PEREGRINE HOLDINGS LIMITED - Voluntary announcement - Sale of 50% shareholding in Stenham Asset Management Holdings Limited ("SAM")

Voluntary announcement - Sale of 50% shareholding in Stenham Asset Management Holdings Limited ("SAM")

PEREGRINE HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1994/006026/06)
Share code: PGR
ISIN: ZAE000078127
(“Peregrine”)


VOLUNTARY ANNOUNCEMENT – SALE OF 50% SHAREHOLDING IN STENHAM ASSET MANAGEMENT HOLDINGS LIMITED (“SAM”)


Shareholders are advised that –

   -   subject to the entering into of formal sale and shareholders agreements (and receipt
       of the relevant regulatory approvals), Stenham Group Limited, a wholly owned
       subsidiary of Peregrine, has agreed in principle, with effect from 1 April 2019, to sell
       50% of its shareholding in SAM (the holding company of the asset management arm
       of the Stenham group) to management (excluding any dividends declared or paid in
       respect of the year ended 31 March 2019) in a transaction which values SAM at
       GBP16 million (“the transaction”);

   -   the transaction is in accordance with Peregrine’s stated practice and philosophy of
       management holding a significant economic interest in their own businesses;

   -   had the transaction been in effect for the full year ended 31 March 2019, it would
       have resulted in a 3% reduction in both headline earnings and headline earnings per
       share;


   -   the transaction is being implemented in order to ensure the continuity, sustainability
       and long-term growth of the SAM business.

The transaction is not a categorisable transaction for Peregrine in terms of the JSE Listings
Requirements and the disclosures provided in this announcement are voluntary and for
information purposes only.

24 October 2019


Joint sponsor                                       Joint independent sponsor
Java Capital                                        Deloitte & Touche Sponsor Services

Date: 24/10/2019 07:05:00
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