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Pearlstreet Provides Update Regarding Recapitalisation Proposal
Tuesday October 13, 2009, 9:54 am

Original Announcement: Update Regarding Recapitalisation Proposal

Pearlstreet announced that it intends to proceed with a recapitalisation proposal with private equity firm Catalyst Investment Managers. The Company reported that in view of ASX's decision, PearlStreet and Catalyst have agreed to restructure the Recapitalisation as follows: No offer will be made by Catalyst to option holders for their options. As a result, option holders wishing to participate in the Recapitalisation should exercise their options prior to 30 November 2009 in order to be eligible for the share component of the sale facility. The share component of the sale facility to be offered by Catalyst will now be for all shareholders to sell up to 45.2% (an increase from 31.5%) of their existing share holding, at the same purchase price of 50 cents per share. Under this revised structure, Catalyst's potential holding following the Recapitalisation remains between 46% and 63%.

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