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PET - Petmin Limited - Petmin sale of SamQuarz approved by Competition Tribunal and withdrawal of cautionary announcement Petmin Limited (Incorporated in the Republic of South Africa) (Registration number 1972/001062/06) "Committed to growth, dedicated to value" JSE code: PET AIM code: PTMN ISIN: ZAE000076014 ("Petmin" or "the Group") Petmin sale of SamQuarz approved by Competition Tribunal and withdrawal of Cautionary Announcement With reference to the announcement dated 30 January 2012, in which shareholders were advised that Petmin had appealed against a Competition Commission prohibition of the sale of its SamQuarz silica mine to Thaba Chueu Mining, the board is pleased to announce the sale of SamQuarz has today been approved by the Competition Tribunal. The Tribunal`s ruling, along with Section 11 approval for the sale from the Department of Mineral Resources, makes the deal unconditional as at 29 June 2012. The Disposal for R259 million cash was announced on 13 September 2011. The proceeds from this sale equate to an average net return for Petmin of 45% year- on-year after tax for the six years since it acquired the operation for R85 million. "With the Competition Tribunal`s approval received today, 29 June 2012, all conditions for the sale of SamQuarz have been met," said Bradley Doig, Petmin director responsible for operations and expansion abroad. "Thaba Chueu has acquired a good asset and Petmin has made a good return." Petmin operated SamQuarz as a productive and profitable mine during the nine months between announcement of the sale and approval by the Tribunal. SamQuarz, near Delmas in Mpumalanga, is the largest producer of high quality silica in South Africa and a key supplier to the South African clear glass and metallurgical industries. It has stable production of 1.1 million tonnes per annum and a life of mine in excess of 40 years. Proceeds from the Disposal will help fund the Group`s organic growth and current projects which are all aligned to its focus on commodities in the steel value chain required for urbanisation and infrastructure development. Withdrawal of Cautionary Announcement Shareholders are referred to the cautionary announcement dated 9 January, and renewed on 20 February, 12 March and 30 April 2012, and are advised that as the contents referred to therein have ceased to have any relevance or effect on the Company, caution is no longer required to be exercised by shareholders when dealing in their securities. Enquiries: Petmin Bradley Doig (Director of Business development) +27 11 706 1644 Media Jonathon Rees +27 76 185 1827 Sponsor and Corporate Adviser (JSE) River Group Andrew Lianos +27 834 408 365 Nominated Adviser and Broker (AIM) Macquarie Capital (Europe) Limited Steve Baldwin +44 20 3037 2362 Nicholas Harland +44 20 3037 2369 Johannesburg 29 June 2012 Sponsor and Corporate Adviser River Group Date: 29/06/2012 15:58:02 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.
