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SAL
SAL
Sallies - Amendments to agreement regarding the proposed acquisition of Buffalo
Fluorspar and Further cautionary
SALLIES LIMITED
(Incorporated in the Republic of South Africa)
Registration number 1903/001879/06
JSE Share Code: SAL
ISIN: ZAE000022588
("Sallies" or "the Company")
AMENDMENTS TO AGREEMENT REGARDING THE PROPOSED ACQUISITION OF BUFFALO FLUORSPAR
AND FURTHER CAUTIONARY
1. Introduction
Further to the announcement dated 5 June 2006, shareholders are advised
that the Company and Transvaal Mining and Finance Company Limited ("TMFCL")
have agreed to certain amendments to the agreement relating to the
acquisition of Buffalo Fluorspar.
2. Purchase price
The aggregate purchase price for the assets acquired has been amended from
R65 million to R61,5 million, which amount is to be settled as follows:
- R50 million in cash;
- and by the allotment and issue, credited as fully paid, by Sallies to
TMFCL of such number of Sallies ordinary shares as shall be equal in
value to R11,5 million ("sale shares"). The number of sale shares
shall be calculated by taking into account the 30 day weighted average
traded price of Sallies ordinary shares calculated up to the close of
business on 30 July 2006.
- Sallies, TMFCL and Trinity Asset Management (Proprietary) Limited
("Trinity") have entered into a seller placing agreement in terms of
which Trinity will immediately purchase the sale shares from TMFCL for
a cash consideration of R11,5 million.
3. Conditions precedent
Sallies and TMFCL have agreed to extend the date for Sallies to inform
TMFCL that it has completed the due diligence to its satisfaction from 19
June 2006 to 23 June 2006.
4. Current status of the due diligence review
Sallies is satisfied with the results of the due diligence review conducted
by the independent geological and techno-economic consultants to Sallies,
RSG Global (Pty) Ltd and delivered written notice to this effect to TMFCL
on 22 June 2006.
5. Further cautionary
Given that the agreement has not yet become unconditional, Sallies
shareholders are advised to continue to exercise caution when dealing in
the company"s securities.
Johannesburg
23 June 2006
Sponsor
Ernst & Young Sponsors (Pty) Ltd
(Registration number 2000/031843/07)
Date: 23/06/2006 10:57:28 AM Produced by the JSE SENS Department
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