Petmin receives consent for sale of SamQuarz (9660X)
February 23 2012 - 2:00AM
UK Regulatory
TIDMPTMN
RNS Number : 9660X
Petmin Limited
23 February 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")
Petmin receives consent from the Department of Mineral Resources
for the sale of SamQuarz
Petmin is pleased to announce it has received consent from the
South African Department of Mineral Resources in terms of Section
11(1) of the Mineral and Petroleum Resources Development Act 2002
for the sale of its SamQuarz silica mine to Thaba Chueu Mining
(Pty) Limited (Thaba).
The sale remains subject to a Competition Tribunal appeal by
Petmin and Thaba against a decision by the Competition Commission
to prohibit the sale.
Petmin announced on 13 September 2011 that it had sold SamQuarz
to Thaba for R259 million (plus all profits made after 1 July 2011
until closing of the transaction) subject to approval from the
Competition Commission and the Department of Mineral Resources.
A formal notice was filed with the Competition Tribunal by
Petmin and Thaba on Friday 27 January 2012, asking the Tribunal to
reconsider the Commission's decision.
It is anticipated that the legal process before the Tribunal
will take approximately six months. During this time, Petmin will
continue to operate SamQuarz as a profitable and productive mining
business.
Shareholders are reminded that Petmin trades under a Cautionary,
and this announcement is not related to the Cautionary.
Enquiries:
Petmin
Bradley Doig (Director of Business development)
+27 11 706 1644
Media
Jonathon Rees
+27 76 185 1827
Nominated Adviser and Broker (AIM)
Macquarie Capital (Europe) Limited
Steve Baldwin
+44 20 3037 2362
Nicholas Harland
+44 20 3037 2369
Sponsor and Corporate Adviser (JSE)
River Group
Andrew Lianos
+27 834 408 365
Johannesburg
23 February 2012
This information is provided by RNS
The company news service from the London Stock Exchange
END
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