WLO/WLN/WLOP/WLP1 - Wooltru Limited - Changes to the Board and conclusion of the

WLO/WLN/WLOP/WLP1 - Wooltru Limited - Changes to the Board and conclusion of the
PBT acquisition                                                                 
Wooltru Limited                                                                 
(Registration number 1936/008278/06)                                            
JSE share code: WLO   ISIN: ZAE000007993                                        
JSE share code: WLN   ISIN: ZAE000008744                                        
JSE share code: WLOP   ISIN: ZAE000008009                                       
JSE share code: WLP1   ISIN: ZAE000008017                                       
("Wooltru" or "the Company")                                                    
SUCCESSFUL CONCLUSION AND IMPLEMENTATION OF THE PBT GROUP ACQUISITION           
Shareholders are advised that all the conditions precedent have been met for the
successful conclusion of the PBT Group acquisition, whereby Wooltru Limited     
("Wooltru") acquired 100% of PBT Group (SA) (Proprietary) Limited, 100% of      
Stricklands Tetra Cape (Proprietary) Limited and 51% of PBT Insurance           
Technologies (Proprietary) Limited from PBT Holdings (Pty) Limited for a maximum
consideration of R232 170 000 to be settled by way of an issue of 5 146 199 700 
Wooltru ordinary shares at 4.51 cents per share.                                
In terms of the acquisition agreement and pursuant to the re-organisation of the
Company`s share capital as detailed in the circular to shareholders dated       
Monday, 20 September 2010, 4 116 959 760 Wooltru ordinary shares will be        
allotted and issued to PBT Holdings (Proprietary) Limited on Thursday, 25       
November 2010 and subsequently listed on the JSE Main Board on Monday, 29       
November 2010.                                                                  
As previously announced, Mr. Allan Groll and Mr. Johannes van der Horst are to  
resign from the board with immediate effect, Mr. Monty Kaplan`s designation will
change from independent non-executive chairman to independent non-executive     
director whilst Mr. Adriaan Murray Louw will retain his position as Financial   
Director. The following directors will be appointed to the board with immediate 
effect:                                                                         
Hermanus Christiaan Steyn          Independent Non-executive Chairman           
Pieter Jacobus de Wet              Chief Executive Officer                      
Martin Hugo Rennhackkamp           Chief Operating Officer                      
Kenneth Norman Wood                Executive director                           
Nitesh Vallabh                     Executive director                           
Bianca Pieters has been appointed as Company Secretary with effect from 1       
November 2010 replacing Arthur Winkler who will resign as Company Secretary with
effect from 29 October 2010.                                                    
Cape Town                                                                       
29 October 2010                                                                 
Sponsor: Bridge Capital Advisors (Pty) Limited                                  
Date: 29/10/2010 07:06:02 Supplied by www.sharenet.co.za                     
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