PGR: PEREGRINE HOLDINGS LIMITED - Update - general offer becoming unconditional as to acceptances, notice of extension of long stop date Update - general offer becoming unconditional as to acceptances, notice of extension of long stop date PEREGRINE HOLDINGS LIMITED Incorporated in the Republic of South Africa Registration Number 1994/006026/06 Share Code: PGR ISIN: ZAE000078127 ('Peregrine' or the 'Company') UPDATE IN RESPECT OF THE GENERAL OFFER BECOMING UNCONDITIONAL AS TO ACCEPTANCES AND NOTICE OF EXTENSION OF THE LONG STOP DATE AND THE DATE FOR THE FULFILMENT OR WAIVER OF CERTAIN CONDITIONS PRECEDENT TO THE OFFER 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 ('Circular'), accompanied by the prospectus in respect of Business Venture Investments No 2137 (RF) Limited ('InvestCo Prospectus'), dated Friday, 12 June 2020 and the supplementary circular, accompanied by the report published as a supplement to the InvestCo Prospectus, dated Friday, 17 July 2020 (collectively, the 'Offer Documents'). 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, and the Offer Documents. 2. CONDITION REGARDING THE GENERAL OFFER BECOMING 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'). In terms of Regulation 102(10), an announcement must be published on the 45th business day after the day upon which the General Offer opened as to whether the General Offer is unconditional as to acceptances ('Declaration Announcement'). The Declaration Announcement is accordingly required to be published by Tuesday, 18 August 2020. As at Friday, 7 August 2020, Eligible Shareholders holding 103 057 703 Offer Shares, constituting 50.22% of all the Peregrine Shares in issue (excluding Treasury Shares), had accepted the General Offer ('Acceptances') taking into consideration the aggregate Withdrawals (as defined below) received up until the date of this announcement. The Minimum Acceptances have accordingly been received. However, in terms of paragraph 5.1.1 of the Supplementary Circular, Eligible Shareholders that had accepted the General Offer prior to the publication of the Supplementary Circular being, Friday, 17 July 2020, are entitled to withdraw their Acceptances of the General Offer ('Withdrawals') until Monday, 17 August 2020. In the Offer Documents the Offerors reserved the right to extend the General Offer as envisaged in Regulation 103. In the circumstances Peregrine Shareholders are advised that, in terms of Regulation 103(4)(b), the Independent Board has consented to an extension of the date for publication of the Declaration Announcement until Friday, 28 August 2020 in order to cater for the Withdrawals process and the necessary collation and reconciliation of Acceptances and any Withdrawals by the CSDPs and the Transfer Secretaries. 3. NOTICE OF EXTENSION OF THE LONG STOP DATE AND THE DATE FOR FULFILMENT OR WAIVER OF CERTAIN CONDITIONS PRECEDENT TO THE OFFER In terms of the Offer Documents, the operation of the Scheme and implementation of the General Offer are conditional upon the fulfilment or waiver of the Scheme Conditions and General Offer Conditions (collectively, 'Offer Conditions'), respectively, which include, inter alia: - certain of the Scheme Conditions and General Offer Conditions being fulfilled or waived by no later than 17:00 on the Long Stop Date, originally being 11 September 2020; - all Regulatory Consents being received on an unconditional basis, or on terms and conditions that are acceptable to the relevant parties, by no later than (i) 17:00 on 7 September 2020, in respect of the Scheme ('Scheme Regulatory Consents Condition'); or (ii) 17:00 on the Long Stop Date, in respect of the General Offer; and - in respect of the General Offer, any one or all the Scheme Conditions not being timeously fulfilled or waived or, if the Scheme Conditions are timeously fulfilled or waived, the Scheme does not become operative by 17:00 on 7 September 2020 ('Scheme Operation Condition'), subject to the right of the Offerors to (i) waive certain of the Offer Conditions in whole or in part and to extend the time and/or date for fulfilment or waiver (as the case may be) of the Offer Conditions from time to time, provided that such extension shall not be beyond the Long Stop Date; and (ii) extend the Offer. With regards to the Long Stop Date, the Offer Documents envisage that the Long Stop Date may be extended by agreement between the Company, Capitalworks and the Offerors. In anticipation of possible delays in obtaining certain Regulatory Consents, the Offerors have requested an extension to the Long Stop Date. Peregrine Shareholders are hereby advised that: - the Company, Capitalworks and the Offerors have agreed to extend the Long Stop Date to 2 October 2020 and all references to the Long Stop Date in the Offer Documents should be read accordingly; and - the Offerors have extended the date for fulfilment of (i) the Scheme Regulatory Consents Condition as envisaged in paragraph 11.1.7 of the Circular and section 2, paragraph 3.1.3.1.7 of the InvestCo Prospectus and (ii) the Scheme Operation Condition as envisaged in paragraphs 24.1.5 of the Circular and section 2, paragraph 3.2.3.1.5 of the InvestCo Prospectus, to 17:00 on 29 September 2020, (collectively, the 'Extension'). Notwithstanding the Extension, the Company, Capitalworks and the Offerors remain committed to securing the fulfilment or waiver (as the case may be) of the Offer Conditions as soon as practicably possible and to implementing the Transaction in accordance with the salient dates and times set out in the Supplementary Circular. Peregrine Shareholders will be advised of progress on the fulfilment or waiver of the Offer Conditions and, if applicable, updated salient dates and times regarding the Transaction. 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. 4. 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. 5. 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. 17 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: 17-08-2020 05:40:00 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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Peregrine Holdings Limited published this content on 17 August 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 August 2020 15:47:05 UTC