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PET - Petmin Limited - Petmin statement on Samquarz sale and Competition

Release Date: 30/01/2012 14:30
Code(s): PET
Wrap Text

PET - Petmin Limited - Petmin statement on Samquarz sale and Competition Tribunal appeal 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 STATEMENT ON SAMQUARZ SALE AND COMPETITION TRIBUNAL APPEAL Petmin and the proposed buyer of its SamQuarz silica mine, Thaba Chueu Mining (Pty) Limited (Thaba), have appealed against a decision by the Competition Commission to prohibit the sale. 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. This follows Petmin`s statement of 16 January 2012, in which it advised that the Commission had said it would not authorise the sale of SamQuarz due to its strategic importance as a supplier to the producers of ferrosilicon and silicon metal in South Africa. Petmin had 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 Commission and the Department of Mineral Resources. 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. Enquiries: Petmin Bradley Doig +27 824 597 818 www.petmin.co.za 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 30 January 2012 Date: 30/01/2012 14:30:45 Supplied by www.sharenet.co.za Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.

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