PTMN Petmin

RNS Number:1663J
Petmin Limited
04 December 2007



Petmin Limited ("Petmin")

4 December 2007



The following announcement was released by Petmin to the South African market a
short time ago.  A further announcement will be released imminently in line with
certain AIM disclosure requirements.



*         INCREASE IN PETMIN'S TOTAL BEE SHAREHOLDING FROM 30% TO 35 %

*         INCREASE OF ANCHOR BEE CONSORTIUM SHARE HOLDING FROM 20 % TO 33 %

*         INCREASE IN PETMIN'S  DIRECTORS' SHAREHOLDING FROM 19 % TO 32 %



Rivergroup is authorised to make the following announcement in respect of an
increase of Petmin's BEE Equity shareholding, an increase in Petmin's Anchor BEE
Consortium's equity and an increase in Petmin's Directors'  equity.



NEW AFRICA MINING FUND ("NAMF") DISINVESTMENT FROM PETMIN



NAMF. Petmin and Dark Capital (Pty) Ltd ("Dark Capital") established a close
relationship pursuant to the conclusion of the acquisition of SamQuarz in 2004
by Petmin, at which time NAMF became the largest shareholder in Petmin. In terms
of its mandate of facilitating BEE participation in junior mining, NAMF has been
the architect and financier of significant BEE participation in Petmin.



NAMF is a closed end private equity fund and in terms of its mandate is in the
process of harvesting its investment portfolio.



DARK CAPITAL



Petmin announced on 19 September 2007 that Dark Capital, the single largest BEE
shareholder in Petmin and the senior participant in the Anchor BEE Consortium in
Petmin secured an option to acquire 121.7 million Petmin shares from NAMF,
(collectively referred to as the "NAMF option").



Petmin has been advised that the NAMF option had been negotiated during June
2007 and was priced at the volume weighted price at the time, i.e. R 2.20 and
Petmin was furthermore advised that the NAMF option (save for 1 million shares)
had been exercised on 30 November 2007.



Mr Alwyn Martin (a non executive director of Petmin) has a 50% indirect interest
in Dark Capital, and taking into consideration the disposal of Petmin shares by
Dark Capital to Petmin Directors as outlined below, the net effective
acquisition of shares by Dark Capital is 99 000 000 shares.



For reporting purposes Mr Martin indirectly acquired on 30 November 121 000 000
shares and indirectly disposed of 22 000 000 shares between R2.20 and R 3.25 in
order to fund the exercise of the NAMF Option  resulting in an indirect net
increase of 99 000 000 Petmin shares.



A company controlled by a family Trust in respect of which Petmin's Chief
Executive Officer, Jan du Preez has an indirect non beneficial interest advanced
loans to Dark on commercial terms to enable Dark to acquire shares in Petmin.
These loans to Dark may be repaid by the delivery of Petmin shares by Dark. In
the event of these loans being converted, the Trust will receive between 15 000
000 and 30 000 000 Petmin shares.



Millennium Consolidated Investments (Pty) Ltd, a private company in which Jan
du Preez also has an indirect interest, sold 6 500 000 shares at R 3.5 on 30
November 2007 in order to assist with the funding of  the exercise of the NAMF
Option.



Clidet 449 (Pty) Limited private company of which Lebo Mogotsi, Petmin's Deputy
Chairperson is the sole director and in which she has an indirect interest has
also concluded a transaction with NAMF resulting in the Clidet 449 holding an
unencumbered economic interest amounting to 3 500 000 Petmin shares.





SHARE DEALINGS BETWEEN DARK CAPITAL AND PETMIN DIRECTORS



Dark Capital furthermore agreed during September 2007 to offer an option of 12
million Petmin shares at a price of R 2.20 to certain Petmin Directors.



Petmin has been advised that the option had been exercised on 30 November 2007.



The following Petmin Directors acquired shares at R2.20 on 30 November 2007:



Piet Nel 386 422  direct and 120 578 indirect non beneficial

Enrico Greyling 600 000 direct

Lebo Mogotsi 1 000 000 direct  and 250 000 indirect non- beneficial

Bradley Doig 550 000 direct and 700 000 indirect non beneficial

Dawie Warmenhoven 1 500 000 indirect, non-beneficial

Jan du Preez 1 500 000 direct



On 14 June 2007 Petmin announced that Dark Capital concluded a transaction with
NAMF in terms whereof Dark Capital initially acquired its first 40 000 000
shares from NAMF at R 1.19. The price was negotiated during January 2007
resulting from an option secured during November 2005 and formed part of NAMF's
partial disinvestment from Petmin at the time in respect of the unwinding of a
BEE funding structure facilitated by NAMF for Dark Capital.



In line with Dark Capital's philosophy to enable directors  to increase their
interest in Petmin, it agreed during June 2007 to grant an option on 10 million
Petmin shares at a price of R 1.19 to Petmin directors. Petmin has been advised
that the option has been exercised on 30 November 2007 and the following Petmin
Directors acquired shares at R1.19:



Lebo Mogotsi  2 500 000 indirect non beneficial

Bradley Doig 2 500 000 direct

Dawie Warmenhoven  1 500 000-indirect, non-beneficial

Jan du Preez 500 000 direct



EXERCISE OF OPTIONS BY DIRECTORS



Piet Nel (Petmin Chairman) 250 000  direct

Dawie Warmenhoven 3 500 000 direct



SHARES SOLD



In order to assist the Petmin Directors to finance the acquisition of the shares
under the NAMF option the following transactions have occurred:



P.J. Nel sold 250 000 shares at R 3, 65



Mavinda Investments (Pty) Ltd sold 3 000 000 Petmin shares at R 3,65. (D.H.
Warmenhoven has an indirect interest in Mavinda Investments (Pty) Ltd)





TRANSACTION EFFECT



The foregoing transactions have the following impact on the shareholding of
Management and BEE in Petmin.



Increase in Petmin's total BEE shareholding from 30% to 35% *

Increase of Anchor BEE consortium share holding from 20% to 33 % *

*The difference being unrelated BEE Shareholders in Petmin



Directors' and Management interests in Petmin as on 30 June 2007 (reported in
Petmin Annual Report): 19%*

Directors' and Management interests in Petmin as on 30 November 2007: 33%*

*Includes BEE directors and Management.



Petmin is pleased with the above share transactions and welcome the continued
excellent relationship between Dark Capital and the Petmin Management team and
wishes to thank NAMF for its valued support during  the past 3 years.





Enquiries:


Petmin

Jan Du Preez (CEO) +27 825 571 979

Bradley Doig (COO) +27 824 597 818

www.petmin.co.za


Numis Securities Limited +44 207 260 1000

John Harrison

Nick Stamp







                      This information is provided by RNS
            The company news service from the London Stock Exchange
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