JCD - JCI Limited - Settlement of claim by JCI Limited and JCI Investment

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 Supplied by www.sharenet.co.za                     
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