PGR - Peregrine Holdings Limited - Voluntary announcement regarding

PGR - Peregrine Holdings Limited - Voluntary announcement regarding             
restructuring of BEE shareholding in Peregrine                                  
Peregrine Holdings Limited                                                      
(Registration number 1994/006026/06)                                            
JSE code: PGR    ISIN code: ZAE000015152                                        
("Peregrine")                                                                   
VOLUNTARY ANNOUNCEMENT REGARDING RESTRUCTURING OF BEE SHAREHOLDING IN           
PEREGRINE                                                                       
Shareholders are referred to the SENS announcement published by Vunani Limited  
earlier today ("the Vunani SENS announcement").                                 
Vunani Capital (Proprietary) Limited ("Vunani Capital"), through its 100% held  
subsidiary, Rapicorp 59 (Proprietary) Limited ("Rapicorp 59"), currently owns   
15 027 210 Peregrine shares, which represent 6.75% of the outstanding shares    
in Peregrine.                                                                   
Rapicorp 59 originally funded the purchase of the Peregrine shares in 2006 by   
raising approximately 20% of the required funding from Vunani Capital and the   
balance from ABSA Bank Limited ("ABSA").                                        
A new empowerment investment company, ("Newco") has been established with its   
majority shareholders being the Peregrine Education Trust, the Peregrine        
Community Development Trust and a new Peregrine Employee Trust (which is in     
the process of formation). These trusts together will cumulatively own 70% of   
the shares in Newco with the remaining 30% being owned by Peregrine Financial   
Services (Proprietary) Limited ("PFS").                                         
Newco has, with effect from 31 March 2011, acquired the ordinary shares in      
Rapicorp 59 from Vunani Capital for an amount of R15 million, which will be     
settled in cash. In addition, Newco is in the process of finalising funding     
for Rapicorp 59 to be able to redeem the preference shares held by both ABSA    
and Vunani Capital. This transaction is subject to the fulfilment of certain    
conditions as referred to in the Vunani SENS announcement.                      
It is the intention, in due course, for Newco to enter into discussions with    
the shareholders of Rapicorp 60 (Proprietary) Limited ("Rapicorp 60"), which    
owns 15 027 209 Peregrine shares, to similarly acquire their shareholding in    
Rapicorp 60 subject to Newco, on behalf of Rapicorp 60, being successful in     
raising sufficient funding to redeem the preference shares held by ABSA.        
Sandton                                                                         
5 April 2011                                                                    
Sponsor                                                                         
Java Capital                                                                    
Date: 05/04/2011 11:46:01 Supplied by www.sharenet.co.za                     
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