Sun International Limited has unveiled its ambitious plans for expansion with the proposed acquisition of the Peermont Group. The acquisition, announced in a circular distributed to shareholders, marks a significant move for the renowned hospitality and gaming company.
Strategic Acquisition Unveiled
In an announcement made on Monday, Sun International disclosed its intention to acquire all issued ordinary shares and claims on loan account against Peermont Holdings Proprietary Limited. This strategic move is aimed at consolidating Sun International’s position in the hospitality and gaming industry.
Key Details of the Proposed Transaction
The proposed acquisition, subject to the fulfillment or waiver of conditions precedent, involves a detailed purchase consideration outlined in the circular distributed to shareholders. The circular, containing comprehensive information about the transaction, has been made available on Sun International’s website for shareholders’ reference.
General Meeting Scheduled
A crucial step in the acquisition process is the upcoming General Meeting of Shareholders, scheduled to take place on Monday, 4 March 2024. Shareholders will convene at the Maslow Hotel in Sandton, Gauteng, South Africa, to deliberate and vote on the resolutions necessary to authorize and implement the proposed transaction.
Salient Dates and Times
To ensure transparency and compliance, Sun International has provided shareholders with a timeline of key dates and times related to the acquisition:
| Event | Date |
|---|---|
| Notice record date | Friday, 26 January |
| Circular distribution and Notice of General Meeting | Monday, 5 February |
| Last day to trade Sun International Shares for voting eligibility | Tuesday, 20 February |
| Voting Record Date | Friday, 23 February |
| Deadline for lodging Forms of Proxy (green) | Friday, 1 March |
| General Meeting | Monday, 4 March, at 09:00 |
| Results of the General Meeting released on SENS | Monday, 4 March |
Encouragement for Shareholder Participation
Sun International encourages shareholders to actively participate in the General Meeting and exercise their voting rights. Shareholders who wish to appoint proxies are reminded of the submission deadlines specified in the circular.
Forward Momentum
With the proposed acquisition of the Peermont Group, Sun International aims to strengthen its presence in the hospitality and gaming sector. The company remains committed to delivering value to its shareholders and stakeholders through strategic initiatives and prudent business decisions.
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