12/10/2009 - 15:35

ASX knocks back PearlStreet extension

12/10/2009 - 15:35

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The Australian Securities Exchange has knocked back an application by PearlStreet to extend the expiry date of its listed options, as it proceeds with a conditional recapitalisation proposal by private equity firm Catalyst Investment Managers.

ASX knocks back PearlStreet extension

The Australian Securities Exchange has knocked back an application by PearlStreet to extend the expiry date of its listed options, as it proceeds with a conditional recapitalisation proposal by private equity firm Catalyst Investment Managers.

 

 

The announcement is below:

 

Trading halt request - PearlStreet Limited

We request that the ASX grant a trading halt in both the ordinary shares (ASX Code: PST) and the listed options (ASX Code: PSTO) of PearlStreet Limited (PearlStreet) with immediate effect.

On 29 September 2009, PearlStreet announced that it intends to proceed with a conditional recapitalisation proposal (Recapitalisation) with major private equity firm Catalyst Investment Managers Pty Limited (Catalyst).

As indicated in the announcement, PearlStreet sought relief from the ASX to extend the expiry date of its listed 30 November 2009 options, so that they could be sold into the sale facility to be offered by Catalyst, following shareholder approval, as part of the Recapitalisation. ASX has advised PearlStreet that it will not grant the relief sought.

PearlStreet and Catalyst are currently in discussions regarding potential changes to the structure of the Recapitalisation in view of the decision by ASX.

PearlStreet requests that the trading halt remain in place until the earlier of PearlStreet making a further announcement in relation to the Recapitalisation or the opening of trade on 14 October 2009.

PearlStreet confirms that it is not aware of any reason why the trading halt should not be granted, or of any other information available at this stage that is relevant to the trading halt.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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