The consumer goods group said on Thursday the effective market price for the transaction had now been determined as R58.04 per Pioneer ordinary share, based on the 30-day volume weighted average price preceding 23 December 2011.
Pioneer said the phase II B-BBEE specific issue would result in an additional 13.54% black shareholding in the company post implementation of the deal through the issue of 28.691 million shares to the BEE participants. The company said the deal would be subject to various call options and pre-emptive rights, the exercise of which would give rise to a potential specific repurchase from the B-BBEE partners and the black directors.
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