UPDATE ON SALE OF SAMQUARZ (6285V)
17 January 2012 - 12:06AM
UK Regulatory
TIDMPTMN
RNS Number : 6285V
Petmin Limited
16 January 2012
PETMIN LIMITED
Incorporated in the Republic of South Africa
Registration Number 1972/001062/06
Share Code JSE: PET & ISIN: ZAE000076014
Share Code AIM: PTMN
("Petmin" or "the Company")
UPDATE ON SALE OF SAMQUARZ
This statement is not related to the Cautionary announcement
issued by Petmin on 9 January 2012.
Shareholders are advised that Petmin has received notification
from the Competition Commission relating to the sale of its
SamQuarz silica mine.
In its annual financial statements issued on 13 September 2011,
Petmin announced it had sold SamQuarz to Thaba Chueu Mining (Pty)
Limited ("Thaba") for R259 million, subject to final approval from
the Competition Commission and the Department of Mineral
Resources.
On 13 January 2012 the Competition Commission notified Petmin
that it would not authorize the sale.
The Commission's decision relates to the strategic importance of
SamQuarz as a supplier to the producers of ferrosilicon and silicon
metal in South Africa.
The board and management of Petmin, together with Thaba, are
studying the Commission's decision and considering their options in
consultation with advisors and legal counsel.
The decision does not impact on Petmin's ability to deliver on
its strategy, including the funding of current and future
investments in South Africa and abroad.
Petmin will advise shareholders in due course as to how it will
proceed in light of the Commission's decision.
Enquiries:
Petmin
Bradley Doig +27 824 597 818
bradley@petmin.co.za
www.petmin.co.za
Media enquiries
Jonathon Rees +27 76 185 1827
Jonathon@proofcommunication.com
Nominated Advisor (AIM)
Numis Securities Limited +44 207 260 1000
Stuart Skinner
Sponsor and Corporate Advisor (JSE)
River Group
Andrew Lianos +27 834 408 365
Johannesburg
16 January 2012
This information is provided by RNS
The company news service from the London Stock Exchange
END
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