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Implementation of final aspects of settlement of Seardel litigation
SEARDEL INVESTMENT CORPORATION LIMITED
Registration number: 1968/011249/06
(Incorporated in the Republic of South Africa)
JSE share code: SER ISIN: ZAE000029815
JSE share code: SRN ISIN: ZAE000030144
("Seardel" or "the company")
Implementation of final aspects of settlement of Seardel litigation
1. Shareholders are referred to the SENS announcement dated 16 March 2012 and
the Circular to Shareholders dated 4 May 2012, wherein, inter alia,
shareholders were advised that the transfer of one of the properties
pursuant to the settlement, namely, remaining extent of Erf 27412,
Observatory, situate at corner Main Road and Browning Road, Observatory,
Cape Town and which has an estimated market value of R38.8 million, was
subject to final resolution of separate litigation by and against
unrelated third parties.
2. The Company is pleased to advise that judgment was delivered yesterday in
the Company’s favour in relation to such separate litigation. Unless leave
to appeal the judgment is obtained by the third parties, the property will
be transferred to a subsidiary of the Company.
31 October 2012
Cape Town
Investment Bank & Sponsor
Investec Bank Limited
Legal Advisors to Seardel Group
Edward Nathan Sonnenbergs Inc.
Date: 31/10/2012 11:37:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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