| Mon 12 Mar 2007, 17:36 | | PTG - Peermont Global - Results of the scheme meet |
|
PTG
PTG
PTG - Peermont Global - Results of the scheme meeting and the General Meeting
Peermont Global Limited (Incorporated in the Republic of South Africa)
(Registration number: 1995/004449/06)
Share code: PTG
ISIN number: ZAE000058053
("Peermont Global" or "the Company")
RESULTS OF THE SCHEME MEETING AND THE GENERAL MEETING
1. Results of the scheme meeting and the general meeting
Peermont Global shareholders ("shareholders") are referred to the announcements
published on SENS on 21 February 2007 and to the scheme circular posted on 20
February 2007 (the "scheme circular"). Shareholders are advised that at the
scheme meeting held on Monday, 12 March 2007, the requisite majority of scheme
members present and voting either in person or by proxy approved the scheme of
arrangement (the "scheme") proposed by Opalton Investments (Proprietary) Limited
("NewCo"), between Peermont Global and its ordinary shareholders in terms of
which NewCo will acquire the entire issued ordinary share capital of Peermont
Global other than the excluded Marang shares (as defined in the scheme circular)
for a cash consideration of R12.90 per Peermont Global share, which cash
consideration will be increased with reference to interest at the prime rate
plus 200 basis points calculated from 20 March 2007 to the implementation date,
which is currently expected to be on or about Wednesday, 11 April 2007. In
addition, shareholders recorded in the register of the Company at the close of
business on Thursday, 5 April 2007 will receive a dividend of 10,0 cents per
share as set out in paragraph 3 below.
Shareholders are also advised that at the general meeting held on Monday, 12
March 2007, the resolution authorising the allotment and issue of ordinary
shares by Peermont Global in consideration for the ordinary shares in Marang
acquired under the Marang acquisition, was approved by the requisite majority of
the shareholders present and voting, either in person or by proxy.
2. Outstanding conditions precedent
Shareholders are reminded that the implementation of the scheme is still subject
to the fulfilment of various conditions precedent, as set out in the scheme
circular posted to shareholders on 20 February 2007.
Shareholders are, however, advised that the required approval has been received
from the Gauteng Gambling Board. The Competition Commission has recommended that
the scheme be approved without condition and has referred their recommendation
to the Competition Tribunal for ratification at a hearing to be held on
Wednesday, 14 March 2007.
3. Dividend declaration
Notice is hereby given that a final dividend of 10,0 cents per ordinary share
(2005: 17,8 cents) has been declared by the directors of Peermont Global and is
payable to shareholders recorded in the register of the Company at the close of
business on Thursday, 5 April 2007.
Last day to trade cum dividend Thursday, 29 March 2007
Securities start trading
ex-dividend Friday, 30 March 2007
Record date Thursday, 5 April 2007
Payment date Tuesday, 10 April 2007
The final dividend is declared and will be paid in the currency of the Republic
of South Africa. Share certificates may not be dematerialised or re-materialised
between Friday, 30 March 2007 and Thursday, 5 April 2007, both dates inclusive.
4. Further Announcements
A further announcement regarding the results of the Court hearing and final
dates of the scheme will be published on SENS on or about Tuesday, 20 March
2007.
12 March 2007
Financial advisor and transaction sponsor to Peermont Global
JPMorgan
Attorneys to Peermont Global
Webber Wentzel Bowens
Independent advisor to Peermont Global
PricewaterhouseCoopers Corporate Finance (Proprietary) Limited
Independent reporting accountants to Peermont Global
KPMG
Date: 12/03/2007 17:36:55 Produced by the JSE SENS Department.
