PGL - Pallinghurst Resources - Successful Completion Of Oversubscribed Rights

PGL - Pallinghurst Resources - Successful Completion Of Oversubscribed Rights   
Issue - Pallinghurst Received Applications In Excess Of R1.1 Billion            
PALLINGHURST RESOURCES LIMITED                                                  
(Previously Pallinghurst Resources (Guernsey) Limited)                          
(Incorporated in Guernsey)                                                      
(Guernsey registration number 47656)                                            
(South African external company registration number 2009/012636/10)             
Share code on the BSX: PALLRES        ISIN: GG00B27Y8Z93                        
Share code on the JSE:   PGL                                                    
("Pallinghurst" or "the Company")                                               
SUCCESSFUL COMPLETION OF OVERSUBSCRIBED RIGHTS ISSUE - PALLINGHURST RECEIVED    
APPLICATIONS IN EXCESS OF R1.1 BILLION                                          
Pallinghurst CEO Arne H. Frandsen said: "We are grateful for the overwhelming   
support and vote of confidence from our existing and new shareholders resulting 
in a successful and heavily oversubscribed rights offer. We have taken a prudent
view to only raise the capital necessary to progress our four investment        
platforms, but it can only be healthy to have untapped demand."                 
Pallinghurst shareholders are referred to the announcements released on the     
Securities Exchange News Service of the JSE Limited ("JSE") on Tuesday, 11      
August 2009 and Friday, 21 August 2009 relating to the renounceable rights offer
of 228,571,376 Pallinghurst shares ("Rights Offer Shares") to Pallinghurst      
shareholders at a subscription price of R3.50 per Rights Offer Share ("Rights   
Offer").                                                                        
Pallinghurst is hereby pleased to advise shareholders of the results of the     
Rights Offer pursuant to its close on Monday, 28 September 2009, as set out in  
the table below:                                                                
                                      Number of     % of Rights                 
shares        Offer Shares                

Rights Offer Shares available for      228,571,376   100%                       
issue in the Rights Offer                                                       
Rights Offer Shares taken-up in the    203,892,344   89%                        
Rights Offer*                                                                   
Underwritten Shares                    24,679,032    11%                        
*  Includes the 108,243,230 Rights Offer Shares taken-up by existing            
Pallinghurst shareholders in the pre-placement concluded on Monday, 7 September 
2009.                                                                           
Under the terms of an underwriting agreement concluded with Oasis Asset         
Management Limited and Oasis Crescent Capital (Proprietary) Limited             
(collectively referred to as "Oasis"), Oasis will subscribe for and be issued   
24,679,032 Rights Offer Shares by Wednesday, 30 September 2009. Oasis and       
Trinity Asset Management (Proprietary) Limited will not have their remaining    
underwriting commitments of, collectively, 76,139,953 Rights Offer Shares       
fulfilled and, further, those Pallinghurst shareholders who had subscribed for  
20,855,240 Rights Offer Shares as excess applications shall not receive         
additional Rights Offer Shares.                                                 
The safe custody accounts of holders of dematerialised shares who have followed 
their rights, will be updated and their accounts credited by their Central      
Securities Depository Participant or broker today. Pallinghurst shareholders    
whose Pallinghurst shares are registered and listed on the Bermuda Stock        
Exchange or in certificated form on the JSE, who have taken up Rights Offer     
Shares and not elected otherwise, will have their Rights Offer Shares issued in 
certificated form today.                                                        
Pallinghurst shareholders will be refunded the monies in respect of their excess
applications by Friday, 2 October 2009.                                         
Guernsey                                                                        
29 September 2009                                                               
Investment bank and sponsor                                                     
Investec Bank Limited                                                           
Date: 29/09/2009 16:31:37 Supplied by www.sharenet.co.za                     
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