PFG - Pioneer Food Group Limited - Update on implementation of the Pioneer Foods

PFG - Pioneer Food Group Limited - Update on implementation of the Pioneer Foods
phase II Broad-Based Black Empowerment Transaction                              
Pioneer Food Group Limited                                                      
(Incorporated in the Republic of South Africa)                                  
Registration number: 1996/017676/06                                             
Share code: PFG                                                                 
ISIN code: ZAE000118279                                                         
("Pioneer Foods" or "the Company")                                              
UPDATE ON IMPLEMENTATION OF THE PIONEER FOODS PHASE II BROAD-BASED BLACK        
EMPOWERMENT TRANSACTION ("the Transaction")                                     
Shareholders are referred to the Company`s circular to shareholders dated 19    
January 2012 ("the Circular") regarding the Transaction, the Transaction having 
been subsequently approved by the Company`s shareholders at a general meeting of
shareholders on 17 February 2012.                                               
Shareholders are further referred to the Company`s SENS announcement dated 17   
February 2012, in which shareholders were advised that certain conditions       
precedent to the Transaction had not yet been fulfilled.                        
Shareholders are also referred to the important dates and times section of the  
Circular, which anticipated that the Pioneer Foods shares to be issued pursuant 
to the Transaction ("Pioneer Foods Shares"), would be issued on or about        
Wednesday, 29 February 2012.                                                    
From a technical perspective, certain conditions precedent to the Transaction   
are still in the process of being fulfilled.  Accordingly, the issuing of the   
Pioneer Foods Shares will not occur on the previously anticipated issue date of 
29 February 2012.                                                               
The Company is confident that all remaining conditions precedent will be        
fulfilled, and the Pioneer Foods Shares will be issued, during March 2012.      
An announcement will be made by the Company once the Transaction becomes        
unconditional.                                                                  
Stellenbosch                                                                    
29 February 2012                                                                
Sponsor                                                                         
PSG Capital (Pty) Limited                                                       
Date: 29/02/2012 17:10:52 Supplied by www.sharenet.co.za                     
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