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SENTULA MINING LIMITED - Progress on legal matters

Release Date: 05/04/2013 15:15
Code(s): SNU     PDF:  
Wrap Text
Progress on legal matters

SENTULA MINING LIMITED
Incorporated in the Republic of South Africa
(Registration number: 1992/001973/06)
Share code: SNU ISIN: ZAE000107223
(“Sentula” or “the Company”)


PROGRESS ON LEGAL MATTERS


Shareholders are referred to the paragraph entitled "Progress on Legal Matters" incorporated in Sentula's
Reviewed Condensed Consolidated Interim Results for the Six Months ended 30 September 2012 (“Legal
Matters Paragraph”) released on SENS on 15 November 2012 wherein, inter alia, the following was stated:

“Following the announcement on 26 November 2010 of the civil judgment of R88 million against Casper
Scharrighuisen by the South Gauteng High Court, a second judgment for R171 million and interest thereon
of R124 million was obtained against Scharrighuisen on 5 April 2011, bringing the total civil judgments
against him to R383 million. An order for the final sequestration of Scharrighuisen's insolvent estate was
granted during July 2011 by the Western Cape High Court. Megacube lodged a claim of R393 million against
Scharrighuisen's insolvent estate in September 2011. In terms of the Insolvency Act, the property of
Scharrighuisen's spouse, Clasina Scharrighuisen, vests in the trustees of his insolvent estate. During
November 2011, Clasina Scharrighuisen instituted an action against the trustees for an order releasing such
property to her, which action is defended. During October 2011, the trustees of Scharrighuisen's insolvent
estate launched an urgent application in the Western Cape High Court for an order preserving
property/assets of Clasina Scharrighuisen and certain related entities, pending conclusion of the release
action instituted by her. The application was successful and the order was granted on 24 August 2012.
During September 2011, Megacube instituted an action in the Western Cape High Court against the trustees
of the Marinvia Trust for payment of R34 million and interest, which action is defended.”

On 4 April 2013 a settlement agreement (“Agreement”) was concluded in terms of which the following
matters were settled:

-   Clasina Scharrighuisen's action against the trustees of Casper Scharrighuisen's insolvent estate, for the
    releasing of property ("the release action");
-   The application by the trustees of Casper Scharrighuisen's insolvent estate, for the preserving of
    property/assets of Clasina Scharrighuisen and related entities ("the preservation application"); and
-   Megacube's action against the trustees of the Marinvia Trust ("the Megacube/Marinvia Trust action").

The Agreement also settles an application launched during 2009 by Caston Plant Sales Proprietary Limited
(“Caston”), Megacube Mining Proprietary Limited (“Megacube”) and Sentula against Casper Scharrighuisen,
Marcel Scharrighuisen and Sylco Plant Hire Proprietary Limited ("Sylco"), pertaining to a dispute related to
ownership/possession of a crane ("the crane application").

The Agreement does not affect the civil judgments against Casper Scharrighuisen, referred to in the
aforementioned Legal Matters Paragraph, which judgments remain unsatisfied.

In terms of the Agreement, the Marinvia Trust, the CIMS Trust, Sylco, Clasina Scharrighuisen and Marcel
Scharrighuisen shall, jointly and severally, be liable to pay an amount of R40 million into the trust account of
Cliffe Dekker Hofmeyr Inc., Sandton ("CDH") in respect of the release action, the preservation application,
the Megacube/Marinvia Trust action and the crane application. The settlement payment shall be made within
fifteen business days of 4 April 2013 (or such later date as the attorneys representing the parties may
agree).

From CDH's trust account, fifty percent of such amount will be paid to Megacube and the other fifty percent
to the trustees of Casper Scharrighuisen's insolvent estate, in which estate Megacube is a creditor.

The settlement of the four matters, referred to above, will become effective on receipt of the settlement
payment into the trust account of CDH and the clearing for payment of such amount by its bankers.

Johannesburg
5 April 2013


Sponsor
Merchantec Capital

Legal advisors
Cliffe Dekker Hofmeyr Inc.

Date: 05/04/2013 03:15:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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