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PTG
PTG
Peermont Global Limited - Update On The Acquisition
Peermont Global Limited
(Incorporated in the Republic of South Africa)
(Registration number 1995/0004449/06)
Share Code: PTG
ISIN: ZAE000058053
("Peermont Global")
UPDATE ON THE ACQUISITION BY PEERMONT GLOBAL OF A CONTROLLING INTEREST IN
THE TUSK CASINO RESORTS AND HOTELS GROUP
1. INTRODUCTION
Shareholders are referred to the announcements dated 21 December 2005 and
19 May 2006 in which Peermont Global advised of the conclusion of
agreements, subject to the fulfilment of certain conditions precedent, to
acquire a controlling interest in Tusk Casino Resorts and Hotels Group
from:
Moribo Investments (Proprietary) Limited and Alliance Investment
Holdings (Proprietary) Limited, two wholly owned entities of Thebe
Investment Corporation (Proprietary) Limited and the Lesedi Trust
respectively;
Messrs JS Franklin, TE Mokoena, and IP Mossop;
Tusk JIT (Proprietary) Limited; and
Stepney Investments (Proprietary) Limited, Bhambatha Investments
(Proprietary) Limited and the other shareholders of Emanzini Leisure
Resorts (Proprietary) Limited ("Emanzini"),
("the Tusk transaction").
2. OUTSTANDING CONDITIONS PRECEDENT
One of the conditions precedent referred to in paragraph 1 above is the
approval by various gambling boards of the Tusk transaction. On considering
Peermont Global"s applications for approval:
- the KwaZulu-Natal Gambling Board ("the KZN Board") approved the
portion of the Tusk transaction relating to Emanzini on 31 July 2006,
subject to finalising certain conditions to such approval which are
expected to follow from a further meeting of the KZN Board, scheduled for 4
August 2006; and
- the North West and Northern Province Gambling Boards approved the Tusk
transaction on 31 July 2006, subject to certain conditions. Peermont
Global is presently evaluating these conditions.
3. EXTENSION OF THE DATE FOR FULFILMENT OF THE CONDITIONS PRECEDENT
In view of the circumstances outlined above, the date for the fulfilment of
all of the unfulfilled conditions precedent to the Tusk transaction has
been extended by agreement between the parties from 31 July 2006 to
14 August 2006.
A further announcement concerning the fulfilment of the conditions
precedent will be released on SENS on 15 August 2006.
Bryanston
2 August 2006
Investment bank and sponsor
Standard Bank
Date: 02/08/2006 09:42:01 AM Produced by the JSE SENS Department
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