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PTG
PTG
PTG - Peermont Global - Results Of The Court Hearing
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 COURT HEARING
1. Results of the court hearing
Shareholders are advised that the High Court of South Africa (Witwatersrand
Local Division) ("the Court") has today sanctioned the scheme of
arrangement ("the scheme") proposed by Opalton Investments (Proprietary)
Limited ("NewCo"), between Peermont Global and its ordinary shareholders
("shareholders") in terms of which NewCo will acquire the entire issued
ordinary share capital of Peermont Global 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.
2. Outstanding conditions precedent
Shareholders are advised that, in addition to the approvals previously
obtained and communicated, the required approvals have been received from
the Free State Gambling and Racing Board and the Competition Tribunal.
Shareholders are reminded that the scheme remains subject to the following
conditions precedent:
2.1 the Order of Court being registered by the Registrar of Companies in
terms of the Companies Act, No. 61 of 1973, within 7 business days of
the scheme sanction date (or such date as Peermont Global and NewCo
may agree in writing); and
2.2 receipt of the required approvals from the KwaZulu-Natal Gambling
Board, the North West Gambling Board, the Mpumalanga Gambling Board
and the Limpopo Gambling Board.
3. Further Announcements
Due to the regulatory approvals referred to in paragraph 2.2 above being
outstanding, shareholders are advised that the indicative salient dates and
times contained in the scheme circular posted to shareholders on 20
February 2007 are no longer accurate. The salient dates and times will be
revised and communicated to shareholders through SENS and in the South
African press in due course once the Company has greater certainty
regarding when these conditions precedent are likely to be fulfilled.
20 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: 20/03/2007 17:37:25 Produced by the JSE SENS Department.
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