25 Apr 2006
JCI Limited will oppose the liquidation application brought by Trinity Holdings (Pty) Limited in the Witwatersrand Local Division of the High Court yesterday.
The JCI board deems the liquidation application to be without merit as “JCI is clearly capable of meeting its obligations to all bona fide creditors”.
In a parallel summons, Trinity is calling on JCI to deliver to Trinity 4 598 214 Western Areas Limited shares in return for 7 million Randgold & Exploration Company Limited shares.
In the board’s view, the purported share conversion agreement between Trinity and JCI apparently signed by the late Brett Kebble in July last year is legally unenforceable and will therefore be vigorously opposed.
The board also pointed out that the agreement lacked any commercial rationale for JCI.
JCI recently issued a summons against Kabusha Mining & Finance (Pty) Limited and Trinity Holdings (Pty) Limited. The R70.5 million claim against Kabusha is in respect of a payment made by JCI to Benoryn on behalf of Kabusha in August 2005. The payment arose because Kabusha had not paid Benoryn for 23 million Aflease shares purchased in June 2003. JCI and Trinity Holdings stood as co-sureties for the transaction. Trinity failed to meet its obligations in this respect and JCI has therefore issued summons against Trinity for it’s pro rata contribution, amounting to R35.25 million.
Media statement issued on behalf of JCI Limited by Brian Gibson (Contact 011 8801510 or 083 253 5988)