APPOINTMENT OF FINANCIAL DIRECTOR

 

TIDMPTMN 
 
RNS Number : 2407V 
Petmin Limited 
07 July 2009 
 

Petmin Limited 
(Incorporated in the Republic of South Africa) 
(Registration number 1972/001062/06) 
Share code JSE: PET ISIN: ZAE000076014 
Share code AIM: PTMN 
("Petmin" or "the company") 
 
 
APPOINTMENT OF FINANCIAL DIRECTOR, EXERCISE OF OPTIONS, TRADING STATEMENT AND 
RENEWAL OF CAUTIONARY ANNOUNCEMENT 
 
 
1. APPOINTMENT OF FINANCIAL DIRECTOR 
In compliance with paragraph 3.84(h) of the JSE Listings Requirements, the 
company is pleased to announce the appointment of Bruce Tanner as financial 
director to the Board of Petmin with effect from 1 July 2009. 
 
 
Bruce joined the Petmin Group in 2005 as Group Financial Manager and CFO and has 
served on the Petmin Executive Committee since joining the group and effectively 
has to date discharged the role as Financial Director. 
Bruce, 39 years of age, obtained a Bachelor of Commerce degree from the 
University of Cape Town and a BCompt (Hons) degree (CTA) from the University of 
South Africa (Unisa), and qualified as a chartered accountant whilst serving 
articles at Deloitte in South Africa. He has 12 years experience in mining 
finance and administration of which five included involvement in the marketing 
of coal and copper. From June 2002 to November 2004, Bruce was the Chief 
Operating Officer of AfriOre Ltd's coal operations and Chief Financial Officer 
of AfriOre Limited. AfriOre, is a company which was then listed on the Toronto 
Stock Exchange and had exploration and mining projects in Africa. 
Bruce is or has been over the past five years a director of the companies and 
partnerships listed in Schedule A below. Other than as disclosed, the Company is 
not aware of any further information required under Schedule Two (g) of the AIM 
Rules for Companies. 
 
2. EXERCISE OF OPTIONS 
In compliance with rule 3.63 of the JSE Listings Requirements, the following 
information is disclosed relating to the exercise of options by directors of the 
company: 
 
 
On 30 June 2009, the Company was informed that on 30 June 2009 Lebo Mogotsi and 
Bradley Doig (both executive directors) directly exercised 4 000 000 options 
each at an exercise price of 65 cents per share. Dawie Warmenhoven, who resigned 
as a director of the company on 28 February 2009, indirectly exercised 3 000 000 
options at an exercise price of 65 cents per share. Mr. Johan Gloy (a director 
of a subsidiary company) directly exercised 1 000 000 options each at an 
exercise price of 65 cents per share and 500 000 options each at an exercise 
price of 45 cents per share. 
 
 
The options were awarded in terms of a share incentive scheme approved on 19 
July 2005. 
 
 
Clearance has been received in terms of rule 3.66 of the JSE`s Listings 
Requirements in respect of all the above transactions after confirmation was 
obtained from the JSE. 
 
3. TRADING STATEMENT 
In accordance with the JSE`s listing requirements, which stipulate that a 
company has to publish a trading statement if an increase or decrease of more 
than 20% (compared with the previous reporting period) in its basic earnings per 
share and headline earnings per share is expected, the shareholders of Petmin 
are hereby advised that headline earnings per share for the year ended 30 June 
2009 are expected to be in excess of 20 cents per share, up from 15.31 cents per 
share for the twelve months ended 30 June 2008, an increase in excess of 30%. 
This growth in headline earnings per share was achieved as a result of managing 
operational costs down and optimizing revenues through the considered use of 
long term off takes with financially sound counterparties and hedging 
strategies. 
 
 
Earnings per share for 30 June 2009 cannot be determined at present as the 
relevant IFRS fair value adjustments and other provisions have not been 
finalised. 
 
 
The company has concluded the sale of Springlake Holdings (Pty) Limited 
("Springlake") and all outstanding conditions precedent have been met. As a 
result of delays in meeting all the conditions precedent, during which period 
global market conditions dramatically declined, the final purchase consideration 
was adjusted in line therewith and as a result the company will receive proceeds 
of ZAR 85 000 000 on the sale. 
 
 
THE GROUP ENDED THE YEAR WITH CASH OR NEAR CASH OF APPROXIMATELY R 180 MILLION 
AND UNUTILISED APPROVED BANKING FACILITIES OF APPROXIMATELY R 150 MILLION 
 
4. RENEWAL OF CAUTIONARY ANNOUNCEMENT 
Further to the cautionary announcement dated 18 May 2009 shareholders are 
advised that negotiations are still in progress which, if successfully concluded 
may have a material effect on the price of Petmin`s securities. Accordingly, 
shareholders are advised to continue exercising caution when dealing in the 
company`s securities until a further announcement is made. 
 
 
Enquiries: 
Petmin                                Nominated Aviser 
Bradley Doig (COO) [phone]    Numis Securities Limited 
                                      John Harrison [phone] 
Sponsor and Corporate Adviser 
River Group 
Andrew Lianos [phone] 
03 June 2009 
Johannesburg 
Sponsor 
River Group 
Schedule A: Bruce Tanner past and current directorships (last five years) 
+--------------------------------------+---------------------+--------------------+ 
| Current directorship                 | Date                | Sector             | 
+--------------------------------------+---------------------+--------------------+ 
| Tendele Coal Mining (Pty) Limited    | Appointed 1 August  | Mining             | 
|                                      | 2002                |                    | 
+--------------------------------------+---------------------+--------------------+ 
| Petmin Management Company (Pty)      | Appointed 22 May    | Investment and     | 
| Limited                              | 2009                | management         | 
|                                      |                     | services           | 
+--------------------------------------+---------------------+--------------------+ 
| Petmin Logistics (Pty) Limited       | Appointed 17 March  | Logistics          | 
|                                      | 208                 |                    | 
+--------------------------------------+---------------------+--------------------+ 
| Past directorships                   |                     |                    | 
+--------------------------------------+---------------------+--------------------+ 
| Springlake Holdings (Pty) Limited    | Appointed 11        | Mining /           | 
|                                      | November 2004,      | investment holding | 
|                                      | resigned 1 July     |                    | 
|                                      | 2009                |                    | 
+--------------------------------------+---------------------+--------------------+ 
| Tweewaters Fule (Pty) Limited        | Appointed 1 August  | Mining /           | 
|                                      | 2002, resigned 1    | Exploration        | 
|                                      | July 2009           |                    | 
+--------------------------------------+---------------------+--------------------+ 
| Carnarvon Anthracite Mines (Pty)     | Appointed 1 August  | Mining /           | 
| Limited                              | 2002, resigned 1    | exploration        | 
|                                      | July 2009           |                    | 
+--------------------------------------+---------------------+--------------------+ 
| Trustee of Springlake Rehabilitation | Appointed 9 May     | Trust fund for     | 
| Trust                                | 2006, resigned 1    | rehabilitation     | 
|                                      | July 2009           |                    | 
+--------------------------------------+---------------------+--------------------+ 
| Baobab Mining and Exploration (Pty)  | Appointed 1 August  | Mining /           | 
| Limited                              | 2002, resigned 14   | exploration        | 
|                                      | May 2007            |                    | 
+--------------------------------------+---------------------+--------------------+ 
| AfriOre (Pty) Limited                | Appointed 1 August  | Management         | 
|                                      | 2002, resigned      | services /         | 
|                                      | November 2004       | investment holding | 
+--------------------------------------+---------------------+--------------------+ 
| AfriOre Botswana (Pty) Limited       | Appointed 1 August  | Mining /           | 
|                                      | 2002, resigned 1    | exploration        | 
|                                      | November 2004       |                    | 
+--------------------------------------+---------------------+--------------------+ 
| Burchell Gold (Pty) Limited          | Appointed 1 August  | Mining /           | 
|                                      | 2002, resigned 1    | exploration        | 
|                                      | November 2004       |                    | 
+--------------------------------------+---------------------+--------------------+ 
| Kwagga Gold (Pty) Limited            | Appointed 1 August  | Mining /           | 
|                                      | 2002, resigned 1    | exploration        | 
|                                      | November 2004       |                    | 
+--------------------------------------+---------------------+--------------------+ 
| TWF Holdings (Barbados) Limited      | Appointed 1 August  | Investment Holding | 
|                                      | 2002, resigned 1    |                    | 
|                                      | November 2004       |                    | 
+--------------------------------------+---------------------+--------------------+ 
| AfriOre (Kenya) Limited              | Appointed 30 May    | Mining /           | 
|                                      | 2003, resigned 1    | exploration        | 
|                                      | November 2004       |                    | 
+--------------------------------------+---------------------+--------------------+ 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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