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PALLINGHURST DIRECTORS' DEALINGS IN SECURITIES

HAMILTON, Bermuda - 08 September, 2009 - Pallinghurst Resources Limited (Ticker: PALLRES.BH) shareholders are referred to the announcement released on the Securities Exchange News Service on Tuesday, 11 August 2009 and the circular posted to Pallinghurst shareholders on 7 September 2009, in relation to the proposed capital raising of R800 million by way of a renounceable rights offer ("Rights Offer"). Pallinghurst shareholders are hereby advised that the shares in respect of the pre-placement, under the terms of the Rights Offer ("Pre-placement"), were listed and issued to the Pre-placement participants on 7 September 2009.

 

The directors of the Company ("Directors") and partners of Pallinghurst (Cayman) GP L.P., the Company's investment manager ("Investment Manager"), collectively have an entitlement to 10,169,720 Rights Offer shares. The Directors and partners of the Investment Manager have subscribed for 11,214,286 Rights Offer shares for an aggregate consideration of R39,250,001, of which 1,044,566 Rights Offer shares represent excess applications for Rights Offer shares.

 

Information relating to the Directors and the partners of the Investment Manager, who have received shares in the Pre-placement, are disclosed below in compliance with rules 3.63 to 3.65 of the Listings Requirements of the JSE Limited:       

                     

                                    

Name:             

Brian Gilbertson

Designation: 

Chairman of the Company and partner of the Investment Manager

Date of transaction:          

7 September 2009

Class of securities:          

Ordinary shares                             

Number of Rights Offer shares taken-up:           

3,858,985

Price of Rights Offer share:              

R3.50

Value of transaction:         

R13,506,447.50

Nature of transaction:        

Acquisition of Rights Offer shares

Nature of interest:           

Indirect, beneficial                          

Clearance to deal obtained:   

Yes   

 

 

Name:              

Arne H. Frandsen

Designation: 

Chief Executive Officer of the Company and partner of the Investment Manager

Date of transaction:          

7 September 2009

Class of securities:          

Ordinary shares                             

Number of Rights Offer shares taken-up:           

231,130

Price of Rights Offer share:              

R3.50

Value of transaction:         

R808,955.00

Nature of transaction:        

Acquisition of Rights Offer shares

Nature of interest:           

Direct, beneficial                          

Clearance to deal obtained:   

Yes   

 

Mr Arne H. Frandsen has applied for an additional 1,940,280 Rights Offer shares, in excess of his entitlement to Rights Offer shares set out above.

 

 

Name:             

Andrew Willis

Designation: 

Director of the Company and partner of the Investment Manager

Date of transaction:          

7 September 2009

Class of securities:          

Ordinary shares                             

Number of Rights Offer shares taken-up:           

231,130

Price of Rights Offer share:              

R3.50

Value of transaction:         

R808,955.00

Nature of transaction:        

Acquisition of Rights Offer shares

Nature of interest:           

Direct, beneficial                           

Clearance to deal obtained:   

Yes   

 

Mr Andrew Willis has applied for an additional 609,941 Rights Offer shares, in excess of his entitlement to Rights Offer shares set out above.

 

Name:             

Sean Gilbertson

Designation: 

Partner of the Investment Manager

Date of transaction:          

7 September 2009

Class of securities:          

Ordinary shares                             

Number of Rights Offer shares taken-up:           

231,130

Price of Rights Offer share:               

R3.50

Value of transaction:         

R808,955.00

Nature of transaction:        

Acquisition of Rights Offer shares

Nature of interest:           

Direct, beneficial                          

Clearance to deal obtained:   

Yes   

 

Mr Sean Gilbertson has applied for an additional 1,940,280 Rights Offer shares, in excess of his entitlement to Rights Offer shares set out above.

 

Name:             

Priyank Thapliyal

Designation: 

Partner of the Investment Manager

Date of transaction:           

7 September 2009

Class of securities:          

Ordinary shares                             

Number of Rights Offer shares taken-up:           

231,130

Price of Rights Offer share:              

R3.50

Value of transaction:         

R808,955.00

Nature of transaction:        

Acquisition of Rights Offer shares

Nature of interest:           

Direct, beneficial                          

Clearance to deal obtained:   

Yes   

 

Mr Priyank Thapliyal has applied for an additional 1,940,280 Rights Offer Shares, in excess of his entitlement to Rights Offer shares set out above.

 

Bermuda Listing Sponsor - First Bermuda Group - 441-295-1330