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Settlement of claim by JCI Limited and JCI Investment

 
04 Apr 2012 - JCD
JCD
JCD - JCI Limited - Settlement of claim by JCI Limited and JCI Investment
Finance (Pty) Limited against Xelexwa Investment Holdingd (Pty) Limited
JCI Limited
(Incorporated in the Republic of South Africa)
(Registration number 1894/000 854/06)
Share code: JCD
ISIN:ZAE 0000039681 (suspended)
(”JCI” or ”the Company”)
SETTLEMENT OF CLAIM BY JCI LIMITED (”JCI”) AND JCI INVESTMENT FINANCE
(PTY)LIMITED(”JCIIF”) AGAINST XELEXWA INVESTMENT HOLDINGD (PTY) LIMITED
(”Xelexwa”)
Shareholders are advised that following arbitration proceedings between JCI
and JCIIF (collectively the ”JCI Group”) and Xelexwa in regard to the claim
against Xelexwa by JCIIF in respect of the redemption and redemption value
of redeemable preference shares issued by Xelexwa to JCIIF, a Settlement
Agreement was signed and made an arbitration award on 23 March 2012 in
favour of the JCI group.
The award, which comprises the transfer of 50 million Village Main Reef
(”VMR”) shares from Xelexwa and payment of R10 million cash by Xelexwa in
two tranches of R5 million each in September 2012 and December 2012.
The Board of the Company is pleased with the conclusion and terms of the
above award in light of the complexities, delays and costs which might have
eventuated had such settlement not been concluded.
Shareholders are further advised that the said VMR shares have been
transferred to JCIIF, and that the Board is considering the most prudent
and/or beneficial manner in which to deal with them.
Johannesburg
4 April 2012
Sponsor:
Investec Bank Limited
Date: 04/04/2012 14:12:02 Produced by the JSE SENS Department.
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