PGR: PEREGRINE HOLDINGS LIMITED - General offer unconditional as to acceptances

PGR: PEREGRINE HOLDINGS LIMITED - General offer unconditional as to acceptances
General offer unconditional as to acceptances

PEREGRINE HOLDINGS LIMITED
Incorporated in the Republic of South Africa
Registration Number 1994/006026/06
Share Code: PGR
ISIN: ZAE000078127
('Peregrine' or the 'Company')


GENERAL OFFER UNCONDITIONAL AS TO ACCEPTANCES


Unless otherwise indicated, capitalised words and terms contained in this announcement shall bear
the same meanings ascribed thereto in the combined offer circular to Peregrine shareholders,
accompanied by the prospectus in respect of Business Venture Investments No 2137 (RF) Limited
('InvestCo Prospectus'), dated Friday, 12 June 2020, the supplementary circular, accompanied
by the report published as a supplement to the InvestCo Prospectus, dated Friday, 17 July 2020
(collectively, the 'Offer Documents') and the announcement pertaining to the Offer published by
Peregrine on SENS and ANS on 17 August 2020 ('Update Announcement').

1.    INTRODUCTION
      Peregrine Shareholders are referred to the Firm Intention Announcement published by
      Peregrine on SENS and ANS on 13 March 2020, the subsequent announcements pertaining
      to the Offer, published on SENS and ANS on 18 March 2020, 7 April 2020, 15 April 2020,
      12 June 2020, 3 July 2020, 17 July 2020, 7 August 2020 and 13 August 2020 as well as the
      Update Announcement and the Offer Documents.

      Furthermore, Peregrine Shareholders are specifically referred to the announcement pertaining
      to, inter alia, the results of the General Meeting published by Peregrine on SENS and ANS
      on 19 August 2020, wherein Peregrine Shareholders were informed that all Resolutions,
      including the Scheme Resolution, were approved and adopted by the requisite majority of
      Peregrine Shareholders, present in person and/or represented by proxy. Accordingly, if the
      Scheme becomes operative then the General Offer will lapse and be of no force or effect.

2.    GENERAL OFFER HAS BECOME UNCONDITIONAL AS TO ACCEPTANCES
      In terms of the Offer Documents, Peregrine Shareholders were advised that the operation of
      the General Offer is conditional upon the fulfilment or waiver of the General Offer Condition
      that Eligible Shareholders accept the General Offer in respect of so many Offer Shares as
      will result in the Offerors acquiring at least 45% of all Peregrine Shares in issue (excluding
      Treasury Shares) ('Minimum Acceptances').

      The collation and reconciliation of Acceptances and Withdrawals by the CSDPs and the
      Transfer Secretaries as envisaged in the Update Announcement has been completed.

      In the circumstances, in accordance with Regulation 105(1), Peregrine Shareholders are
      advised that:
      -   as at close of business on Monday, 17 August 2020, Eligible Shareholders had accepted
          the General Offer in respect of 108 887 546 Offer Shares, constituting 53.06% of all the
          Peregrine Shares in issue (excluding Treasury Shares), taking into consideration the
          aggregate Withdrawals received up until close of business on Monday, 17 August 2020;
          and
      -   as at the date of this announcement, the Offerors do not hold any Peregrine Shares.

     Accordingly, the Minimum Acceptances have been received and the General Offer has
     become unconditional as to acceptances. The General Offer remains subject to the fulfilment
     or waiver of those General Offer Conditions (as more fully set out in the Offer Documents)
     which have not, as at the date of this announcement, been fulfilled or waived, including the
     Scheme not becoming operative.

     To obtain a thorough understanding of the Offer and the Delisting, Peregrine
     Shareholders are advised to refer to the full terms and conditions pertaining thereto, as
     set out in the Offer Documents.

3.   THE INDEPENDENT BOARD AND PEREGRINE BOARD RESPONSIBILITY STATEMENT
     The Independent Board and Peregrine Board (to the extent that the information relates to
     Peregrine) collectively and individually accept responsibility for the information contained
     in this announcement and certify that, to the best of their knowledge and belief, the
     information contained in this announcement relating to Peregrine is true and this
     announcement does not omit anything that is likely to affect the import of such information.

4.   CAPITALWORKS, INVESTCO AND BIDCO BOARD RESPONSIBILITY STATEMENT
     Capitalworks and the board of directors of InvestCo and BidCo (to the extent that the
     information relates to Capitalworks, InvestCo and BidCo) collectively and individually
     accept responsibility for the information contained in this announcement and certify that, to
     the best of their knowledge and belief, the information contained in this announcement
     relating to Capitalworks, InvestCo and BidCo is true and this announcement does not omit
     anything that is likely to affect the import of such information.

24 August 2020

Joint sponsor and corporate advisor to Peregrine and the Independent Board
Java Capital

Corporate advisor to Capitalworks, InvestCo and BidCo
One Capital

Attorneys to Peregrine and the Independent Board
Werksmans

Attorneys to Capitalworks, InvestCo and BidCo
CDH

Joint sponsor to Peregrine
Deloitte

Disclaimer
This announcement shall not constitute an offer to sell or the solicitation of an offer to buy
securities, nor shall there be any sale of the securities described herein, in any jurisdiction, in which
such offer, solicitation or sale would be unlawful prior to registration or qualification under the
securities laws of such jurisdiction or without an exemption from the registration or qualification
requirements under the securities laws of such jurisdiction.

The distribution of this announcement in certain jurisdictions may be restricted by applicable law
and therefore persons in such jurisdictions into which this announcement is released, published or
distributed should inform themselves about and observe such restrictions.

In the European Economic Area (the 'EEA'), this announcement is addressed only to and directed
only at, persons in member states who are 'qualified investors' within the meaning of Article 2(e)
of Regulation (EU) 2017/1129 ('Qualified Investors'). In the United Kingdom, this announcement
is being distributed only to, and is directed only at, Qualified Investors who are: (i) persons who
have professional experience in matters relating to investments falling within Article 19(5) of the
Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the
'Order'), (ii) high net worth entities falling within Article 49(2)(a) to (d) of the Order, and (iii)
persons to whom it may otherwise lawfully be communicated (all such persons together being
referred to as 'relevant persons'). This announcement must not be acted on or relied on (i) in the
United Kingdom, by persons who are not relevant persons, and (ii) in any member state of the EEA,
by persons who are not Qualified Investors. In the UK and EEA, any investment or investment
activity to which this announcement relates will be available only to (i) in the United Kingdom,
relevant persons, and (ii) in any member state of the EEA, Qualified Investors, and will be engaged
in only with such persons.

Notice to US investors in Peregrine
The Offer relates to the shares of a South African company and is being made by means of a scheme
of arrangement provided for under South African company law. A transaction effected by means of
a scheme of arrangement is not subject to the tender offer or proxy solicitation rules under the US
Securities Exchange Act of 1934 (the 'US Exchange Act'). Accordingly, the Offer is subject to the
disclosure requirements and practices applicable in South Africa to schemes of arrangement which
differ from the disclosure requirements of the US tender offer and proxy solicitation rules. The
financial information included in this announcement has been prepared in accordance with
accounting standards applicable in South Africa and thus may not be comparable to financial
information of US companies or companies whose financial statements are prepared in accordance
with generally accepted accounting principles in the US.

If, in the future, BidCo exercises its right to implement the Offer by way of the General Offer, which
is to be made into the US, such Offer will be made in compliance with the applicable US laws and
regulations, including Section 14(e) and Regulation 14E under the US Exchange Act.

It may be difficult for US holders of Peregrine Shares to enforce their rights and any claim arising
out of the US federal laws, since Capitalworks, BidCo, InvestCo and Peregrine are located in a
non-US jurisdiction, and some or all of their officers and directors may be residents of a non-US
jurisdiction. US holders of Peregrine Shares may not be able to sue a non-US company or its
officers or directors in a non-US court for violations of the US securities laws. Further, it may be
difficult to compel a non-US company and its affiliates to subject themselves to a US court´s
judgement.

Neither the US Securities and Exchange Commission nor any US state securities commission has
approved or disapproved of the acquisition, or determined if this announcement is accurate or
complete. Any representation to the contrary is a criminal offence in the US.

US Peregrine Shareholders also should be aware that the transaction contemplated herein may
have tax consequences in the US and, that such consequences, if any, are not described herein. US
Peregrine Shareholders are urged to consult with legal, tax and financial advisers in connection
with making a decision regarding this transaction.

Forward-looking statements
The statements contained in this announcement that are not historical facts are 'forward-looking'
statements. These forward-looking statements are subject to a number of substantial risks and
uncertainties, many of which are beyond the Company´s, Capitalworks´, InvestCo´s and BidCo´s
control and actual results and developments may differ materially from those expressed or implied
by these statements for a variety of factors. These forward-looking statements are statements based
on the Company´s, Capitalworks´, InvestCo´s and BidCo´s current intentions, beliefs and
expectations about among other things, the Company´s results of operations, financial condition,
prospects, growth, strategies and the industry in which the Company operates. By their nature,
forward-looking statements involve risks and uncertainties because they relate to events and
depend on circumstances that may or may not occur in the future. Many of these risks and
uncertainties relate to factors that are beyond the Company´s, Capitalworks´, InvestCo´s and
BidCo´s ability to control or estimate precisely, such as changes in taxation, future market
conditions, currency fluctuations, the actions of governmental regulators and other risk factors.
Such risks and uncertainties could cause actual results to vary materially from the future results
indicated, expressed or implied in such forward-looking statements. The forward-looking
statements contained in this announcement speak only as of the date of this announcement and the
Company, Capitalworks, InvestCo and BidCo undertake no duty to update any of them publicly in
light of new information or future events, except to the extent required by applicable law or the JSE
Listings Requirements.

No statement in this announcement is intended as a profit forecast or a profit estimate and no
statement in this announcement should be interpreted to mean that earnings per Peregrine Share
for the current or future financial years would necessarily match or exceed the historical published
earnings per Peregrine Share. Prices and values of, and income from, shares may go down as well
as up and an investor may not get back the amount invested. It should be noted that past
performance is no guide to future performance. Persons needing advice should consult an
independent financial adviser.

Date: 24-08-2020 03:56:00
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