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Conclusion of a Settlement Agreement with the National Empowerment Fund
AH-VEST LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1989/000100/06)
Share code: AHL ISIN code: ZAE000129177
(“AH-Vest” or “the Company”)
CONCLUSION OF A SETTLEMENT AGREEMENT WITH THE NATIONAL EMPOWERMENT
FUND
The Company is pleased to announce that a settlement agreement has been signed in respect
of legal action instituted by the National Empowerment Fund (“NEF”) against the former CEO of
AH-Vest, Marci Pather (“Pather”) and in respect of which the Company had a potential
contingent liability.
The dispute related to a BEE transaction concluded by the Company in December 2004 in
respect of which the NEF had subscribed for 8 333 333 shares in the Company and in respect of
which shares it had a put option against Pather, which in turn Pather could cede to the
Company, but shareholder approval for a specific repurchase of shares was never sought and
thus the intended cession and associated specific repurchase could not be effected. The NEF
sued Pather on 9 November 2009 for an amount of R6 369 945 plus interest at 15.5% from date
of demand and should the NEF have been successful in its action, the Company was potentially
exposed to a claim by Pather of approximately R10.5 million. Due to the settlement of the
matter, the Company is no longer indirectly exposed to the higher claim nor the interest claimed
thereon.
The matter was set down for Arbitration on 15 July 2013 and at the commencement of the
hearing, the controlling shareholder of AH-Vest, The Eastern Trading Company (Pty) Ltd
(“Eastern Trading”) was able to negotiate a settlement agreement between the NEF and Pather
in an amount of R3 000 000, which amount is to be settled over a 9 month period commencing 7
August 2013. In concluding the settlement agreement, the NEF required Eastern Trading and
AH-Vest to act as sureties for the above settlement. Eastern Trading has provided the NEF with
security for Pather’s obligations in the form of 9 post-dated cheques. On fulfilment of the terms
of the settlement agreement, which is expected to be during or about April 2014, the 7 860 473
shares still held by the NEF will be transferred to Pather or his nominee and the Company will
have no further exposure to any claims from the NEF arising as a result of the dispute.
Johannesburg
23 July 2013
Designated Advisors
Arcay Moela Sponsors (Pty) Ltd
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