
Entertainment Inc. (`CEI`) waiving certain of its rights in respect of GRERH. A
letter in this regard was sent to Peermont Global from CEI on 2 December 2004.
Peermont Global requested clarification on certain points contained in the
letter, which clarification was provided, to the satisfaction of Peermont
Global, on 23 December 2004. The Main Street empowerment transaction therefore
became unconditional on 2 December 2004.
Bryanston
28 December 2004
Sponsor
Standard Bank
Date: 28/12/2004 12:41:18 PM
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